Southern Legacy Minerals Inc.

Southern Legacy Minerals Inc.

October 18, 2012 13:58 ET

Southern Legacy Appoints Vice President of Exploration

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2012) - Southern Legacy Minerals Inc. ("Southern Legacy" or "the Company") (TSX VENTURE:LCY) is pleased to announce the appointment of Alvaro Fernandez-Baca, as the Company's Vice President of Exploration.

Mr. Fernandez-Baca is a professional geologist who has over 16 years of experience managing exploration programs. Mr. Fernandez-Baca has carried out consulting work to the mineral exploration industry in Peru, and has also served as Vice President of Exploration at AQM Copper Inc. where he managed the $18 Million exploration program that led to the definition of a Measured and Indicated Resource of 510.7 million tonnes of 0.36% Cu and 0.07 g/t Au, and was responsible for new exploration and acquisition initiatives. He holds a BSc in Geology from the University of Edinburgh.

Southern Legacy would also like to announce that it has engaged the services of Juan Rosas as a Senior Geological Consultant. Mr. Rosas has 20 years of experience in the exploration industry, most recently as a Senior Regional Exploration Geologist at Yanacocha, South America's largest gold mine. Prior to Yanacocha, Juan was Project Manager for Buenaventura-Southern Copper´s Tantahuatay deposit, an operating gold mine immediately adjacent to the Company´s Antakori Project. Under his leadership, Tantahuatay´s reserves were increased by 20%, a substantial new copper-gold sulphide resource was discovered, surface rights were acquired and community agreements were successfully completed.

"We are excited to welcome both Alvaro and Juan to Southern Legacy's team," commented Southern Legacy's CEO, Fernando Pickmann. "Their combined experience will be a great benefit to our project as we continue to develop relationships with the community and prepare the project for exploration drilling in 2013."

The Company would also like to advise that Andres Milla has been appointed as Chairman of the Board to replace Cesar Lopez who will continue to serve as an independent director. The Board of Directors would like to thank Cesar Lopez, founder and key instrument in the Company's value generation. Andres Milla has over 15 years of experience in investment banking, having played a leading role in the development of the junior mining sector within the Peruvian capital markets. He has been an Associate with First Capital Partners, Peru since 2008, and was a member of the Board of the Lima Stock Exchange from 2006 until March 2008 general manager of Credibolsa SAB, main broker agent of the Peruvian stock market, from 2006 to August 2008. Prior to that, he was a member of the Cabinet of Advisors of the Ministry of Economy and Finance of Peru and Head of Fixed Income of the Analysis Department of the Capital Market Division of Banco de Credito. Throughout his career he has participated in several prominent corporate finance operations in Peru, worth in excess of US$2 billion. As part of his involvement with the capital market of Perú, he has been also a Director of the Bolsa de Productos del Perú (Commodity Exchange in Peru) and Director of Cavali ICLV S.A., clearing and settlement institution of the Peruvian Stock Market.

Southern Legacy would like to notify shareholders that the Annual General and Special Meeting of the shareholders of the Company will be held on December 7, 2012 at 10:00 a.m. in Lima, Peru.

In addition, the Company has, subject to regulatory approval, granted an aggregate of 1,675,000 incentive stock options in accordance with the Company's stock option plan, of which an aggregate of 1,275,000 stock options were granted to the directors, officers and employees of the Company and an aggregate of 400,000 stock options were granted to consultants to the Company. The stock options are priced at $0.45 per share and will expire October, 17, 2016.

About Southern Legacy Minerals Inc.

Southern Legacy Minerals Inc. ("Southern Legacy") (TSX VENTURE:LCY) is an exploration company with a portfolio of gold and copper projects in South America. Southern Legacy's current projects span along the Andes in Peru and Chile. Led by a management team with over 20 years of mineral exploration and development experience in South America, the team boasts strong relationships with local government officials and stakeholders in the jurisdictions where their projects are situated. Southern Legacy is currently focused on expanding the resource at its flagship copper, gold and silver project AntaKori (formerly known as Sinchao), located in northern Peru between Gold Fields' Cerro Corona and Buenaventura's Tantahuatay mines. The project currently has a NI 43-101 compliant inferred resource estimate of 5.9 billion pounds of copper equivalent contained in 294Mt at an average copper equivalent grade of 0.92%.

Forward Looking Statement:

Certain of the information contained in this news release constitutes 'forward-looking statements' within the meaning of securities laws. Such forward-looking statements, including but not limited to those with respect to the prices of metals and minerals, purchase payments, estimated future production and estimated costs of future production involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any forecast results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of metals and minerals, the actual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the documents of the Company filed from time to time with the British Columbia Securities Commission.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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