NUG-V NuLegacy Announces Exercise of $1.36 Million in Warrants
RENO, NEVADA--(Marketwired - June 7, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) reports it has received $1.36 million from the exercise of 9.1 million warrants exercisable at C$0.15 per share prior to their expiry date of June 2, 2016.
"This brings NuLegacy cash balance to approximately C$8.0 million. With our improved financial position, several strategic shareholders, and a number of highly prospective targets within the Cortez gold-trend we look forward to adding significant value for shareholders in 2016", commented James Anderson, NuLegacy's Chief Executive Officer.
Drilling of the first phase (10 holes) of our multiphase 10,000 meter (33,000 feet) 2016 Iceberg gold deposit exploration program is underway. The 2016 program is concentrated in and between the North, Central, and South zones of the Iceberg gold deposit with the objective of extending these zones and expanding on the high-grade discovered in the North zone during the 2015 exploration program; i.e. hole RHB-40 which returned 10.9 grams/t. over 12.2 meters within an interval of 3.9 grams/t. over 41.2 meters. Completion of the 10,000 meters (approximately 40 holes) is scheduled in several phases to late September.
A sizable portion of the holes will be exploring other Carlin-type gold systems on the property, principally the Avocado, VIO and Jasperoid Basin gold anomalies, as well as several targets on the minimally-explored Idaho portion (east of the Iceberg deposit).
The Company announces that it has granted stock options to certain directors, officers and consultants to purchase up to an aggregate of 700,000 common shares at a price of $0.30 per share exercisable for a period of five years. The options are subject to vesting in four equal semi-annual instalments over a period of 2 years.
About NuLegacy: NuLegacy is a Nevada focused exploration company. Its Iceberg gold deposit is located in the Cortez gold trend of Nevada, adjacenti to three of Barrick`s multi-million ounce Carlin-type gold deposits that are amongst its largest, lowest cost and politically safest gold assets.ii
i The similarity and close proximity of these deposits to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
ii Extracted from Barrick's Q4-2013 and Q1-2014 reports.
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
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