NuLegacy Gold’s Neighbor Barrick is Expanding (NUG:TSXV -NULGF:OTC)
Share price is C$.12. Objective is C$.22 or better by May 2013. We recommend
a buy and hold on the shares. If you currently own the shares you could add to the position.
Barrick Expanding: “ The Cortez mine produced 0.35 million ounces at total cash costs of $242 per ounce in the
fourth quarter. Cortez is expected to contribute 1.17-1.24 million ounces in 2013 at total cash costs of $255-$275
per ounce on lower grades and a change in the ore mix to more heap leach tons, which have lower recoveries. In
Nevada, drilling in 2012 doubled and upgraded the resource base at Gold Rush. The updated measured and
indicated resource of 8.4 million ounces represents more than a 500 percent increase from 2011. Additionally,
there are 5.7 million ounces in the inferred category. The footprint of the deposit has more than doubled to
greater than seven kilometers, and the system still remains open in multiple directions. As this project advances
through pre-feasibility, a number of development options are being considered, including open pit mining,
underground mining, or a combination of both. In addition, shallow mineralization has been encountered to the
west, and high grade mineralization has been encountered to the north, which provides flexibility on mining and
development options. This district is a cornerstone of Barrick's past, current and future success, and is located
in Nevada, a mining oriented state with significant infrastructure and operational capabilities.” –NuLegacy CEO
“NuLegacy has discovered the ‘Iceberg’ oxidized gold deposit in the Central Mineralized Zone (CMZ) of its Red
Hill Project. The CMZ is one of four gold-bearing Carlin-type systems on the Red Hill Project. The Red Hill is ‘on
trend’ with Barrick’s three multimillion ounce Carlin-type gold deposits in the Cortez. NuLegacy’s COO, Dr. Roger
Steininger is credited with the discovery of the first of these three elephants: the 21+ million ounce Pipeline
deposit. These deposits produce 1.2+ million ounces of gold per year for Barrick at low cash cost of
$250/oz… one of the largest concentrations of Nevada gold. Central Mineralized Zone is directly adjacent to
Barrick’s recent Gold-rush discovery with 14 million (I&I) ounces reported to date and 12 rigs drilling.” -website