SOURCE: Legacy Mining Ltd.

March 18, 2008 13:02 ET

Legacy Mining Ltd. Clarifies Disclosure

MONTREAL--(Marketwire - March 18, 2008) - Legacy Mining Ltd. (OTCBB: LEYM) reports that as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.

Legacy Mining Ltd. (the "Company") is required to comply with certain securities regulations under the jurisdiction of the British Columbia Securities Commission (the "BCSC"), specifically National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). As a result of the BCSC review, the Company has become aware of previous disclosure in two news releases that appears to run contrary to the provisions of NI 43-101 and it accordingly wishes to clarify such disclosure.

In the news releases, dated January 14, 2008 and March 10, 2008, respectively, the Company disclosed mineral resources on a Chinese property known as the Miaozihe Gold Mine (the "Property") for which it had signed a letter of intent to acquire a significant interest. In doing so, the Company did not use the applicable Canadian Institute of Mining, Metallurgy and Petroleum resource categories; disclose key assumptions, parameters and technologies; disclose the effective date of the estimates; or state that mineral resources that are not mineral reserves do not have demonstrated economic viability. This occurred in contravention of NI 43-101 and the Company retracts these statements. The Company also wishes to clarify that it does possess any mineral resources or mineral reserves, and emphasizes that the public should not rely on the language of the news releases.

In the same two news releases the Company also disclosed the results of a preliminary assessment on the Property, and in doing so failed to discuss the basis for the economic analysis and provide the cautionary language required by NI 43-101. This occurred in contravention of NI 43-101 and the Company retracts these statements. The Company also wishes to clarify that the disclosure of such estimates was premature and misleading to the public, and that the public should therefore not rely on them.

On January 14, 2008 the Company signed a letter of intent with Mercury Enterprise Co. Ltd. ("Mercury") regarding Mercury's 80% interest in the Property. In the letter of intent, the Company agreed to enter into a participation agreement with Mercury on or before March 14, 2008. As of March 17, 2008 the Company has not entered into a participation agreement with Mercury, and therefore the letter of intent has terminated and the Company no longer has any right to acquire an interest in the Property. The Company will not proceed with any acquisition of an interest in the Property.

/s/ Robert Klein
Robert Klein, President

For further information contact: 1-888-488-6882

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Legacy Mining's filings with the Securities & Exchange Commission.

Contact Information

  • For further information contact:
    Legacy Mining Ltd.
    1-888-488-6882