SIGNIFICANT RESOURCE INCREASE LIKELY FOLLOWING COMPLETION OF PHASE 2 DRILLING AT MT BEVAN Highlights ?? Mt Bevan Iron Ore Project o 5,000m Phase 2 drilling now complete. o Drilling designed to significantly increase current inferred resource. o Virtually no change in dip, thickness or grade along the entire 11km strike. o SRK Consulting engaged to calculate significantly increased inferred JORC resource by mid-January 2012. o Completed bulk-scale LIMS metallurgical testwork confirms excellent commercial-scale processing capabilities. o Additional 7,000m Phase 3 drilling to commence mid-Feb 2012. o Completion of Phase 3 likely by mid-April 2012. o On track to earn 60% JV interest by mid-April 2012. o NMDC indicate willingness to fund Legacy’s share of JV expenditure.
?? Robertson Range Manganese Project o IP geophysical survey commencing next week to consolidate the recent discovery of significant manganese mineralisation on the Black Hill Prospect. o Detailed drilling programme to follow. o Extensive Helimag geophysical survey to commence 21st November covering both Robertson Range Manganese and Iron Ore Projects – to aid in drill target definition. ?? Mt Celia Gold Project o 1,200m drilling programme to begin early February 2012. o To be completed by end of February 2012. o Drilling to increase JORC resource and drill test high-grade gold mineralisation at depth.
LCY Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
