Legend forms JV with Creasy in Fraser Range

West Perth-based explorer Legend Mining will buy a large block of land in the Fraser Range and form an exploration joint venture with the highly successful prospector Mark Creasy.

Legend will acquire a 70 per cent interest in several tenements, covering a 2,530 square kilometre area in exchange for $2.5 million in cash and 71.5 million shares at 0.7 cents each, worth $500,500, to Mr Creasy.

The tenement area lies between Sirius Resources’ Nova nickel deposit, which was also discovered by Mr Creasy, and AngloGold Ashanti and Independence Group’s Tropicana gold mine.

Legend will also be required to sole fund all exploration, carrying Mr Creasy’s 30 per cent interest through to the signing of mining venture agreements.

Managing director Mark Wilson said Legend had been negotiating the transaction with Mr Creasy for some time.

“In real estate terms, this is the biggest block in the biggest street,” Mr Wilson said.

“Our enviable treasury position enables us to make the acquisition and cover several years of high impact exploration activity.”

Mr Creasy said the size, access to rail infrastructure and the potential of gas power in the prospective location were all positive attributes.

Legend shares were unchanged today, but have gained 0.3 cents since Monday to close at 1 cent each today.