Perth, July 24, 2009 (ABN Newswire) - Legend Mining Limited (ASX:LEG)(PINK:LGDMF) has continued to strengthen its financial position this quarter while maintaining progress on its exploration tenements. The company is continuing to evaluate prospective projects for investment.
In the Pilbara, the Company is in negotiations over a Heritage Agreement. Once this is concluded Legend can commence planned drilling programmes on both its 100% owned and Joint Venture tenements.
At Gum Creek, the Company has done further ground reconnaissance and modelling over electromagnetic anomalies and conductors. A drilling plan has been prepared which is expected to begin in the September quarter.
The Company continues to build its structural and geological database on gold mineralisation for its Mt Gibson Project. Assessment of the results and possible drill testing will commence in the next quarter.
Legend's financial and investment management has placed it in a strong position to review and undertake due diligence on new projects. It continues to assess numerous opportunities to increase shareholder wealth.
Corporate
Treasury Operations
Investment in Independence Group Ltd (IGO)
Legend sold 1,500,000 of its share holding in IGO for A$4,965,000 at a profit of A$2.713M. This sale released the capital for the investment in Apex Minerals NL (documented below) with the company still having a residual holding of 1,900,000 IGO shares.
Investment in Apex Minerals NL (AXM)
Legend participated in a placement (A$2,000,000 - 10,000,000 shares) and sub underwrote a rights issue (A$3,000,000 - 15,000,000 shares) in AXM at the price of 20 cents per share. Legend now holds 25,000,000 AXM shares at a cost of A$5,000,000.
Sale of Assets at Mt Gibson
Legend has sold the two remaining ball mills at Mt Gibson to Dominion Mining and some miscellaneous equipment to others for a total of A$284,000. In addition Legend has accepted an offer from Interquip to purchase some of the remaining equipment, principally the crushing circuit, for A$150,000. This will essentially leave the mill site ready for scrap metal merchants to clean up with a rehabilitation exercise to follow with a view to diminishing the environmental liability on the tenement.
Annual General Meeting
The Annual General Meeting was held on 28 May 2009 with all resolutions passed by a unanimous show of hands at the meeting.
For the complete Legend Mining Quarterly Activites Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61107-ASX-LEG-453898.pdf
In the Pilbara, the Company is in negotiations over a Heritage Agreement. Once this is concluded Legend can commence planned drilling programmes on both its 100% owned and Joint Venture tenements.
At Gum Creek, the Company has done further ground reconnaissance and modelling over electromagnetic anomalies and conductors. A drilling plan has been prepared which is expected to begin in the September quarter.
The Company continues to build its structural and geological database on gold mineralisation for its Mt Gibson Project. Assessment of the results and possible drill testing will commence in the next quarter.
Legend's financial and investment management has placed it in a strong position to review and undertake due diligence on new projects. It continues to assess numerous opportunities to increase shareholder wealth.
Corporate
Treasury Operations
Investment in Independence Group Ltd (IGO)
Legend sold 1,500,000 of its share holding in IGO for A$4,965,000 at a profit of A$2.713M. This sale released the capital for the investment in Apex Minerals NL (documented below) with the company still having a residual holding of 1,900,000 IGO shares.
Investment in Apex Minerals NL (AXM)
Legend participated in a placement (A$2,000,000 - 10,000,000 shares) and sub underwrote a rights issue (A$3,000,000 - 15,000,000 shares) in AXM at the price of 20 cents per share. Legend now holds 25,000,000 AXM shares at a cost of A$5,000,000.
Sale of Assets at Mt Gibson
Legend has sold the two remaining ball mills at Mt Gibson to Dominion Mining and some miscellaneous equipment to others for a total of A$284,000. In addition Legend has accepted an offer from Interquip to purchase some of the remaining equipment, principally the crushing circuit, for A$150,000. This will essentially leave the mill site ready for scrap metal merchants to clean up with a rehabilitation exercise to follow with a view to diminishing the environmental liability on the tenement.
Annual General Meeting
The Annual General Meeting was held on 28 May 2009 with all resolutions passed by a unanimous show of hands at the meeting.
For the complete Legend Mining Quarterly Activites Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61107-ASX-LEG-453898.pdf
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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.
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