November 18, 2010 Reno, NV - NuLegacy Gold Corporation reports that it has commenced drilling on the Miranda Gold Inc. portion of its Red Hill Prospect. The 45 square mile Red Hill Prospect is located in the prolific Cortez Segment of the Battle Mountain-Eureka gold trend in Eureka County, Nevada.
On November 9, 2010, NuLegacy commenced a 5 hole reverse circulation drilling program to test several anomalies on the Red Hill Prospect. Three of the five holes will be the first test of the newly identified Long Fault Induced Polarization (IP) Anomaly1, and the other two holes will test a large undrilled gold in soil anomaly and an area of alteration and anomalous gold in rock formations.
Roger Steininger, COO, says, "These first five holes, each 1,000 feet or more deep and five inch in diameter, are designed to test several areas of the 2.6 square mile Miranda portion (of the 45 square mile Red Hill Prospect) that have had little or no previous drilling to these depths."
It's anticipated the drill program will be completed in early December, 2010. Drill samples will be sent to American Assay Laboratories, Sparks, NV, for storage and analyses with results expected in January 2011.
On November 12, 2010 we obtained a receipt for our final prospectus dated November 10, 2010. The company is now a reporting issuer in British Columbia, Alberta, Ontario and the Yukon Territory. We anticipate completing our initial public offering of 4,000,000 units at a price of $0.25 per unit in November, 2010, with a view to listing on the TSX Venture Exchange shortly thereafter under the symbol "NUG". Listing is subject to our fulfilling all of the requirements of the Exchange including distribution requirements. A copy of our prospectus is available for review on SEDAR at www.sedar.com
NuLegacy Gold Corporation is a Nevada focused gold exploration company. It is financed and operated by a management and corporate governance team that have successfully identified, discovered and developed numerous gold resources. The Company has under option the Red Hill Prospect in the well established and prolific Cortez gold trend and the Wood Hills South Prospect in the emerging Pequop gold trend. Our objective is to discover significant multi-million ounce gold deposits utilizing highly focused exploration programs employing sophisticated techniques for targeting the follow-up drilling to previous exploration successes.
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
Albert J. Matter, Chief Executive Officer
1Our website will be operational shortly with a full description of the entire Red Hill Prospect and a drill hole location map.
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
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.
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.
