Novawest Resources Inc. - Private Placement



    VANCOUVER, Feb. 22 /CNW/ - Novawest Resources Inc. (TSXV - "NVE";
Frankfurt - "NWN"), announces that the Company has arranged a $498,000 Cdn
non-brokered Private Placement through the issuance of 3,320,000 units at a
price of $0.15 per unit. Each unit consists of one common share and one share
purchase warrant entitling the holder to purchase one additional common share
of the Company for each warrant exercised at $0.25 per share for a period of
18 months. Finders' fees may be paid on this transaction, subject to the
policies of the TSX Venture Exchange. The proceeds raised will be applied to
the Company's working capital. All shares issued will be subject to a 4 month
hold period per the policies of the TSX Venture Exchange. This private
placement is subject to the approval of the TSX Venture Exchange.
    In other business, the Company is also pleased to announce that the
acquisition of the Iron-T Vanadium-Titanium-Iron Project has now been approved
by the TSX Venture Exchange. The Company will now proceed with the initial
payments of cash and common shares to the Vendors and the transfer of title of
the mineral claims into the name of Novawest Resources Inc.

    ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RE

SOURCES INC. "Patrick D. O'Brien" ---------------------------------- Patrick D. O'Brien - Chairman Novawest invites the public to visit its website at http://www.novawest.com or e-mail the company at novawest@novawest.com to be added to the company's e-mail list for press releases and updates. S.E.C.Exemption12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun & Bradstreet Listed THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN

For further information:

For further information: Suite 1600, The Bower Building, 543 Granville
Street, Vancouver, British Columbia, Canada, V6C 1X8, Tel: (604) 683-8990,
Toll-Free: 1-800-663-8990, Fax: (604) 683-8903, www.novawest.com,
novawest@novawest.com

Organization Profile

NOVAWEST RESOURCES INC.

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