NuLegacy Gold Corporation
TSX VENTURE : NUG

NuLegacy Gold Corporation

November 03, 2011 17:00 ET

NuLegacy Reports Assays From Red Hill Gold Project, Nevada

RENO, NEVADA--(Marketwire - Nov. 3, 2011) - NuLegacy Gold Corporation (TSX VENTURE:NUG) is pleased to report assay results from the last 6 holes of the 18 hole drill program completed during 2011 on its Red Hill gold project located in Nevada. All but two of the eighteen holes drilled to date contain intercepts with anomalous gold values and an attendant Carlin-type trace element suite, and several have significant intercepts potentially above economic cut-off grade.

Dr. Roger Steininger, NuLegacy's COO responsible for exploration, says, "We had a successful first phase of drilling at Red Hill. We have identified several zones of mineralization with similar geology to Barrick's recently announced (Sept 5, 2011) 3.5 million inferred ounce Red Hill-Goldrush discovery just 4,500 m to the northeast of our Red Hill Project."

The drilling has identified two large Carlin-type gold systems (Long Fault Anomaly & Central Mineralized Zone), and surface mapping and geochemical sampling (together with district scale analysis of previous operators results) has affirmed two more prospective Carlin-type targets (the Central Pediment and Jasperiod Basin Zones) on the 100 square km Red Hill Project.

Plans are being developed for follow-up drilling starting early next year on the Central Pediment Zone, which contains the historical hole BRH-013 (13.7m of 8.1 g/t) and the other three zones in order to vector into the potentially higher grade gold mineralization in the geological centers of these systems.

Of the six holes being reported today, three where drilled in the Long Fault Anomaly, one in the Coal Canyon Section (optioned from Miranda Gold Corp.), and two in the Idaho Resources option as detailed in the following table. For the general location map please link to http://nulegacygold.com/i/pdf/NUG_Red_Hill_drill_targets.pdf.

The three holes drilled in the Long Fault Anomaly contain numerous intervals greater than 0.1 g/t Au hosted in silty grainy limestone that appears to be partly decalcified and contains traces of fine-grained pyrite. These intervals vary from three to 7.6 meters with average grades up to 0.6 g/t gold within much broader intervals of anomalous gold up to 164 meters thick and are only 100 and 300 meters below the surface. Strongly anomalous arsenic, antimony, mercury, and thallium (the typical Carlin trace element suite) are associated with the broader intervals which is indicative of a Carlin-type gold system.

Hole Number From To Length (m) Grade Best 1.5 m Intercepts Date Reported
Long Fault Anomaly (LFA)
RHM11-010 No significant intervals
RHM11-011 109.7 246.9 137.2 anomalous Nov 3, 2011
including 236.2 239.3 3.1 0.14 g/t 0.16 g/t
RHM11-012 114.3 278.9 164.6 anomalous Nov 3, 2011
including 134.1 141.7 7.6 0.57 g/t 0.90 g/t
Idaho Resources option (IR)
RHI11-001 379.5 396.2 16.7 anomalous 0.30 g/t Nov 3, 2011
RHI11-002 50.3 94.5 44.2 anomalous Nov 3, 2011
and 243.8 265.2 21.4 anomalous 0.14 g/t Nov 3, 2011
Coal Canyon (CC)
RHCC11-001 22.9 41.1 18.2 anomalous Nov 3, 2011
including 272.8 329.2 56.4 anomalous
and 402.3 406.9 4.6 0.16 g/t 0.28 g/t
N.B. - anomalous is between 10 and 100 ppb Au (0.01 and 0.10g/t). All intercepts are calculated using a 0.1g/t gold cutoff. True widths of drilled gold intercepts cannot be determined at this time. For a complete listing of holes drilled to date please link to http://nulegacygold.com/i/pdf/Red_Hill_Drill_Hole_Table.pdf

The two wide-spaced drill holes completed on the Idaho Resources property (totaling 727 m) both encountered intervals of anomalous gold and associated trace elements in altered carbonates.

The one hole (453 m) in the Coal Canyon was drilled to test the combination of a fault intersection, a surface geochemical anomaly, and a gold intercept in a drill hole located about 150 m to the southeast. The hole encountered a narrow interval of slightly more than 0.1 g/t gold in carbonate within a wider interval of anomalous gold. This was our initial drill hole at Coal Canyon.

As it appears that the NuLegacy drilling has intersected the margins of several Carlin-type gold systems follow-up drilling is being planned for early next year to locate the potentially higher-grade gold in the geological center of these mineralized systems. Carlin systems host the largest gold deposits in Nevada, which is one of the most prolific gold mining areas in the world.

All drill samples were collected with a reverse circulation drill rig using 5 ft (1.5 m) sample intervals and following standard industry practice. Holes were drilled by Boart Longyear of Elko, Nevada as directed by Dr. Steininger. All of the analytical work is being performed by American Assay Labs of Sparks, NV. Sufficient commercially prepared standards, blanks, and duplicates are inserted to assure quality analytical results. The technical disclosures in this press release have been reviewed by Dr. Steininger, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

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 100 km2 Red Hill Project and the 80 km2 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.

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. See the cautionary statement "Forward-Looking Statements" and "Risk Factors" in the Company's prospectus dated November 10, 2010 available on SEDAR at www.sedar.com. 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this press release has been reviewed by Dr. Roger Steininger, the Chief Operating Officer of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

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.

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