NuLegacy Gold Increases Private Placement

RENO, NEVADA--(Marketwire - March 4, 2011) - NuLegacy Gold Corporation (TSX VENTURE:NUG) announces that it has increased the size of the non-brokered private placement announced on February 22, 2011. The Company will now issue a total of 4,410,500 units (the "Units") at a price of C$0.30 per Unit for gross proceeds of C$1,323,150. Each Unit will consist of one common share and one warrant to purchase an additional common share of the Company for a period of 18 months at a price of C$0.40 during the first 12 months and $0.55 during the last 6 months.

The proceeds of the financing will be used to finance the Company's work programs in the United States and for general corporate purposes. The private placement is subject to acceptance by the TSX Venture Exchange.

NuLegacy Gold Corporation is a Nevada focused gold exploration company. The Company has under option:

• the 45 square mile Red Hill Prospect in the well established and prolific Cortez gold trend located directly between Barrick Gold's Cortez Hills operation to the north and the US Gold's Tonkin Springs operation to the south, and
• the 35 square mile Wood Hills South Prospect which is contiguous to the West Pequop and Long Canyon discoveries in the emerging Pequop gold trend that Fronteer Gold recently acquired 49% of for approximately $300 million.

Our objective is the discovery of significant multi-million ounce gold deposits utilizing highly focused exploration programs.

ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION

Albert J. Matter, Chief Executive Officer

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. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any province or state, which offer can only be made pursuant to a prospectus or registration statement or an available exemption therefrom.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.