October 18, 2012 Reno, NV - NuLegacy Gold Corporation (NUG:V) has arranged a non-brokered private placement of 10 million units ("Units") at a price of $0.15 per Unit to raise $1.5 million. Each Unit consists of one common share and one-half share purchase warrant, with each full warrant entitling the holder thereof to purchase one additional common share of the Company for a period of 24 months, subject to acceleration, at a price of $0.25 during the first 12 months and $0.35 during the last 12 months.

The net proceeds of the financing will be used to finance the Company's gold exploration programs in Nevada, United States and for general corporate purposes. The Company may pay a finder's fee in connection with the financing in accordance with the policies of the TSX Venture Exchange.

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 square km Red Hill Project and the 80 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.

ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION

James E Anderson, Chief Executive Officer

For further information please phone 604-638-4959 or contact James Anderson at james@nuggold.com or Albert Matter at albert@nuggold.com or Roger Steininger, COO at roger@nuggold.com; or visit our website at www.nulegacygold.com

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.