RENO, NEVADA--(Marketwired - Sept. 16, 2014) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) reports two new Directors have been appointed to the Board.
NuLegacy Gold welcomes Mr. Alex J. Davidson, formerly Executive Vice-President of Exploration and Corporate Development of Barrick Gold Corporation and Mr. Richard Wells, currently the Chief Financial Officer of Waterton Global Resource Management, Inc. to the board. NuLegacy expresses its appreciation to Mr. Arv Gupta, Vice-President of The Brick who has served the Company well these past three years for retiring to make room for these industry specific directors.
Alex Davidson, who retired from Barrick Gold in 2009, is a recognized leader in designing, implementing and managing highly successful and strategic gold and base metal exploration and acquisition programs throughout the world. In 2003, Alex was named the Prospector of the Year in recognition for his team's discovery of the Lagunas Norte mine in the Alto Chicama District, Peru. In 2005 he received the A.O. Dufresne Award in recognition of his exceptional achievements and distinguished contributions to mining exploration in Canada and around the world.
Richard Wells has been the Chief Financial Officer of Waterton Global since 2010. He is responsible for all financial aspects of Waterton Global's corporate office and operating subsidiaries including accounting, reporting, taxation, investor relations and administrative matters. Richard serves as Chair of Waterton's Valuation Committee. He provides financial oversight as a board member for Waterton's various operating companies. Richard was previously Manager of Financial Reporting at Canadian automotive company, Magna International, Inc. He was awarded the Canadian Chartered Accountant designation (Ontario Honour Role) in 2002 while employed in the audit practice of PricewaterhouseCoopers.
The Company also announces the granting of stock options to certain existing directors, officers and consultants of the Company to purchase, subject to vesting requirements, up to an aggregate of 1,200,000 common shares for a period of five years at an exercise price equal to today's closing price of the Company's shares on the TSX Venture Exchange.
NuLegacy Gold has discovered a classic Carlin-type oxidized gold deposit (the Iceberg) with an exploration targeti of 90 to 110 million tonnes grading between 0.70 gram and 1.00 gram of gold/tonne in the famed Cortez gold-trend of Nevada. The Iceberg is on a 60 sq. km portion of the Cortez optioned from Barrick Gold Corporation, and on trend with Barrick's three multi-million ounce Carlin-type systems that are its largest, lowest cost and politically safest gold depositsii in the world. The Iceberg is adjacentiii to the third of these, the Goldrush depositiv which is the most significant green-field discovery by a major gold producer in the past five years.
NuLegacy's 2014-15 exploration programs are designed to complete the earn-in to a 70% working interest in the Iceberg; they are focused on finding the higher grade cores usually associated with the Cortez's Carlin-type gold deposits that make them such coveted prizes.
ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy's chief operating officer is a Certified Professional Geologist (CPG 7417) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for preparing and reviewing the scientific and technical information contained in this news release
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
i The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential quantity and grade is based on reasonable assumptions made from a compilation of 149 historical drill holes and 27 NuLegacy holes drilled in and around the Iceberg.
ii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
iii The close proximity of the Goldrush deposit to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iv As reported by Barrick as of December 31, 2013, the Goldrush deposit contained a resource of 423,000 ounce of gold (3.1 million tons grading 0.137 oz./ton - measured), 9,537,000 ounces (72.5 million tons grading 0.132 oz./ton - indicated) and 5,555,000 ounce (39.5 million tons grading 0.141 - inferred).
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. There are no known resources or reserves on the Iceberg deposit or the Red Hill project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or in close proximity to the Iceberg Deposit or Red Hill project is not necessarily indicative of the gold mineralization on the Iceberg Deposit or Red Hill project. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our annual management's discussion and analysis dated July 25, 2014 for the year ended March 31, 2014. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.