October 21, 2010 Reno, NV - NuLegacy Gold Corporation has optioned approximately 14 square miles in the Cortez Segment of the Battle Mountain-Eureka trend in Nevada from Idaho Resources Corporation (the 'Wilson' option). The property is located between Barrick Gold's Cortez Hills operation to the north and the US Gold's Tonkin Springs operation to the south.
The Wilson option is to the east of and contiguous to the 30 square mile 'Red Hill Prospect' NuLegacy Gold has optioned from Barrick Gold Exploration Inc. and Miranda U.S.A. Inc. This acquisition completes the consolidation of the 15+ square mile 'JD' carbonate window most of which occurs within the three properties.
NuLegacy Gold's research indicates that the JD carbonate window, the most southerly in the Cortez, has geology similar to that which hosts the existing four Carlin-type deposits in the Segment which have their largest and best resources at depths between 500 and 1,200 feet. The JD Window is the largest and least explored of the five carbonate windows of the Cortez Segment and the only one without a significant gold deposit discovered to date.
The principal term of the option for the Wilson Portion of the Red Hill Prospect requires NuLegacy to expend $4 million over five years to earn a 100% interest subject only to a 3% overriding royalty. The Wilson claims contain similar favorable geology to that of the Barrick and Miranda portions of the Red Hill Prospect and several geochemical gold anomalies. Only a few holes have been drilled to date by previous operators, most of which did not test the targets of interest to NuLegacy
NuLegacy Gold Corporation is a Nevada focused gold exploration company financed and operated by a management and corporate governance team that has 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. The company's objective is the discovery and sale of significant multimillion-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
For further information please contact Albert Matter at firstname.lastname@example.org or Roger Steininger, COO at email@example.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. 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.