Southern Legacy Minerals Inc.

Southern Legacy Minerals Inc.

October 03, 2012 14:30 ET

Southern Legacy Provides Corporate Update

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) - Southern Legacy Minerals Inc. ("Southern Legacy" or "the Company") (TSX VENTURE:LCY) is pleased to provide a corporate update regarding the current status of the Company's AntaKori Project in Cajamarca, Peru.

AntaKori Copper-Gold-Silver Project

The Company continues with its efforts to consolidate mining claims in the Cajamarca region. To date, Southern Legacy holds 100% interest in a 212-hectare land package, with an additional 45 hectares pending/in the process of consolidation. Additionally, the Company is partnered with local government officials to develop and implement social programs in the communities of Cajamarca. Southern Legacy plans to reach agreements with all stakeholders in the community in preparation to pursue the necessary environmental work and drilling license for the property. In the meantime, the Company has prepared a preliminary metallurgical testing program for the AntaKori Project, targeted for completion in Q1 2013.

Corporate Update

Southern Legacy has decided to streamline its resources to focus on its main project, AntaKori. With a mandate to advance AntaKori to drill ready status, the Company plans to evaluate business alternatives for its Puchuldiza and Maricunga properties in Chile.

Southern Legacy wishes to inform shareholders both in North America and South America that efforts are in effect to dually list the company on the Lima Stock Exchange (BVL). The listing process is expected to be completed by the end of 2012.

"We are actively engaged in building our relationships with local community members, government officials and potential investors. Listing Southern Legacy on the Lima Stock Exchange will allow more investors in South America to get involved in our company." said Fernando Pickmann, CEO of Southern Legacy Minerals Inc. "While we continue to move forward in getting AntaKori permitted for environmental work and drilling, we plan to focus our efforts in expanding our investor base, globally."

Southern Legacy would also like to announce that Roman Flores, VP Exploration, and Elina Chow, VP Corporate Development have resigned from their positions to pursue other business opportunities. The Company would like to thank and wish Ms. Chow and Mr. Flores all the best in their future endeavors. Southern Legacy is currently searching for highly qualified replacements for both positions.

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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