Legend Gold Corporate Update
TORONTO, ONTARIO--(May 31, 2012) - Legend Gold Corp. (the "Company" or "Legend Gold") (TSX VENTURE:LGN) is pleased to announce the results of its annual and special meeting of shareholders held on May 24th in Toronto. Resolutions were passed to appoint Stern & Lovrics LLP as auditors for 2012, to elect the direc-tors for 2012 with no change from 2011 and to approve the corporate stock option plan.
The Board of Directors of the Company has decided to defer any further field exploration activity until after the end of the annual rainy season in Mali, which normally starts around July 1 each year and ends in October. Planned field activities for the second quarter were deferred due to the coup in Mali and the ensuing unsettled period. The Company expects to restart drilling in the fourth quarter, after the rainy season has ended.
In order to use funds more efficiently, the Company has closed the Toronto office and reduced staff. Officers have taken cuts in remuneration and the Board has decided to forgo Board fees during this period.
In the meantime management and the Board will consider strategic options available to the Company, including but not limited to using small mining methods and gravity plants on some of our concessions to develop the properties using capital efficiently and to initiate production, albeit on a small scale.
The Company plans to complete a non-brokered equity private placement to raise gross proceeds of up to $500,000 CAD. Terms and pricing of the private placement will be negotiated in the context of the market. Certain existing shareholders have indicated an intention to participate in the financing.
Legend Gold Corp.
President & CEO