NuLegacy Gold Initiates Plan of Operations for its Red Hills Project
12 Giugno 2013 - 2:30PM
Marketwired Canada
NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) reports it has
initiated the creation of a Plan of Operations for the development of the
Iceberg Gold deposit on its Red Hills Project in Nevada. NuLegacy Gold is
currently earning a 70% interest in the project from Barrick Gold Corporation.
On acceptance by the Bureau of Land Management (the "BLM") the completed Plan of
Operations will permit an increase in the allowable area of disturbance (for
drilling activities) on the Red Hill Project to approximately 1,800 acres.
Currently the Company is operating under a Notice of Intent with the BLM that
permits a 5 acre surface disturbance and there remains sufficient undisturbed
acreage within the fully bonded Notice of Intent to complete this year's planned
drilling.
The Plan of Operations is being submitted in preparation for the drilling
required to delineate the Iceberg gold deposit to NI 43-101 standards, and in
anticipation of the $15 million dollars of exploration expenditures that Barrick
Gold Corporation will need to fund should it exercise the "earn back" provision
in the exploration agreement(1) once the Company has acquired its 70% interest.
The larger disturbance allowance will give the Company more flexibility in
planning and permitting the numerous drill sites required for the 2014 drill
season and beyond.
Upon completion of the required cultural and biological studies an Environmental
Assessment (EA) will be developed and submitted to the BLM, Battle Mountain, NV
office for review and approval. This work is currently in progress under the
direction of Enviroscientists, Inc. of Reno, NV. It is anticipated that approval
of the Plan of Operation will be issued before the start of the 2014 drilling
season.
NuLegacy Gold Corporation is a Nevada based exploration company focused on
delineating the near-surface oxide Iceberg gold deposit on its 60 square km Red
Hill option with Barrick Gold. The Iceberg deposit has similar geology to that
of Barrick Gold's on-going multi-million ounce Goldrush gold discovery.
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
For further information please visit our website at www.nulegacygold.com.
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 Red Hill project is not necessarily indicative of the
gold mineralization on the 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 30, 2012 for the year ended March 31, 2012. 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.
(1) Under the terms of the option agreement once NuLegacy Gold has completed its
earn-in to a 70% working interest Barrick Gold has 90 days in which to either
elect to earn-back to a 70% working interest (become majority Joint
Venture-partner) by committing to spending $15 million over the following 5
years with NuLegacy's remaining 30% becoming a 'carried to production' interest;
or remain the 30% minority Joint Venture-partner.
FOR FURTHER INFORMATION PLEASE CONTACT:
NuLegacy Gold Corporation
James Anderson
Chief Executive Officer
604-638-4959
james@nuggold.com
NuLegacy Gold Corporation
Albert Matter
604-638-4959
albert@nuggold.com
NuLegacy Gold Corporation
Roger Steininger
COO
604-638-4959
roger@nuggold.com
www.nulegacygold.com
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