December 8, 2009 Reno, NV - NuLegacy Gold Corporation has signed an exploration agreement with AuEx Ventures optioning the AuEx's Wood Hills South gold exploration project located in eastern Elko County Nevada about 12 miles to the west of the West Pequop and Long Canyon joint venture projects in the emerging Pequop Gold District.
The Wood Hills South project is a 40,000 acres pediment covered gold exploration target that was developed through evaluation of regional geophysical data combined with outcrop mapping and rock chip sampling. Evaluation of this data suggests a geologic setting that appears similar to the gold mineralization in the nearby Pequop Gold District.
Under the terms of the earn in agreement NuLegacy must expend $5.0 million over 7 years and complete a bankable feasibility study in order to earn a 70% interest in the Wood Hills South project.
AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty three exploration projects in Nevada with over 167,000 acres of unpatented mining claims and fee land in Nevada. Eleven of the projects are in joint venture or exploration earn-in agreements with seven companies. AuEx applies the extensive Nevada exploration experience and high-end technical skills of its founders to search for and acquire new precious metal exploration projects that are then offered for joint venture.
NuLegacy is a private Nevada focused gold exploration company financed and operated by a well respected management and corporate governance team that has successfully defined, discovered and developed numerous gold resources. NuLegacy looks forward to working with AuEx to discover a significant new gold deposit in the emerging new Pequop Gold District.
On Behalf Of the Board of Directors of NuLegacy Gold Corporation
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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 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 Company's Chief Operating Officer and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.