Business
NuLegacy Consolidates Its Interest in the Iceberg Gold Deposit From Barrick Gold Corporation
RENO, NEVADA--(Marketwired - Feb. 23, 2016) - NuLegacy Gold Corporation ("NuLegacy") (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to announce that it has entered i
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" RENO, NEVADA--(Marketwired - Feb. 23, 2016) - NuLegacy Gold Corporation (\"NuLegacy\") (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to announce that it has entered into an agreement with Barrick Gold Corporation (\"Barrick\") pursuant to which NuLegacy has agreed to acquire Barrick's 30% working interest in the 23 sq. mile Redhill property (the \"Property\") in Nevada which hosts the Iceberg gold deposit. As of the date hereof, NuLegacy holds a 70% working interest in the Property through a joint venture with Barrick. In exchange, NuLegacy will issue 32 million shares to Barrick at a deemed price of C$0.125 per share, and grant a 2% net profits interest royalty from commercial production on the Property. Barrick has the right to nominate one director to NuLegacy's board and participate pro rata in all future issuances of shares or convertible securities. Barrick has agreed to provide NuLegacy with certain stand still and voting restrictions in favour of NuLegacy in respect of the shares for a period of two years, subject to certain conditions. \"We are pleased that Barrick has entrusted the advancement of this exciting undeveloped gold prospect in Nevada to NuLegacy,\" says NuLegacy Director Alex Davidson. On closing, Barrick will become NuLegacy's largest shareholder. The transaction is expected to close on or about March 1, 2016 and is conditional on, among other things, the approval of the TSX Venture Exchange (\"TSX-V\"). The Iceberg gold deposit, located in the Cortez gold trend of Nevada, is adjacent(i) to three of Barrick's multi-million ounce Carlin-type gold deposits that are its lowest cost and politically safest gold assets(ii), and has an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne(iii). 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...