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Legend Gold Corp (2)
Symbol LGN
Shares Issued 49,763,358
Close 2014-08-21 C$ 0.21
Market Cap C$ 10,450,305
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Legend Gold to shut down Congo operations

2014-08-22 16:40 ET - News Release

Mr. Doug Perkins reports

LEGEND PROVIDES UPDATE ON CONGO OPERATIONS

Legend Gold Corp. has made the decision to cease operations in 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 groundwater carrying dissolved base metals appears to have precipitated in manganese-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 licences 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 licences 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 vice-president of exploration, is the company's qualified person for the purposes of National Instrument 43-101 and has approved the written disclosure of the technical information contained in this news release.

We seek Safe Harbor.

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