RENO, NEVADA--(Marketwire - Feb. 5, 2013) - NuLegacy Gold Corporation (TSX VENTURE:NUG) focuses its fully funded $1.2 million 2013 exploration programs on its near-surface oxide gold deposit (the Iceberg deposit) discovered in 2012 in the Central Mineralized Zone, the highly prospective Avocado Anomaly (both of them located on the now 87 sq.km Red Hills Project "RHP") and its 100 sq. km Wood Hills Project.
This focus is a result of renegotiating all of NuLegacy's earn-in agreements during 2012 and terminating its option agreement with Miranda Gold Corp. (which represented 13 sq. km of NuLegacy's then 100 sq. km. RHP), while maintaining its exposure to the most prospective ground originally secured in the Cortez trend (RHP) and Pequop district (Wood Hills Project).
During 2012 NuLegacy Gold had considerable success, including:
- Renegotiating to reduce the Company's 2013 exploration expenditures from $4.75 million to a fully funded $1.2 million, and reducing the overall expenditures for the next three years by $6.5 million.
- Discovering the Iceberg near-surface oxide gold deposit in the Central Mineralized Zone (of the RHP) which is on trend and approximately 7 km. from Barrick's Goldrush deposit.
- Discovering, with a deep penetration IP/Resistivity survey, the very large likely carbonaceous Avocado Anomaly (on the RHP and so named for its shape and very intense center); and
- Discovering a Carlin-type deposit on the Wood Hills Project proximal to Newmont's Long Canyon deposits.
Our exploration focus for 2013 will be on:
- Drilling to test the several favorably complex structural areas with anomalous gold that were delineated on the Wood Hills Project in 2012 is planned to begin mid-February. These complex areas appear to be similar in nature to those that host the higher grade gold of the Long Canyon gold deposit (purchased by Newmont for ~$2.3 billion in 2011) just across the valley; and
- Drilling to extend the Iceberg gold deposit in the Central Mineralized Zone, and to test the Avocado Anomaly, both located on RHP is planned for late March/early April.
NuLegacy Gold Corporation is a Nevada focused exploration company exploring for Carlin-type replacement gold deposits on its two highly prospective district scale properties; the 87 square km Red Hill Project and the 100 square km Wood Hills South Project. Both projects have geology similar to that of the adjacent multi-million ounce gold discoveries that were made subsequent to our acquisition of the properties. The NuLegacy exploration and drilling programs underway employ proprietary techniques for targeting multi-million ounce deposits.
James E. Anderson, Chief Executive Officer
This news release and the accompanying graphic links contain 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. The presence of gold deposits on properties adjacent or in close proximity to the Company's property is not necessarily indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release and the accompanying graphic links 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.
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