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MENAFN - ProactiveInvestors - Australia - 11/10/2012

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(MENAFN - ProactiveInvestors - Australia) Legend Mining (ASX: LEG) has appointed Derek Waterfield as executive director, technical as of 1 November 2012.

Waterfield is a Geologist with 24 years experience in exploration for gold, copper, iron ore, nickel, uranium and heavy mineral deposits in a broad range of terrains within Australia, and iron ore in Cameroon.

He started his career with CRA Exploration and has held senior exploration leadership positions with Normandy Mining and Newmont Australia.

Waterfield also led the team that discovered the Moolart Well gold deposit in the Duketon Belt 350 kilometres north of Kalgoorlie.

He held the position of exploration manager at Legend Mining for five years managing Legend's WA and Cameroon projects.

More recently he has been responsible for managing multi commodity exploration for Enterprise Metals focusing on gold, iron ore, uranium and base metals.

Mark Wilson, managing director, said: "We are very pleased to have Derek back in the more senior role of executive director.

"The intellectual property we retain is particularly important as Derek has been consulting to Legend on the Cameroon Project and providing the "Competent Persons" signoff for Legend since he left in 2010.

"With the Cameroon project progressing well and returning encouraging results, Legend is now in a position to take advantage of its strong treasury and expand its project portfolio.

"Derek's first priority is to review and recommend project opportunities in Western Australia to Legend's Board of Directors."

Legend is powering ahead in West Africa with drilling delivering further magnetite mineralisation intersections demonstrating encouraging grades of above 25% iron and thicknesses of over 30 metres from drilling at its Plateau Prospect in Cameroon.

A recently completed drilling program at Plateau returned thicknesses and grades consistent with results previously reported from the project.

The drill program was testing a 2.5 kilometre portion of a regional 10 kilometre linear aeromagnetic feature associated with outcropping magnetite gneiss.

The Plateau and the Melombo East prospects form part of the over 2,900 square kilometre Ngovayang project.

Importantly, Legend has a very strong cash position with 17 million (including shares) at the end of June 2012.

Legend recently announced plans to buy-back up to 125 million shares starting from 17 August over a period of six months, with the scheme capped at a maximum of 2.5 million, around 15% of Legend's available cash and liquid assets.

 






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