NuLegacy Resumes Drilling at Wood Hills South Gold Project, Nevada

February 29, 2012

NuLegacy Gold Corporation (TSX-V: NUG; OTC Other: NULGF) announced that drilling to complete the remaining ten holes of an initial twenty hole reconnaissance program has resumed on the 100 sq km Wood Hills South gold project, Elko County, Nevada.

Late in 2011, NuLegacy Gold drilled the first ten holes of the planned twenty-hole, widely-spaced reconnaissance drilling program with assay results reported February 6, 2012.

Eight of the ten holes contained intervals of anomalous gold and favorable trace elements with hole WHS11-007 returning the most significant result; a near surface and oxidized 10.7 meter interval that averaged 0.40 g/t gold within approximately 60 meters of anomalous gold mineralization with associated Carlin-type style trace elements. This mineralization occurs in iron oxide bearing silicified inter-layered silty limestones and dolomites. Immediately below the higher grade interval is an altered and gold-bearing mineralized intrusive, which has proven to be a key geologic relationship in the Pequop gold district. Plan map of first ten holes is available at http://nulegacygold.com/i/pdf/2012-02-27_NR_graphics.pdf.

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Bralorne Gold Intersects 5.14 g/t Gold Over 5.2 Metres

February 29, 2012

Bralorne Gold (OTCQX: BPMSF; TSX-V: BPM) completed 5,153 metres of diamond drilling across 30 drill holes at its Bralorne mine operation near Gold Bridge, British Columbia in 2011, resulting in significant mineralization.  To this end, the widest intercept was on the upper part of the BK-3 zone in drill hole SB11-28, which averaged 5.14 g/t gold over 5.2 meters.  The highest grade result was 1,764 g/t gold over 0.9 meters (re-assay of original 800.6 grams per tonne) in drill hole SB11-21 (as previously announced).  This is a new find and the cored interval consists of a fault zone of quartz fragments with coarse visible gold.  Visible gold was noted in two other holes, of which the intercept in Hole 23 is another new find. Assay results for the last two holes are pending.

These are impressive results and we look forward to the balance of the results when they become available.

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MEO Australia Reports Independent Assessment of Marina Discovery and Breakwater Prospect

February 28, 2012

MEO Australia Limited (ASX: MEO; OTC: MEOAY) is pleased to release the findings of an independent report by Senergy (GB) Limited (“Senergy”), commissioned by MEO to provide a preliminary volumetric assessment of the Marina-1 gas and liquids discovery and the Breakwater prospect in its 100% owned WA-454-P, in the Joseph Bonaparte Gulf, offshore Western Australia.

Key Points:

Marina-1 discovery assessed to contain contingent hydrocarbon resources in five zones:

  • contingent gas resources: 51 Bcf (1C), 98 Bcf (2C) and 302 Bcf (3C)
  • contingent oil and condensate resources: 6.5 Mmbbls (2C) and 29.5 Mmbbls (3C)

Breakwater prospective resources assessed under gas only & mixed gas/oil scenarios:

  • gas/condensate: 751 Bcf, 13 Mmbbls (Best); 2,798 Bcf, 87 Mmbls (High), 24% COS
  • mixed gas/oil: 636 Bcf & 52 Mmbls (Best); 2,391 Bcf & 276 Mmbls (high), 16% COS

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “The addition of contingent resources to our portfolio represents a key milestone in the evolution and growth of MEO. The probable occurrence of oil in the permit is particularly encouraging, especially given the size and potential of the Breakwater prospect under a mixed oil/gas scenario. Since being awarded the permit in mid-2011, MEO has fast-tracked its technical evaluation including an independent resource assessment and accelerated 3D seismic program by two years. We are aiming to be in a position by year end to attract a funding partner to drill an appraisal well on Marina seeking to confirm oil and also test the potential of the Breakwater prospect.”

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MEO Australia Completes Acquisition of Floyd 3D Seismic Survey in WA-454-P

February 28, 2012

MEO Australia Limited (ASX: MEO; OTC: MEAOY) reported today that the S/R Veritas Viking II completed acquisition of the Floyd 3D seismic survey in WA-454-P in the Joseph Bonaparte Gulf region of the Timor Sea (Petrel sub-basin) at 16:31 (WST) on 27th February 2012. A total of 601 km2 of full fold data was recorded. The survey will now be processed and is expected to be available for interpretation in late 2Q-2012.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “The conclusion of this survey brings to a close the most significant investment in 3D seismic in MEO’s history. We have held this permit for barely 8 months and our initial assessment provided sufficient encouragement to accelerate an investment in the Floyd 3D seismic survey. This survey covers the Marina gas and liquids discovery, the nearby Breakwater prospect and two additional leads.”

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MEO Australia Acquires 50% Interest in Gulf of Thailand Block G2/48

February 28, 2012

MEO Australia (ASX: MEO; OTC Other: MEOAF) announced on Monday of this week that its wholly owned subsidiary Rayong Offshore Exploration Limited has executed a binding farm-in agreement with Pearl Oil Offshore Limited to acquire a 50% Participating Interest in the Block G2/48 Concession in the Gulf of Thailand. G2/48 is located in shallow water, proximal to the Jasmine producing oil field and the Manora oil discovery currently under development.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “This farm-in is consistent with MEO’s strategy of expanding our portfolio into South East Asia through a low cost entry approach targeting proven hydrocarbon systems with attractive targets. We have evaluated a number of opportunities in the Gulf of Thailand during the past 12 months and this opportunity represents a compelling entry into an emerging oil play fairway.”

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Scorpio Gold Drilling Intersects 12.20 Metres Grading 4.22 g/t Gold on Mary Zone, Mineral Ridge Project

February 28, 2012

 Scorpio Gold Corporation  (TSX-V: SGN; OTC Other: SRCRF) announced today additional drill results from the Mary Zone, located southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada.

Peter J. Hawley,  Scorpio Gold’s President & CEO commented in the release, “Drill results continue to support an increase in the overall width of the Mary Zone and to confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length of 780 metres. Assays for the final 11 holes of the Mary Zone drill program are pending and will be incorporated into the overall database for a NI 43-101 compliant mineral resource and reserve estimate in conjunction with a Mine Plan Study by AMEC. Completion of the study is expected in Q2 2012.”

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Advanced Explorations Inc. to Restructure Holdings

February 28, 2012

Advanced Explorations Inc. (TSX-V: AXI; OTC Other: ADEXF)  announced today an update on the development of its iron ore assets in Nunavut. As per AEI’s Framework Agreement with XinXing Pipes Group (“XXP”) the Company is in the process of restructuring its holdings to facilitate the assignment of its interests in the East Melville iron ore assets into a new enterprise controlled by AEI. The details of the enterprise structure will be announced once a preferred structure is approved by the Board of Directors of the AEI.

In the release, John Gingerich, President & CEO commented: “We are very pleased with the progress on all our Nunavut properties. Not  “We are very pleased with the progress on all our Nunavut properties. Not only do we have our flagship Roche Bay Project moving towards production, both Tuktu and our Ni-Cu projects have potential to be standalone company makers. The Company’s restructuring plans will lay the foundation for maximizing shareholder value in anticipation of this year’s developments.”

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