Perth, Jan 15, 2009 (ABN Newswire) - Legend Mining Limited (ASX:LEG) has had a productive quarter against the backdrop of continuing uncertainty in financial markets and lack of interest and confidence in the exploration equity market specifically.
The Pilbara Project rockchip sampling programme, conducted in October with results announced to the market on 20 November, has added a magnetite iron ore dimension to this project. Given the proximity of the project to existing infrastructure and other complimentary projects this has certainly "value added" to the project.
Many new project opportunities have been and continue to be reviewed by the Executive Management Team and associated consultants. The state of the markets, make capital raising for exploration projects a difficult task, and hence our focus has tended to be on production or near production assets where we can leverage off our cash position to get to production without the need for further capital raising.
The principal strategy behind the IGO investment was to increase this cash/liquid position to increase our buying power in this market without further dilution to shareholders.
As at 31 December 2008 our total cash, security deposits and liquid assets at cost amounted to $11,306,000.
About Legend Mining Limited
Legend Mining Limited ("Legend") is an Australian mining and exploration company listed on the Australian Stock Exchange. Legend's mission is to make high-impact mineral discoveries and to maximise shareholder benefit from those discoveries.
The company’s exploration focus is on the discovery of iron ore, base metal and precious metal deposits at its project areas in Western Australia (Pilbara, Mt Gibson and Gum Creek) and Cameroon, West Africa.
Contact
Mr Mark Wilson Managing Director Ph: +61-8-9212-0600
Legend Mining Limited
