NUG:TSXV//NULGF:OTC
RENO, NV, March 22, 2016 /CNW/ - NuLegacy Gold Corporation
is pleased to report that Barrick Gold Corporation, NuLegacy's
largest shareholder, has nominated Mr. Robert L. Krcmarov, Executive Vice President,
Exploration & Growth for Barrick as their representative to
NuLegacy Gold's Board of Directors.
Mr. Krcmarov is a senior mining executive with
nearly 30 years of exploration, operations and corporate
responsibilities spanning five continents.
As Executive Vice President Exploration &
Growth, Mr. Krcmarov leads Barrick's remarkably successful global
exploration program, overseeing a team of more than 100
geoscientists and several hundred technical and support staff with
annual budgets ranging from $120 million to
$500 million. He is a key participant in the
evaluation of new business opportunities and strategic planning,
and a member of Barrick's Investment Committee, which evaluates and
approves all investments greater than $10
million.
In 2014, Rob Krcmarov was co-recipient of the
PDAC's Thayer Lindsley award for
International Mineral Discovery of the year; he and his team
discovered Barrick's 10+ millioni ounce Goldrush
deposit, located directly adjacent to NuLegacy's Iceberg gold
deposit.
NuLegacy appreciates the significance of
Barrick's appointment of such a highly qualified representative to
NuLegacy's Board.
"We are delighted that Barrick chose the leader
of its Goldrush deposit discovery team to represent their company
on our Board," remarked NuLegacy Chairman Albert Matter.
The Iceberg gold deposit, located in the Cortez
gold trend of Nevada, is
adjacentii to three of Barrick's multi-million ounce
Carlin-type gold deposits that are
amongst its lowest cost and politically safest gold
assetsiii, The Iceberg has an established exploration
target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per
tonneiv.
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
Dr. Roger
Steininger, NuLegacy's chief operating officer is a
Certified Professional Geologist (CPG 7417) and the qualified
person as defined by NI 43-101, Standards of Disclosure for
Mineral Projects responsible for preparing and reviewing the
scientific and technical information contained in this news
release
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. There are no
known resources or reserves in the Iceberg deposit and the proposed
exploration programs are exploratory searches for commercial bodies
of ore. In addition, the presence of gold deposits on properties
adjacent or in close proximity to the Iceberg Deposit is not
necessarily indicative of the gold mineralization on the Iceberg
Deposit. All of the forward-looking statements made in this news
release are qualified by these cautionary statements and those in
our continuous disclosure filings available on SEDAR at
www.sedar.com including our annual management's discussion and
analysis dated July 28, 2015 for the
year ended March 31, 2015. 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.
_____________________________
i The revised and updated Goldrush resource with an
underground production scenario is significantly higher grade then
the previously reported open pit resource. It contains 8,557,000
indicated ounces of gold within 25.78 million tonnes grading ~10.57
g/t and 1.65 million ounces within 5.6 million tonnes grading ~9.0
g/t.
ii The similarity and close proximity of these deposits
in the Cortez Trend is not necessarily indicative of the gold
mineralization in the Iceberg deposit.
iii As extracted from Barrick's Q4-2013 and Q1-2014
reports.
iv These figures are conceptual in nature and derived
from a compilation of 149 historic and 34 NuLegacy drill holes in
and around the Iceberg deposit. To date, there has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target
delineating as a mineral resource.
SOURCE NuLegacy Gold Corporation
