NuLegacy Provides Notice to Barrick Gold
Dear friends, family and NuLegacy shareholders/stakeholders,
With your support NuLegacy has achieved the first two of its three stated objectives:
- Discovered a large Carlin-type gold deposit - the Iceberg's exploration target of 90-110 million tonnes of 0.9 to 1.0+ grams of gold per tonnei in the heart of the prolific Cortez gold trend of Nevada. (NB. These figures are conceptual in nature. 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.)
- Earned at least a 70% interest.
- Next - capitalize the value by joint-venturing or merging with a miner capable of putting the deposit into production.
i The potential quantity and grade is based on reasonable assumptions made from a compilation of 149 historical drill holes and 38 NuLegacy holes drilled in and around the Iceberg
With the earn-in complete Barrick Gold has 90 days in which to elect to either:
- Earn-back to a 70% working interest by expending US$15.0 million in direct property expenditures over the next 5 years thus converting NuLegacy's remaining 30% interest to a carried-to-production interest or,
- Remain a 30% minority working-interest partner.
We are excited by both of these opportunities:
- If Barrick elects to earn-back to 70% we anticipate the US$15 million of expenditures will increase the attractiveness of NuLegacy's 30% carried-to-production interest to royalty companies, and if,
- Barrick elects to remain a minority (30%) partner to NuLegacy's current 70% interest NuLegacy should be able to attract one of the many intermediate miners that are seeking exposure to Nevada as either a joint venture partner or acquirer now that the rest of the world doesn't look so attractive.
We greatly appreciate our shareholders support in accomplishing this during four years of the worst bear market in gold (down 45%) and particularly the gold stocks (who would have believed Barrick could be down 85% from its high). The flip side of being down so long and so far...it's likely we'll be capitalizing the Iceberg during an uptrend!
Thank you and all the best,
Albert J. Matter
NuLegacy Gold Corporation | NUG:TSXV | NULGF:OTCQX
C: 604.512.7003 | www.nulegacygold.com