NuLegacy Consolidates Interest In Iceberg Gold Deposit

 

RENO, NV - NuLegacy Gold Corporation has entered into an agreement with Barrick Gold Corporation pursuant to which NuLegacy has agreed to acquire Barrick's 30% working interest in the 23 sq. mile Redhill property in Nevada which hosts the Iceberg gold deposit.

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 and grant a 2% net profits interest royalty from commercial production on the Property. "We are pleased that Barrick has entrusted the advancement of this exciting undeveloped gold prospect in Nevada to NuLegacy," says NuLegacy Director Alex Davidson.

The Iceberg gold deposit, located in the Cortez gold trend of Nevada , is adjacent to three of Barrick`s multi-million ounce Carlin -type gold deposits that are its lowest cost and politically safest gold assets, and has an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne.