Apr 16 2015
Legend Gold Corp. (the "Company" or "Legend") is pleased to announce that it has entered into a share purchase agreement with 2431807 Ontario Limited (the "Purchaser"), the President of which is Scott Waldie, a former President and Director of Legend, whereby the Purchaser will acquire all of the outstanding shares of Legend's wholly-owned subsidiary which controls the Tabakorole Property ("Property").
Under the terms of the agreement, the Purchaser will be entitled to a 75 day due diligence period. Subject to successful completion of its due diligence, the Purchaser will: 1) reimburse Legend, up to USD 25,000, for out-of-pocket costs associated with the transfer of the Property, 2) pay Legend USD 400,000 in four installments of USD 100,000 each, with an installment being paid upon each of 10,000, 20,000, 30,000 and 40,000 ounces of gold being cumulatively produced from the Property, and 3) grant Legend a royalty equal to one-percent (1%) of net smelter returns from any commercial production on the Property. The Purchaser must obtain an exploitation permit and place the Property into commercial production within 14 months of the completion of its purchase (20 months if it pays Legend a further USD 10,000) or it will forfeit ownership of the subsidiary (and, therefore, the Property) back to Legend.
Tabakorole
Tabakorole is an advanced stage exploration project, which includes the FT deposit, covering 100 sq. km in southern Mali. Recent drill results confirmed the continuity and grade of oxide mineralization on the FT deposit (see the Company's news release dated July 18, 2014 for more information). The oxide resource consists of 34,000 ounces at 1.01 grams per ton ("g/t") gold in the indicated category and 35,000 ounces at 1.14 g/t gold in the inferred category. The sulfide resource consists of 207,000 at 0.94 g/t gold in the indicated category and 318,000 ounces at 1.03 g/t gold in the inferred category (see the Technical Report of A. Daniels, dated July 27, 2007, a copy of which has been filed by the Company on SEDAR, for details of the resource estimates).
Qualified Person
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), Legend's V.P. 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 and verified the technical information contained in this news release.
About Legend
Legend is a Canadian mineral exploration and development company focused on gold exploration in West Africa. Legend's flagship projects include the Diba, Lakanfla, and Mougnina projects and the Randgold JV. Further information is available at the Company's website.
Source: http://www.legendgold.com/