gold in west africa, page-11

Legend Mining deals itself into "hot" gold sector in West Africa





Thursday, March 03, 2011 by Jeff Coote Legend Mining (ASX: LEG) has acquired the Tapare Gold Project in Cameroon that includes a new 1000 square kilometre gold permit within the known goldfield.

Legend acquired the project from Cameroon General Mining SA (CGMSA) for US$20,000 plus scrip through its 90% subsidiary Camina SA, and the permit has been transferred to Camina.

The project will be the first gold asset in Legend?s Cameroon exploration portfolio and contains extensive artisanal workings.

Legend has until 1 July 2011 to carry out initial exploration programs with provision for a further extension of three months.

A further payment of US$130,000 and the issue of 5,000,000 Legend options exercisable at A$0.08 per option on or before 30 June 2013 will be made to CGMSA upon the completion of these programs.

Mark Wilson, Legend managing director, said ?Legend is continually expanding its Cameroon database and in-country network. This gives us the ability to identify good prospects and secure them for future exploration opportunities."

Legend remains committed to its iron ore project at Ngovayang with its ongoing drill program and will be staffed and resourced by a new dedicated budget. The company's strategy is to develop a pipeline of targets and turn these into itabirite and DSO resources.

The Tapare Gold Project is located 300km east of the Cameroon capital Yaounde and lies north of the town of Batouri. No modern exploration for gold has been undertaken over the permit.

Legend plan to undertake systematic exploration over the Tapare Gold Project to evaluate the gold potential of the permit. The program has been designed to test for quartz-sulphide lode gold deposits (mainly beneath soil cover) and gold hosted within laterite.