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Friday 12 April, 2013

Legendary Invest PLC

Medgold Resources update

RNS Number : 1730C
Legendary Investments PLC
12 April 2013
 



Legendary Investments PLC

("the Company")

 

12 April 2013

 

Investee Company Update

Medgold Resources Corp. ("Medgold") Expands Portfolio

with Three Gold Exploration Permits in Galicia, Spain

 

Legendary is pleased to report that its investee company, Medgold Resources Corp. (TSX-V: MED), the European focused gold exploration company, has now completed the application process and paid all relevant taxes for three contiguous gold exploration permits covering 79 square kilometres in southern Galicia, Spain.

 

·   The applications cover approximately 79 square kilometres of the highly prospective Galician Hercynican Massif. Licence issuance is expected in Q2 2013.

·    Gold-bearing structure already identified over 14 strike km covering several licence areas.

·    Rock chip sampling has yielded results of up to 11.10, 5.49 and 2.73 g/t Au.

·    Applications also submitted, through a public tender process, for 6 adjoining licences.

·    Pinzas Gold Project contains multiple old gold workings and is considered to be highly prospective for gold.

 

This transaction marks Medgold's entry into Spain.  A 14 km linear deformation zone, with multiple known high-grade gold occurrences on the application areas has been identified. Exploration work will be implemented upon licence issuance to test the potential of the area and identify further targets.  The geology is very similar to Medgold's Boticas project in Portugal, located 100 km to the southeast, where Medgold has an exclusive option.

 

Zafar Karim, Executive Chairman of Legendary, said "We are pleased with the rapid progress being made at Medgold towards its aim of becoming the leading Mediterranean-focused gold exploration company. In the last 4 months, Medgold has listed on the TSX, applied for permits in Spain, been awarded a licence in Portugal and has had encouraging surface rock chip assays. We look forward to further progress."

 

 

Further information is available at:

 

http://www.medgoldresources.com/images/content/Apr9.pdf

For further information, please contact:

Contact:



Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton Corporate Finance

 

Colin Aaronson/ Melanie Frean / Jen Clarke

 

020 7383 5100

Simple Investments                

 

Nick Emerson/ Andrew Thacker

01483 413500

Newgate Threadneedle

Caroline Evans-Jones

020 7653 9850

 

 

About Legendary Investments plc

 

Legendary is a proactive investment company that focuses on making investments in and assisting companies which exhibit the potential to generate returns of many multiples through capital appreciation.  Typically, Legendary invests in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy, natural resources and mining. Legendary is incorporated in the UK, which is its principal country of operation.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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