Perth, May 22, 2009 (ABN Newswire) - Legend Mining Limited (ASX:LEG)(PINK:LGDMF) is pleased to announce that that its cash and receivables balance has grown to over $8 million, thus fully funding all of its exploration and treasury activity, including its underwriting obligations for the upcoming Apex Minerals NL (ASX:AXM) rights issue. The additional funds have come from a special overnight sale of 1 million of its Independence Group NL (ASX:IGO) shares to a major European Fund.
"Legend is happy with its position in IGO and has no current intention of any further sales of its IGO holding with a view to capitalising on the growth potential from the upcoming feasibility at the Tropicana Joint Venture Project and the development of the Moran deposit at the Long Nickel Mine," commented Legend Managing Director, Mark Wilson.
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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 LegendMining Limited Tel: +61-8-9212-0600
Independence Group Nl
Legend Mining Limited
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