RENO, NEVADA--(Marketwired - Jan. 24, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to report the appointment of Mr. Edward L. Cope, recently retired VP Exploration, North America ("VPEx") for Barrick Gold Corporation, to its board of directors.
"We anticipate that Mr. Cope's impressive 30+ years record of success in exploring for gold deposits in North America will contribute to NuLegacy expanding its gold deposits in Nevada", comments Albert Matter, NuLegacy's Chairman.
As Barrick's Elko Nevada based VPEx (2007-2016), Mr. Cope brings 21 years' experience managing Barrick's exploration programs principally focused on the 'elephant sized' gold deposits of the Carlin and Cortez gold trends of Nevada.
As VPEx Edward reported to Rob Krcmarov, Barrick's current representative on NuLegacy's Board. Their shared ability to recognize, attract and develop geological talent created the remarkable exploration team responsible for the significant growth in Barrick's Nevada reserves and resources. The team discovered substantial additional ounces of gold at existing mines, and discovered the huge standalone gold deposits at Goldrush and South Arturo.
In 2014, Ed and Rob were, along with their team members, co-recipients of the Prospectors & Developers Association of Canada's "Thayer Lindsley International Mineral Discovery of the Year" award for the discovery of the 10+ million ounce Goldrush deposit, located adjacent to NuLegacy's recently discovered Avocado and Iceberg gold deposits.
"I am very pleased to welcome Ed to our Board", says Alex Davidson, current NuLegacy director and former EVP, Exploration and Corporate Development, Barrick Gold, "His key strengths of strategic planning, program development and project execution will contribute to our record of discovery".
We also report that Mr. Krcmarov (EVP, Exploration and Growth for Barrick) who has served NuLegacy well as Barrick's representative director is stepping down in favour of Ed to focus on his Barrick responsibilities.
NuLegacy Chairman Albert Matter expressed his gratitude, "We are delighted to have had Rob's guidance this past year, and to have Barrick's investment (as reported February 2016) at a critical juncture in NuLegacy's development, and thank him for his contributions to NuLegacy's growth."
In conjunction with his appointment, Mr. Cope has been granted options to purchase up to 750,000 common shares at a price of $0.325 per share for a period of five years. The options are subject to vesting in equal quarterly instalments over a period of 33 months commencing April 24, 2017.
About NuLegacy: NuLegacy Gold Corporation is an advanced stage Nevada exploration company focused on expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonnei, and exploring for additional gold deposits on the 38-sq. mile (98-sq. km) Red Hill property located in the Cortez gold trend of Nevada.
The Iceberg gold deposit has similar geology to that of Barrick Gold's multi-million-ounce Pipeline deposit the discovery of which is credited to NuLegacy's Chief Geoscience Officer, Dr. Roger Steininger. The Iceberg is located on trend and adjacentii to three of Barrick Gold`s multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick's lowest cost and politically safest gold assetsiii.
i These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. To date, 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.
ii. The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iii. As extracted from Barrick's Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy's Chief Geoscience 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.
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 in the Iceberg deposit and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All 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 28, 2016 for the year ended March 31, 2016. 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.