Australia's Pioneer Resources rises on Novo Resources tie-up

Novo Resources

18/09/2018 02:10

** Shares of gold miner Pioneer Resources Ltd  PIO.AX  rise
as much as 11.1 pct to A$0.020
    ** Co says it signed a farm-out agreement with Canada's Novo
Resources Corp  NVO.V  to help exploration at co's Kangan Gold
Project in Pilbara  urn:newsml:reuters.com:*:nASX2T7Y6G
    ** Pioneer says Novo will also subscribe to A$1 mln 
($716,000.00) of co's shares at A$0.02 per share
    ** Stock posts its best intraday pct gain since August
    ** About 2.5 mln shares change hands, compared with the
30-day avg vol of about 2 mln shares


($1 = 1.3966 Australian dollars)

 ((Ambar.Warrick@thomsonreuters.com; +91-80-6749-6625; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net))