Legend Gold Corp.
TSX VENTURE : LGN

Legend Gold Corp.

April 15, 2015 16:05 ET

Legend Announces the Sale of Tabakorole to a Private (Ontario) Company

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 15, 2015) - Legend Gold Corp. (the "Company" or "Legend") (TSX VENTURE:LGN) is pleased to announce that it has entered into a share purchase agreement with 2431807 Ontario Limited (the "Purchaser"), the President of which is Scott Waldie, a former President and Director of Legend, whereby the Purchaser will acquire all of the outstanding shares of Legend's wholly-owned subsidiary which controls the Tabakorole Property ("Property").

Under the terms of the agreement, the Purchaser will be entitled to a 75 day due diligence period. Subject to successful completion of its due diligence, the Purchaser will: 1) reimburse Legend, up to USD 25,000, for out-of-pocket costs associated with the transfer of the Property, 2) pay Legend USD 400,000 in four installments of USD 100,000 each, with an installment being paid upon each of 10,000, 20,000, 30,000 and 40,000 ounces of gold being cumulatively produced from the Property, and 3) grant Legend a royalty equal to one-percent (1%) of net smelter returns from any commercial production on the Property. The Purchaser must obtain an exploitation permit and place the Property into commercial production within 14 months of the completion of its purchase (20 months if it pays Legend a further USD 10,000) or it will forfeit ownership of the subsidiary (and, therefore, the Property) back to Legend.

Tabakorole

Tabakorole is an advanced stage exploration project, which includes the FT deposit, covering 100 sq. km in southern Mali. Recent drill results confirmed the continuity and grade of oxide mineralization on the FT deposit (see the Company's news release dated July 18, 2014 for more information). The oxide resource consists of 34,000 ounces at 1.01 grams per ton ("g/t") gold in the indicated category and 35,000 ounces at 1.14 g/t gold in the inferred category. The sulfide resource consists of 207,000 at 0.94 g/t gold in the indicated category and 318,000 ounces at 1.03 g/t gold in the inferred category (see the Technical Report of A. Daniels, dated July 27, 2007, a copy of which has been filed by the Company on SEDAR, for details of the resource estimates).

Qualified Person

Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), Legend's V.P. of Exploration, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of and verified the technical information contained in this news release.

About Legend

Legend is a Canadian mineral exploration and development company focused on gold exploration in West Africa. Legend's flagship projects include the Diba, Lakanfla, and Mougnina projects and the Randgold JV. Further information is available at the Company's website www.legendgold.com.

This press release has been prepared by Legend Gold Corp. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company's properties; success of exploration activities; permitting time lines and requirements; time lines for technical reports; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration and other objectives concerning its mineral projects can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks; certainty of mineral licenses; community and governmental relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues; governmental regulations and the ability to obtain necessary licenses and permits; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Company's public disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact Information

  • Michael Winn, President and Chief Executive Officer
    Email: info@legendgold.com
    Telephone: (604) 696 9396