NuLegacy Provides Update on Iceberg Deposit Earn-in Progress

NuLegacy Provides Update on Iceberg Deposit Earn-in Progress 
RENO, NEVADA -- (Marketwired) -- 09/05/13 -- NuLegacy Gold
Corporation (the "Company") (TSX VENTURE:NUG) provides an update of
its plans for earning a 70% working interest in the Iceberg gold
deposit discovered by the Company on its Red Hill project in 2012. 
The Red Hill project is a 60 sq. km portion of Barrick Gold
Corporation's highly prospective Cortez properties that NuLegacy Gold
optioned in 2010. It is directly adjacent to Barrick's recently
discovered (2011) multi-million ounce Goldrush gold deposit(i). 
In June 2012 after spending $5.5 million exploring the property,
NuLegacy discovered a fourth Carlin-type deposit in the Cortez trend
- the Iceberg gold deposit. It is on strike with the three major
Carlin-type gold deposits(ii) that comprise Barrick's multi-million
ounce Cortez gold mining complex (50+ million ounces and counting),
which is Barrick Gold's lowest cost producer(iii). 
Upon discovering the Iceberg deposit NuLegacy eliminated all its
other property commitments to focus entirely on delineating a
threshold level of gold resources within this deposit and exploring
the three other prospective Carlin-type targets identified to date on
the Red Hill project (the Avocado Anomaly, VIO Zone and Jasperiod
Basin). 
Defining a Threshold Deposit: From its inception, NuLegacy's
objective has been to discover and define a Carlin-type gold deposit
on its Red Hill project, and once having established a threshold gold
resource to sell it to or merge with an appropriate and qualified
gold producer for development. There are no assurances that future
exploration will result in this threshold resource being achieved in
whole or in part. 
Based on recent acquisition history in Nevada, NuLegacy anticipates
that a 'threshold' gold resource target(iv) of approximately 1.5
million NI 43-101 qualified ounces of near-surface oxide gold would
support: 


 
1.  A Barrick decision to 'earn-back to 70%' (and carry NuLegacy to
    production(v)), 
2.  Attract a buy-out for NUG's 70% interest, or 
3.  A production decision.

