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Outlook is Substantial Overcapacity, Between 59% and 100% of Demand
Toronto, Ontario –January 20, 2012– Legend Gold Corp. (the “Company” or “Legend Gold”) (TSX.V: LGN)is pleased to announce the final completion of the acquisition of the Mougnina Property permit. As previously announced on June 28, 2011 and October 7, 2011, Legend Gold acquired the Mougnina Property from AGMEX SARL (“Agmex”), a company controlled by Ambogo Guindo, a director and officer of the Company. The exploration permit for the Mougnina Property has now been registered in the name of the Company’s Mali subsidiary. In accordance with the purchase agreement, Legend Gold shall now issue 4,000,000 common shares of Legend Gold to Agmex, pay Agmex Cdn$250,000, and grant to Agmex a 2% net smelter returns royalty on the Mougnina Property (the “NSR Royalty”). Legend Gold has the right, exercisable at any time, to purchase one-half of the NSR Royalty for Cdn$1,000,000, and to purchase the balance of the NSR Royalty for Cdn$3,000,000.
Doug Perkins, President & CEO of Legend Gold, said “We are pleased to complete the acquisition of the Mougnina Property. We have had the opportunity to observe the development of Mougnina from early stage prospect to its current state of being a significant gold exploration target. Agmex has been successful in developing eight extensive gold targets from a combination of soil geochemistry, termite mound sampling, pitting, and auger drilling. Mougnina is located on highly prospective ground only 8 kilometres from the Syama mine. Based on observations of ancient artisan mining sites, remote sensing data, and Agmex’s recent work it is now considered that the Mougnina property is located along strike from lithotectonic units that host the Syama mine. Because of their proximity to a proven discovery at Syama, and the extensive nature of the Mougnina anomalies, Legend is very excited to have the opportunity to advance these targets to the next stage of discovery.”