Aug 25 2014
Legend Gold Corp. (the "Company" or "Legend") reports that it has made the decision to cease operations in the Republic of the Congo.
Although recent mapping, pitting and trenching on the Reneville Prospect defined "terre noire" mineralization in both outcrop and old stockpiles at both the Indus and Marie areas, Legend geologists have concluded that the potential for even a small-scale operation is not viable under current market conditions.
Mineralization in the Niari Basin of Congo occurs where a Tertiary unconformity directly overlies Neoproterozoic limestone and faults. Circulating ground water carrying dissolved base-metals appears to have precipitated in Mn-enriched limestone karsts mediated by faulting. This limits mineralization and thus the economic potential to a narrow vertical interval below the unconformity. This genetic model appears to hold for all known mineralization in the Niari Basin.
The Kingouala and Reneville exploration licenses will be relinquished and the Brazzaville office closed. Closure costs are expected to be offset by the sale of vehicles and other equipment. The capitalized costs of the Kingouala and Reneville exploration licenses will be written off in the Second Quarter 2014 Financials.
Legend continues to actively evaluate opportunities in West Africa in order to expand its current portfolio.
Qualified Person
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.
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, Tabakorole (formerly Tiekoumala) and Mougnina projects and the Randgold JV. Further information is available at www.legendgold.com.
Source: http://www.legendgold.com/