Legend Gold Corp.

TSX VENTURE : LGN


Legend Gold Corp.

January 06, 2014 07:30 ET

Legend Gold Announces Signing of Drilling Contracts for Exploration in Mali

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 6, 2014) - Legend Gold Corp. (the "Company" or "Legend Gold") (TSX VENTURE:LGN) is pleased to announce the commencement of drilling for the season.

Legend Gold has contracted for a minimum of 5,000 m of reverse circulation (RC) drilling and 10,000 m of air core (AC) drilling for the Diba and Lankafla projects in western Mali and the Mougnina project in southern Mali.

In western Mali, Legend Gold plans to explore for extensions to the Diba-Badiazila resource which contains 234,000 oz at 1.67 g/t gold of indicated and 26,700 oz of inferred mineralization at 1.9 g/t at 0.8 g/t gold cutoff (AMEC's NI 43-101 compliant Technical Report, August 2013). There remain a number of gaps in the AMEC resource which can be in-filled by a number of shallow RC holes to bring the oxide resource from the indicated and inferred categories to measured and indicated. The oxide resource evaluated to date extends to about 50 m below the surface. A minimum of 3,000 m of RC drilling will be used to infill gaps in the existing resource as well as testing the immediate on-strike extensions of the Diba deposit. Analysis of previous results derived from drilling completed by Etruscan Resources in 2009 suggests that additional resources remain to be discovered on-strike from the known mineralization, along a 2 km long soil auger geochemistry anomaly to the northwest. Several lines of RC and core holes drilled by Etruscan Resources about 1.5 km to the NNW of Diba yielded multiple mineralized intervals which warrant follow up drilling.

Preliminary results of a ground gravity survey on the Lankalfa project area suggest that areas that have been drilled previously warrant additional exploration. New and upgraded targets revealed by the final interpretation of the gravity survey will also be included in the 2,000 m of RC drilling planned for Lankafla.

In southern Mali, exploration by Legend Gold on the Mougnina exploration license, some twenty kilometers north of the Syama mine, has mapped a series of ancient artisanal workings which are coincident with soil auger gold anomalies. The ancient workings appear to be on splays off the same fault system that controls mineralization at the Syama mine. At least 5,000 m of AC drilling are planned to test the soil auger gold anomalies and artisanal workings.

The drill program is expected to commence in early February 2014.

Douglas Perkins, President and Chief Executive Officer of Legend Gold stated, "The data review and project ranking that took place over the past three months is now complete and the technical team has chosen their priorities for the current drilling season. Given the current state of the exploration business, Legend Gold was able to obtain some very competitive quotes for meters. We look forward to announcing the results as soon as they are available."

Qualified Person

Dr. Demetrius Pohl, Ph.D., AIPG Certified Geologist, a qualified person under NI 43-101 standards, is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Legend Gold Corporation.

About Legend Gold

Legend Gold is a mineral exploration and development company focused on exploring for gold in the Republic of Mali, West Africa. Legend Gold's fifteen main projects include the Lakanfla, Diba, Badiazilia, Mougnina, and Tiekoumala among others. There have been significant discoveries made at Diba, Lakanfla and Tiekoumala. Please visit Legend Gold's website www.legendgold.com to view project details.

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 and the United States Private Securities Litigation Reform Act of 1995. 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.

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