|By Marketwired .||
|August 18, 2014 07:30 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/18/14 -- Legend Gold Corp. (the "Company" or "Legend") (TSX VENTURE:LGN) is pleased to announce that Randgold Resources (Mali) Limited ("Randgold") has completed the initial review and ground truthing of the portfolio of seven permits held in Joint Venture with Legend (the "Randgold JV"), located 30 km south of the Sadiola Gold Mine in western Mali.
Randgold has confirmed previous work and preliminary sampling results are encouraging.
The work has included field mapping programmes with traverses conducted across a 5 km wide, 17 km long North South corridor on the eastern side of the Senegalo-Malian Shear (SMS), which marks the terrain boundary between the Kofi and Keniebandi formations and is an important regional control on gold deposit formation. At the same time an extensive, historical library of data has been collated to assist with interpretation. This includes a detailed VTEM survey flown over the portfolio as well as geochemical data from soil surveys and drilling programmes.
Work has identified a narrow unit of coarser grained sediments that runs along the eastern margin of the SMS which has received limited testing previously. Mapping along these units has identified greywackes as well as limestone in the field, with the latter being an important factor in the formation of many deposits in the Kofi formation and the host of the Sadiola and Yatela mineralizations, approximately 30 km along strike to the north. Of the 94 lithosamples collected across the mapped corridor, nine returned anomalous results of gold between 0.23 g/t and 5.9 g/t. The highest value was recorded in a limestone which is the same rock type that hosts the Sadiola and Yatela mines mineralization.
Under the terms of the earn-in agreement signed in March 2014, the Joint Venture will have a Management Committee composed of three members from Randgold and two members from Legend. The cost of all prospecting activities including the preparation of a pre-feasibility study will be borne by Randgold. Once the pre-feasibility study is approved by the Management Committee and definitive feasibility study commenced, Randgold and Legend will begin to share expenses on a 51:49 basis, respectively. If Legend elects not to participate in the financing of the definitive feasibility study, its interest will be diluted from 49% to 35% upon completion of the bankable feasibility study. Randgold is the operator of the Joint Venture and is responsible for all work and reporting requirements of the Joint Venture. For more information on the Randgold JV, please refer to the Company's news release dated March 4, 2014.
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), Legend's VP of Exploration, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.
Legend is a Canadian mineral exploration and development company focused on gold exploration in West Africa. Legend's flagship projects include the Diba, Lakanfla, Tabakorole (formerly Tiekoumala) and Mougnina projects and the Randgold JV. Further information is available at www.legendgold.com.
This press release has been prepared by Legend Gold Corp. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company's properties; success of exploration activities; permitting time lines and requirements; time lines for technical reports; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration and other objectives concerning its mineral projects can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information.
Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks; certainty of mineral licenses; community and governmental relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues; governmental regulations and the ability to obtain necessary licenses and permits; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Company's public disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date thereof or to reflect the occurrence of unanticipated events.
President and Chief Executive Officer
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