NuLegacy’s CD-19 Response, Grants Stock Options
April 14 2020 - 3:30PM
NuLegacy reports that as well as instituting various CD-19
precautions including a work from home policy for corporate and, as
appropriate, exploration personnel, increased sanitization
procedures, physical distancing and rotational work schedule to
limit interaction between personnel and risk of transmission of the
virus, it has reduced its personnel costs by an additional 20% for
the remainder of 2020. The company offered its entire staff and
consultancy a 20% cash compensation reduction, in return for
additional stock options, which was unanimously accepted. This is
in addition to the reduction of corporate overheads by 55% since
the return of Albert Matter as CEO in April 2019.
Thus, the company has granted incentive stock
options to certain directors, officers, employees and consultants
(twenty-two people in all) to purchase up to an aggregate of seven
million common shares (representing 1.7% of the outstanding shares)
at a price of $0.10 per share exercisable for a period of five
years. The options are subject to vesting in six equal quarterly
instalments over a period of eighteen months with the first
instalment vesting on June 30, 2020.
About NuLegacy Gold
Corporation: NuLegacy is a Nevada exploration company
focused on discovering additional Carlin-style gold deposits on its
premier district scale 108 sq. km (42 sq. mile) Red Hill Property
in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg
Carlin-style gold deposits and has identified several more highly
prospective exploration targets that are being drilled this
year.
NuLegacy’s Red Hill Property is located on trend
and adjacenti to the three multi-million ounce Carlin-type gold
deposits (the Pipeline, Cortez Hills and Goldrush deposits) that
are amongst Barrick Gold’s largest, lowest cost and politically
safest gold minesii.
i The similarity and proximity of these deposits
in the Cortez Trend is not necessarily indicative of the gold
mineralization in NuLegacy’s Red Hill Property.
ii As extracted from Barrick’s Q4-2013 and
Q1-2014 reports. As reported by Barrick, the Goldrush
resource contains 8,557,000 indicated ounces of gold within 25.78
million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces
within 5.6 million tonnes grading ~9.0 g/t.
On Behalf Of NuLegacy Gold
Corporation
Albert J. Matter, Chief Executive Officer
For further information, please phone
604-639-3640 or contact Albert Matter (CEO) at albert@nuggold.com
or visit www.nulegacygold.com.
Roger Steininger, a Director of NuLegacy 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 approving 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
(including, but not limited to, the prospective nature of certain
exploration targets) 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 including, but not limited to, changes in personnel,
actual results of exploration activities, environmental risks,
future prices of gold, operating risks, accidents, labor issues,
delays in obtaining governmental approvals and permits,
availability of financing and other risks in the mining industry.
In addition, there is uncertainty about the spread of the COVID-19
virus and the impact it will have on the Company’s operations,
personnel, global supply chains, ability to procure exploration
equipment and contractors on a timely basis and economic activity
in general. There are no known resources or reserves in the Red
Hill Property and any proposed exploration programs are exploratory
searches for commercial bodies of ore. In addition, the presence of
gold resources on properties adjacent or near the Red Hill Property
(including, but not limited to, Barrick’s Goldrush property) is not
necessarily indicative of the gold mineralization on the Red Hill
Property. 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. 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.
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