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Endeavour Mining raises stake in West Africa-focused Legend Gold

26th February 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – West Africa-focused gold producer Endeavour Mining has filed an ‘early warning report’, as required by National Instrument 62-103, after increasing its holdings in Mali-focused explorer Legend Gold to about 18.75%.

Vancouver-based Endeavour had received a further 2.5-million Legend common shares, which represented about 4.78% of the junior’s issued and outstanding stock, under the terms of the share purchase agreement signed between the parties on July 26, 2013. 

Under the agreement, the shares were issued at $0.30 apiece and Endeavour now held 9.8-million Legend common shares.

Endeavour acquired the shares for “investment purposes" and added that it had no intention of acquiring further securities of Legend.

Legend's portfolio included five 100%-owned early-to-advanced-stage gold exploration projects, including the Diba, Lakanfla, Mougnina, Tabakorole and Pitiangoma projects and a joint venture project with Randgold Resources in Mali.

Endeavour owns four gold mines that produce 500 000 oz/y in Mali, Ghana, Burkina Faso and Côte d'Ivoire.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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