RENO, NV, March 22, 2016 /CNW/ - NuLegacy Gold Corporation is pleased to report that Barrick Gold Corporation, NuLegacy's largest shareholder, has nominated Mr. Robert L. Krcmarov, Executive Vice President, Exploration & Growth for Barrick as their representative to NuLegacy Gold's Board of Directors.
Mr. Krcmarov is a senior mining executive with nearly 30 years of exploration, operations and corporate responsibilities spanning five continents.
As Executive Vice President Exploration & Growth, Mr. Krcmarov leads Barrick's remarkably successful global exploration program, overseeing a team of more than 100 geoscientists and several hundred technical and support staff with annual budgets ranging from $120 million to $500 million. He is a key participant in the evaluation of new business opportunities and strategic planning, and a member of Barrick's Investment Committee, which evaluates and approves all investments greater than $10 million.
In 2014, Rob Krcmarov was co-recipient of the PDAC's Thayer Lindsley award for International Mineral Discovery of the year; he and his team discovered Barrick's 10+ millioni ounce Goldrush deposit, located directly adjacent to NuLegacy's Iceberg gold deposit.
NuLegacy appreciates the significance of Barrick's appointment of such a highly qualified representative to NuLegacy's Board.
"We are delighted that Barrick chose the leader of its Goldrush deposit discovery team to represent their company on our Board," remarked NuLegacy Chairman Albert Matter.
The Iceberg gold deposit, located in the Cortez gold trend of Nevada, is adjacentii to three of Barrick's multi-million ounce Carlin-type gold deposits that are amongst its lowest cost and politically safest gold assetsiii, The Iceberg has an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonneiv.
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 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. There are no known resources or reserves in the Iceberg deposit 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 Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All of 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 28, 2015 for the year ended March 31, 2015. 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 The revised and updated Goldrush resource with an underground production scenario is significantly higher grade then the previously reported open pit resource. It contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1.65 million ounces within 5.6 million tonnes grading ~9.0 g/t.
ii The similarity and close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
iv These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target delineating as a mineral resource.
SOURCE NuLegacy Gold Corporation
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