maybe poised for a run..

hi all..
im not expert on legend, but have just had a little look.
perhaps in the next month we could see legend increase in share price.
noted that they had there first gold bar around the 18/12/03. 280 ounces....valued at approx $150,000.
they also stated that other gold has been poured as well.
so one might expect an update shortly about the progress being made.
i have sent them an e-mail checking what is the breakeven price on their gidgee gold project per Aoz, hopefully i'll have that info soon.
the Qtrly report should so some good cashflow results as well....
so just keep an eye on whats happening might be a good punt...
see below some more details about the gidgee project..
more info is on their website...
comments welcomed

ACN: 060 966 145
ABN: 22 060 966 145
SUITE 1, 46 ORD STREET Telephone +61 8 9322 3700
WEST PERTH WESTERN AUSTRALIA 6005 Facsimile +61 8 9322 3800
PO BOX 626, WEST PERTH WESTERN AUSTRALIA 6872 Email [email protected]
LEGEND MINING
AUSTRALIA’S NEWEST GOLD PRODUCER
Legend Mining has this morning become one of Australia’s top ten Australian owned gold producers
following shareholders’ decision on Monday 15 December 2003 to approve the acquisition of the
70,000 ounce per year Gidgee gold mine from Abelle Limited.
As part of the terms of the acquisition, Legend paid Abelle $1.3 million upon settlement yesterday and
will pay the final cash instalment of up to $2 million by 30 June 2004, to acquire an operation that in
the last quarter alone generated revenue of $9.3 million and a cash surplus of $3.4 million.
The total acquisition cost of $6.5 million includes the $3.5 million cash component (including $0.5
million for gold in circuit), $1 million in shares (16.7 million new shares at 6 cents to Abelle Limited)
and $2 million for environmental bonds.
Legend Managing Director Murray McDonald said, “The Gidgee acquisition allows Legend to grow,
diversify and create value for our shareholders. If the gold price holds up, the Gidgee project should
be able to pay for itself within 12 months.”
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, water, roads, airstrip and an
under-utilised 600,000 tpa gold processing plant.
Mr McDonald added, “We intend to continue underground mining at Gidgee, and accelerate
underground and regional exploration, particularly near-mine areas where significant potential exists
to discover extensions to previously mined orebodies and open up new mineralised zones for treatment
at the operating mill.”
ENDS