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Legendary Invest PLC (LEG)

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Wednesday 21 October, 2015

Legendary Invest PLC

Conversion of Stake in Coal Asset to Gold Asset

RNS Number : 9672C
Legendary Investments PLC
21 October 2015
 



21 October 2015

Legendary Investments Plc
("Legendary")

Conversion of Stake in Coal Asset to stake in Gold Asset

Legendary is pleased to announce that it has acquired a 5.5% stake and an option over an additional 4.45% stake in Manas Resources LLP ("Gold Company"), the holder of a licence ("Licence") to explore and mine for gold in Sultan Sary, Narynskaya Oblast, Kyrgyzstan, in exchange for its interests in Manas Minerals LLP, which has coal interests. The option has a nominal exercise price and vests on Gold Company achieving certain milestones.

The Licence area is located in the gold-rich Tien-Shan region of Kyrgyzstan and covers approximately 66 sq km. The southwest corner of the area covered by the Licence, an area of approxiatemly 2 sq km, borders on its southern side the Choloktor gold area which under the Soviet Classification system contains a P3 resource of 15 tonnes of gold. Choloktor in turn is bordered by Buchuk, an area which under the Soviet Classification system contains a C1 resource of 20 tonnes of gold and a P3 resource of 41 tonnes of gold. This area in turn borders the Altyntor area which under the Soviet Classification system contain a C1 and C2 resource of 7 tonnes of gold. The structures in the southwest corner of the Licence are similar to those in the gold contaning areas of Choloktor, Buchuk and Altyntor, and it is believed that the same vein runs through all four areas. A map of the Licence area can be found under the link:

https://www.dropbox.com/s/mogok43no04q069/soltan%20sary%20licence%20map%20rns.pdf?dl=0

Zafar Karim, Executive Chairman of Legendary said:

"We are pleased to have negotiated a stake in the gold company Manas Resources LLP in exchange for our interests in the coal company Manas Mineras LLP. The Licence area is in the gold-rich Tien-Shan region of Kyrgyzstan, annd borders areas which contain gold. We look forward to assiting Manas Resources devlop is resource."

- Ends -

For further information, please contact:

Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton UK LLP

 

Colin Aaronson/ Harrison Clarke

020 7383 5100

Beaufort Securities Limited

 

Zoe Alexander

020 7382 8300

Peterhouse Corporate Finance

Duncan Vasey/Heena Karani

020 7469 0933

 

About Legendary Investments Plc

Legendary Investments Plc 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 and natural resources.

For more information, visit www.leginvest.com 


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