RENO, Nev., Nov. 08, 2024 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation (the "Company") reports that the failure to discover economic quantities of 'ore' grade gold on its Red Hill property in Nevada has challenged the Company's ability to continue to finance operations, and as a consequence, the Company is considering suspending operations with a possible reorganization including an assignment and debt settlement of existing payables.
Sufficient funds were raised in its recent financing to pay the BLM and county lease payments on its only significant asset, the Red Hill property, through to September 1st, 2025. The Red Hill property will be available for purchase until June 1, 2024. Thereafter, the eastern half of the property will revert to its underlying owner, while the lease on the western half will expire Sept 1, 2025.
While the proposed consolidation of its shares on a 1 for 25 basis was approved by the shareholders on the Oct 7th AGM, NuLegacy will not be proceeding with it, nor the name change at this time for lack of funding.
On Behalf Of The Board Of NuLegacy Gold Corporation
Albert J. Matter, Chief Executive Officer & Cofounding Director
Tel: +1 (604) 639-3640; Email: albert@nuggold.com
For more information about NuLegacy visit: www.nulegacygold.com or www.sedarplus.ca
Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information and statements under applicable securities laws, which information and/or statements relate to future events or future performance. Readers are cautioned that such forward-looking information and statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of exploration activities and drilling, unanticipated geological, stratigraphic and structural formations, misinterpretation or incorrect analysis of projected geological structures, alterations and mineralization, environmental risks, operating risks, adverse weather conditions, accidents, labour issues, delays in obtaining governmental approvals and permits, inability to secure drilling equipment and/or contractors on a timely basis or at all, delays in receipt of assay results from third party laboratories, inflation, future prices for gold, changes in personnel and other risks in the mining industry.. Furthermore, there are no known mineral resources or reserves in the Red Hill Property and the presence of gold resources on properties adjacent or near the Red Hill Property including the Goldrush deposit is not necessarily indicative of the gold mineralization on the Red Hill Property. Future exploration programs on the Red Hill Property, if any, will be exploratory searches for ore. There is also uncertainty surrounding elevated inflation and high interest rates, the ongoing war in Ukraine and conflict in Gaza and surrounding regions and the continued spread and severity of COVID-19, and the impact they will have on the NuLegacy's operations, personnel, supply chains, ability to raise capital, access properties or procure exploration equipment, supplies, contractors, and other personnel on a timely basis or at all and economic activity in general. All the forward-looking information and statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements in this news release 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 by applicable law. Accordingly, readers should not place undue reliance on forward-looking information and statements.
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 release.
