Gold We want to make a quick remark on Nulegacy Gold (TSX.v: NUG) (NULGF), which just announced that it has notified Barrick that it has completed the $5 million in spending required to earn 70% of the Iceberg Project. You can read about the details here. In short, by spending $5 million on exploration at Iceberg Nulegacy has earned a 70% stake in the project and is the active partner. Now Barrick has 90 days to decide whether it wants to reassert its active position in the project and earn a 70% ownership in the project (vs. its current 30%), and it can do so by committing an additional $15 million towards exploration. In that scenario Nulegacy would have a 30% carried interest in the project. Otherwise Nulegacy owns 70% of it and has to finance further project development. We don’t know what Barrick will do. Either way this is
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