Legend Mining updates market on highly prospective Cameroon operations

Legend Mining (ASX: LEG) continues to progress the company's Cameroon operations, where magnetite intercepts of over 100 metres have been discovered.

Drilling activities will take a break over the Christmas period, but an additional four holes for 455 metres have been completed at the Melombo East Prospect since last month’s intercepts of 116.2 metres at 26.2% iron including 79.1 metres at 29.7% iron, and 80.5 metres at 36.6% iron.

Importantly - both of these holes ended in high grade, plus-35% iron mineralisation.

Mark Wilson, managing director, commented in the update: “We are very pleased with the results from Melombo East to date.

"When these details are considered with the grades and exploration target details released in November 2011, our confidence of Melombo East becoming a project of commercial significance is increased.

"With our strong cash position and new drilling equipment ordered we are looking forward to 2012 with confidence”.

Melombo East already has an exploration target of 300 to 500 million tonnes at 16-40% iron, and is just one of 15 exploration targets within the Ngovayang gold and iron ore project.

Legend is looking to deliver an Inferred JORC Resource at Melombo East as soon as possible.


Cash Boost

Legend is expecting to have over $20 million in the bank in January next year. The company will increase its cash reserves through a recently announced A$10 million capital raising and the $7 million cash sale of its non-core Mt Gibson Gold Project in Western Australia.

The extra $17 million will allow Legend to focus solely on iron ore exploration in West Africa and accelerate exploration and development at the Ngovoyang project.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23543/legend-mining-updates-market-on-highly-prospective-cameroon-operations-23543.html