NSRPF Novo Res Corporation (QB)

Novo Resources Corp.

Suite
1980 – 1075 West Georgia Street

Vancouver,
BC, V6E 3C9

NOVO RESOURCES ANNOUNCES $1,642,500 RAISED FROM WARRANT EXERCISES

AND CLOSING OF TRANSACTION WITH PINETREE CAPITAL LTD

VANCOUVER, January 17, 2013 - Novo Resources Corp. (CNSX:
NVO; OTCQX: NSRPF) (“Novo”) announces that 95% of the warrants issued in a private placement in
January, 2011 have been exercised for gross proceeds of $1,642,500.

“We are very pleased to see strong support from shareholders through the
exercise of these warrants,” commented Dr. Quinton Hennigh, President and CEO
of Novo Resources Corp.  “Our tight share
structure, strong shareholder support and the money from this exercise combined
with proceeds from our two recent private placements sets Novo apart from many
junior companies struggling in this difficult environment. We now have
sufficient funding to continue aggressive exploration drilling at Grants Hill
and other new targets on our extensive land-holdings in the Pilbara, Western
Australia in 2013.”

In addition, Novo reports the closing of the transaction with Pinetree
Capital Ltd announced in its news release of December 31, 2012.  The
shares issued are subject to a hold period expiring on May 16, 2013.

About Novo Resources Corp.

Novo Resources’ focus is to evaluate,
acquire and explore natural resource properties. Novo presently has joint
ventures earning a 70% interest in two exploration properties, Beatons Creek
and Marble Bar, situated in Western Australia. For more information, please
contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.           

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”

Quinton Hennigh

CEO and President

The Canadian National Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content of this news
release.

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