December 12, 2011 - Reno, NV - NuLegacy Gold Corporation (NUG:V) recently commenced a deep-penetrating induced polarization ("IP") and resistivity survey on its Red Hill Project in Nevada that is centered around the historic drill hole BRH-13 which contained a 13.7 m intercept grading 8.11 g/t gold (45 ft of 0.25 oz/ton gold).
"The purpose of the survey is to guide NuLegacy's future drilling programs by delineating the structures and hydrothermal alteration related to the high grade gold mineralization intersected in BRH-13", said Dr. Steininger, NuLegacy's COO; "This survey is another important and valuable step toward our goal of discovering a significant gold deposit at Red Hill".
This new IP survey will penetrate to a depth of about 700 m. Once the results are evaluated, a drill plan will be developed to test the possible extensions of the BRH-13's gold mineralization. Drilling is planned to re-start at the Red Hill gold Project as soon as equipment is available this spring.
NuLegacy Gold's 100 square km Red Hill Project is in the Cortez Segment of the Battle-Mountain trend immediately adjacent to Barrick's newly announced (Sept. 2011) 3.5 million ounce inferred resource Red Hill-Goldrush gold discoveries.
The Cortez Segment is a 5+ km wide and 25+ km long west-northwest alignment of known large bulk-mineable, sediment-hosted gold deposits. This truly "world class" gold district includes the Pipeline Complex (which NuLegacy's COO Dr. Roger Steininger is credited with discovering in 1989), the Cortez and the Cortez Hills gold mines, as well as the recent Red Hill-Goldrush gold discoveries. NuLegacy's Red Hill Prospect comprises similar geology to these gold deposits.
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
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. 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.