NuLegacy Reports Executive Changes

RENO, Nev., April 16, 2019 (GLOBE NEWSWIRE) -- NuLegacy Gold is pleased to announce the following changes to its leadership team:

• Mr. Alex Davidson is appointed as Chairman of the Board. Alex is a former Executive VP of Barrick Gold.
• Mr. Albert Matter resumes his founding role as CEO of the Company.
• Mr. James Anderson is retiring as CEO of NuLegacy Gold to pursue a new career as Chairman, President and Chief Executive Officer of Vangold Mining Corp; he will continue as a Director of NuLegacy.
• Mr. Alan Hill, a former EVP of Barrick Gold and currently a NuLegacy Director will oversee Engineering studies/evaluations.

Mr. Edward Cope will maintain his responsibility for Discovery and Evaluation. Edward was the former VP for Northern American Exploration for Barrick Gold. Mr. John Budreski will continue as Lead Independent Director and Dr. Roger Steininger co-founder of NuLegacy remains a Director and the Company’s “QP”.

As founding partner, together with Dr. Roger Steininger, Mr. Matter was instrumental in assembling and acquiring the Company’s current 108 sq km Red Hill property in the famed Cortez Trend; the second largest gold trend¹ in Nevada after the Carlin Trend located parallel and 40 miles to the north-east, for which these behemoth Carlin-style gold deposits are named.

Initially enrolled as directors, the above three former Barrick executives are now proactive participants in NuLegacy. These gentlemen helped guide Barrick Gold’s most dramatic growth period in the late 1990’s and early 2000’s through its acquisition of Sutton Resources, Arequipa Resources, Homestake Mining, Lac Minerals and Placer-Dome, as well as the discovery of 50 million ounces of gold, and the building of four of the world’s largest gold mines.

In 2017-18, with the help of these former Barrick executives, NuLegacy was able to enroll four of Barrick’s world class geo-technical team (listed below). These individuals, under Ed Cope’s direct supervision, contributed to finding that 50 million ounces of gold in the Carlin and Cortez gold trends of Nevada on behalf of Barrick over the past 15 years.

Together with NuLegacy’s long-standing exploration team members of Dr. Roger Steininger, Garrett Frey, Bryan Kellie, Robert Spring, and JoAnn Newbury this former Barrick Gold geo-technical team is transforming the prospects of our Red Hill property.

Please follow this link to updated Investor presentation: http://bit.ly/NUGInvestorPresentation

About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 108 sq. km (42 sq. mile) Red Hill Property in the prolific Cortez gold trend of Nevada.

To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.

NuLegacy’s Red Hill Property is located on trend and adjacentⁱ to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold minesⁱⁱ.

ⁱ The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.

ⁱⁱ As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6 million tonnes grading ~9.0 g/t.

On Behalf Of NuLegacy Gold Corporation

Albert J. Matter, Chief Executive Officer

For further information, please phone 604-639-3640 or contact Albert Matter (CEO) at albert@nuggold.com or visit www.nulegacygold.com.

Roger Steininger, a Director of NuLegacy 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 approving 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 (including, but not limited to, future management roles and personnel and upcoming exploration plans for the Red Hill Property) 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 including, but not limited to, changes in personnel, actual results of exploration activities, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Red Hill Property and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold resources on properties adjacent or near the Red Hill Property (including, but not limited to, Barrick’s Goldrush property) is not necessarily indicative of the gold mineralization on the Red Hill Property. All 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. 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. 

¹ The three major Carlin-style gold deposits (on trend or adjacent to NuLegacy’s property) of the more recently discovered Cortez trend (1998 to date) have produced in excess of 30 million ounces of gold with currently estimated remaining endowment of >20 million ounces while the much longer exploited Carlin-trend (1965 to date) has produced > 88 million ounces with an estimated remaining endowment of >30 million ounces.