Shares: 129.6 mill. Options: 36.1 mill to convert at 15 cents on April 2005.
Dec. 31 quarterly Cashflow Report: Cash $2.15 mill. Net operating Cashflow: - $0.59 mill. Mining Net Cash Cost: $278/ounce reducible by $75/ounce due to Inventory movements, resulting in $203/ounce production cost.
2. The company bought the Gidgee Project and Mine, CIP Plant as well as 600 sq. km of the Greenstone Belt in Dec 2003 for $6.3 million - including $3.3 million cash, 16.7 million new shares at 6 cents worth $1 million, and $2 million in environmental bonds.
The project includes the Kingfisher- 92,000 ounces and Wilsons-307,000 ounces. It also has another 750 sq km exploration area-See Summary.
The company thinks that at present gold prices, the whole transaction will have paid for itself within 12 months.
3. EXPLORATION. 30 Jan. 2002: Legend Mining has successfully negotiated Heritage Agreements with the local Aboriginal Elders over a number of tenement applications in the Carlow Castle project area near Roebourne, Western Australia (See item 6): http://stocknessmonster.com/news-item?S=LEG&E=ASX&N=210132
30 Oct. 2003:Third Quarter Activities Report, extracts: Mt Sholl, Twin Table Hills (Legend 100%) Significant gold anomalism has continued to be discovered by fieldwork within the Mt Sholl ground, with recovery of gold nuggets and specimens up to 10 ounces in weight.
Shallow costeaning to bedrock has delineated a number of separate quartzironstone shear zones or reefs with visible gold, within mainly mafic volcanic rocks.
At Twin Table Hills, adjacent to and along the margin of the regional Sholl Shear Zone, a number of small gold nuggets to 14 grams have been recovered from two separate zones up to 600m long and 200-300m wide.
Further investigation into the source of this gold is underway, and similarities in structural setting to the Indee gold deposit are being evaluated: http://stocknessmonster.com/news-item?S=LEG&E=ASX&N=248474
Jan. 28, 2004: Fourth Quarter Activities Report, extracts: At Kingfisher North, only 2.5 kilometres south of Swan Bitter-Butcherbird and within the same structural corridor, resources of about 432,000t at 6.7g/t Au (Indicated and Inferred) have been reported and contain 92,000oz of gold.
Shallow mining at *Kingfisher* in the past produced 325,000 ounces of gold from one of the largest open pits at Gidgee, with only limited underground development, and Legend has commenced mine scoping studies on this deposit. Deep drilling is planned to enhance and infill the resource early in 2004.
Resources at *Wilsons* total 1.3 million tonnes at 7.4g/t Au (Indicated and Inferred) for approximately 307,000oz. These occur as three adjacent tabular subvertical deposits 12 kilometres northeast from the plant, and have previously been mined by open pit to only 60 metres depth.
Metallurgical studies have shown that satisfactory recoveries are achievable by Biox methods, and Legend’s consultant metallurgist is now investigating how best to fast-track gold production from *Wilsons*". http://stocknessmonster.com/news-item?S=LEG&E=ASX&N=254239
Dec. 17, 2003: "The Gidgee gold project, located 90 kilometres north of Sandstone in Western Australia’s northern goldfields region, has current gold resources of 515,000 ounces and contains over 600 km² of highly prospective and under-explored Gum Creek greenstone belt. The Gidgee project has excellent existing infrastructure, including power".
March 10/11: Two new gold lodes discovered at Gidgee Gold Project: http://stocknessmonster.com/news-item?S=LEG&E=ASX&N=257304
Gerry Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.
LEG Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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