 
The available data indicates NuLegacy Gold has defined a very
attractive gold exploration target. The compilation of the 149
historic drill holes and 16 NuLegacy holes drilled in and around the
Iceberg gold deposit indicate the presence of a large tonnage
Carlin-type gold deposit that offers a potential exploration target
of 90 to 110 million tonnes grading between 0.7 g/t and 1.0 g/t of
gold (see "Conceptual Exploration Model" below). 
Historical Gold Grades Likely Understated: The results of twining
three historical holes with NuLegacy holes indicate that gold grades
in NuLegacy's holes are significantly higher than the historical
holes. This is attributed to today's better drilling technology and
sample collection practices. Thus the potential grades of both the
North and Central Zones of the Iceberg deposit (discussed below) may
need to be adjusted higher than indicated by the simple averaging of
the historic data and the NuLegacy assay results. 
Exploration Budget: NuLegacy has budgeted $2.9 million over the next
18 months to complete the earn-in with Barrick; $2.15 million will be
dedicated to drilling 45 to 50 holes into the Iceberg gold deposit
with the goal of reaching the 'targeted' resource threshold.  
The balance of $750,000 will be directed towards 'wildcat'
exploration of the three other favourable targets (the Avocado, VIO
and Jasperiod basin anomalies) identified to date to increase the
value of the property. Ten holes are planned for the Iceberg this
fall. The balance of 30+ holes and the wildcat holes will be drilled
starting in the spring of 2014 when the funding required is
completed. 
To date, no bulk density analysis or leach-ability tests have been
commissioned for the oxide gold mineralization of the Iceberg deposit
because of its similarity to other well-known deposits of the Cortez,
nor has sufficient economic information been generated to construct a
NI 43-101 standard gold resource with a high degree (i.e. measured or
indicted levels) of certainty.  
Conceptual Exploration Model: Instead NuLegacy has developed an
'in-house' conceptual exploration model to guide the cost-effective
selection of drill sites for the in-fill and definition drilling
programs planned to advance the Iceberg deposit to the targeted
threshold resource. This will insure that the drill sites are
situated so there will be sufficient drill density to allow a NI
43-101 compliant resource calculation once the earn-in drilling
programs are concluded. As drilling advances, the model will be
continuously updated and refined to monitor progress towards the
threshold target with the intent of establishing it as a NI 43-101
compliant resource by late 2014 once the bulk density and
leach-ability tests have been completed.  
Within the Central and Northern Zones of the Iceberg deposit existing
drill density, coupled with a cross sectional resource estimate
approach indicates a potential exploration target of 17.5 to 20
million tonnes of oxide gold mineralization grading an unadjusted 0.5
g/t to 0.6 g/t gold in the Central Zone and 4.0 to 5.0 million tonnes
of oxide gold mineralization grading an unadjusted 0.6 g/t to 0.7 g/t
gold in the Northern Zone. The gold mineralization is open to the
north, south, and west, and partially open to the east. As well,
there is significant gold mineralization in the overlying volcanic
rocks (which was the main economic target of the historical drilling)
with a potential exploration target of 6 to 7 million tonnes grading
an unadjusted 0.3 g/t and 0.4 g/t gold. These amounts form part of
the Iceberg's overall potential exploration target of 90 to 110
million tonnes grading a 0.7 g/t to 1.0 g/t gold as noted above. 
And as in the classic Carlin-type gold systems, there is evidence
indicating the possibility of additional 'stair-stepped' carbonate
horizons and deeper sulfide bearing gold mineralization, which is
very encouraging. When combining all these factors our conclusion is
that the potential grade of the "global" Iceberg deposit is
understated. It is likely that a more robust concentration of gold
exists in and near what is currently defined as the Iceberg gold
deposit. 
The above figures are reported as an exploration target only, based
on reasonable assumptions made from compiled data. These figures
should not be construed to reflect a calculated resource (inferred,
indicated or measured) under standards of NI 43-101. The potential
quantities and grades reported above are conceptual in nature and
there has been insufficient work to date to define an NI 43-101
compliant resource. Furthermore, it is uncertain if additional
exploration will confirm an economic mineral resource on the
property. 
The scientific and technical information contained in this news
release has been approved by Dr. Roger C. Steininger, NuLegacy's
Chief Operating Officer and a "qualified person" as defined by NI
43-101, Standards of Disclosure for Mineral Projects. 
NuLegacy Gold Corporation is a Nevada based exploration company
focused on delineating the near-surface Iceberg oxide gold deposit on
its 60 square km Red Hill option with Barrick Gold. The Iceberg
deposit has similar geology to that of Barrick Gold's on-going
multi-million ounce Goldrush gold discovery. 
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation 
James E Anderson, Chief Executive Officer 
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. The economics of exploring and developing mineral resource
properties are affected by many factors including, but not limited
to, the cost of exploration and development programs, operational
risks and unexpected geological formations, variations in mineral
content and grades, conclusions of economic evaluations, fluctuations
in commodity prices, potential environmental damage, title matters
and the availability of capital. There are no known resources or
reserves on the Iceberg deposit or the Red Hill project 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 Red Hill project is
not necessarily indicative of the gold mineralization on the Red Hill
project. Furthermore, there are no assurances that the Company will
be successful in raising the necessary capital to carry out its
proposed work programs on commercially satisfactory terms or at 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 including our
annual management's discussion and analysis dated July 26, 2013 for
the year ended March 31, 2013. 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) As reported by Barrick, as at December 31, 2012, the Goldrush
deposit contained a resource of 367,000 ozs gold (2,696,000 tons
grading 0.136 oz/ton - measured), 8,000,000 ozs gold (63,218,000 tons
grading 0.127 oz/ton - indicated) and 5,679,000 ozs gold (43,183,000
tons grading 0.132 - inferred).  
(ii) They are the Pipeline, Cortez Hills and Goldrush deposits. The
largest of these, the 21+ million ounce Pipeline mine, was discovered
by NuLegacy's COO, Dr. Roger Steininger in 1989 on behalf of Royal
Gold while the property was optioned from Placer Dome Ltd. The
proximity of the Red Hill project to these gold deposits may have
little or no bearing on the level of gold mineralization on the Red
Hill project. 
(iii) As reported in Barrick's Q2, 2013 financial report. 
(iv) This figure represents NuLegacy's threshold target goal and does
not constitute an actual estimate of resources for the Iceberg
deposit at this time. 
(v) Once NuLegacy has completed its earn-in to 70% Barrick Gold will
have a one-time 90 day period to elect to earn back to a 70% working
interest (by spending the next $15.0 million and converting
NuLegacy's then 30% interest into a carried interest to production)
or remain a minority 30% partner.
Contacts:
NuLegacy Gold Corporation
James Anderson
604-638-4959
james@nuggold.com 
NuLegacy Gold Corporation
Albert Matter
604-638-4959
albert@nuggold.com 
NuLegacy Gold Corporation
Roger Steininger
COO
604-638-4959
roger@nuggold.com
www.nulegacygold.com