latest minelife article

Latest Minelife Article published 14 March released by LEG should hopefully be uploaded for all to read in coming days at http://www.legmin.com.au/media.html some excerpt info copied and pasted below...

We introduced Legend Mining into our Portfolio during April 2011 with a Speculative Buy recommendation
around $0.052 and we then took advantage of market weakness during late 2011 to increase our exposure
with a further Speculative Buy recommendation around $0.029. The company represents one of our
favourite up-and-coming iron ore exposures and is our only international iron ore play. What I like about
Legend is its vast potential resource size, resource quality and also proximity to important infrastructure.
These same attractions have obviously caught the eye of key international industry players, with Legend
recently announcing that it had signed a Memorandum of Understanding (MOU) with South Korean steel
giant, POSCO, by which the parties have agreed to use best endeavours and cooperate to negotiate and
agree an exploration joint venture in relation to Legend’s Ngovayang iron ore project in Cameroon. These
negotiations are reportedly at an advanced stage, with the MOU being non-binding and non-exclusive.
The attraction of a partner of POSCO’s international standing is a huge vote of confidence in the potential of
the Ngovayang project. After a review of numerous iron ore projects in the African region, POSCO was
reportedly primarily attracted to Legend's Ngovayang project due to its attractive infrastructure. Legend
maintains a 90% stake in the Ngovayang iron ore project, located in the southwest region of Cameroon in
West Africa, encompassing three exploration tenements with a total coverage of 2,972 sq km.
Early exploration activity has highlighted the prospectivity for quality, large-scale magnetite iron ore. The
project is well serviced by existing and planned infrastructure and is within 100km of the coast between the
international airport cities of Yaounde and Douala. Importantly too the company is cashed-up, having just
engaged in a $10 million capital raising and also participated in the sale of non-core assets in Western
Australia, which cumulatively has generated exploration funds of around $20 million.
Legend is now in a strong position to deliver upon one of its key objectives, the establishment of an initial
JORC-compliant resource estimate for its Melombo East prospect. The aim will then be to convert the
resource to reserve status in order to underpin a long-term mining operation. The company also recently
announced the results of a magnetic modelling exercise by independent geophysical consultants, Core
Geophysics, which evaluated the magnetite potential of Melombo East.
The report covered the 4.7km x 1km aeromagnetic feature at Melombo East, with individual modelled
bodies having strike lengths between 75 – 500 metres, widths of between 50 – 200 metres and a vertical
depth extent of 150 metres below surface. The report indicated the potential for a range of 300Mt - 500Mt of
magnetite ore, with a grade of 16-40% Fe considered likely based on laboratory assay results of magnetite
gneiss from diamond drill-holes and rock-chip sampling.

Legend Mining remains our favourite international junior iron ore play and with good reason.
Melombo East continues to shape up as a substantial exploration target, particularly in the context
of the large initial tonnage range (300Mt – 500Mt) that’s been estimated. This tonnage should also
be considered in terms of the project’s proximity to the coast and the strong metallurgical test
results that have been achieved so far.
I maintain a Hold recommendation on Legend Mining around current levels.