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NuLegacy Gold Closes Second Tranche of Private Placement


December 23, 2011 Reno, NV -- NuLegacy Gold Corporation (NUG:V) announces that further to its news release of December 13, 2011, the Company has completed a second closing of its non-brokered private placement. The Company has sold an additional 4,125,266 units (the "Units") at price of $0.15 per Unit for gross proceeds of $618,790. Each Unit consisted of one common share and one share purchase warrant entitling the holder to purchase an additional common share for a period of 18 months at a price of $0.25 during the first 12 months and $0.35 during the last 6 months.

A finder's fee of $40,200 (8%) and 268,000 non-transferable finder's warrants (8%) has been paid to an arm's length dealer in respect of a portion of the Units sold under the second closing. Each finder's warrant entitles the holder to purchase one common share of the Company for a period of 18 months at a price of $0.15.

All securities issued under the second closing are subject to a four month and one day hold period expiring April 24, 2012.

The proceeds of the private placement will be used to finance the Company's gold exploration programs in Nevada, U.S.A and for general corporate purposes.

To date, the Company has sold a total of 11,057,766 Units at a price of $0.15 per Unit for gross proceeds of $1,658,665 pursuant to its private placement.

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

Albert J. Matter, Chief Executive Officer

For further information please phone 604-638-4959 or contact 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.

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, 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 TO SELL SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY 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.

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