On Friday LEYM gained 9.17% to 0.6550 on 77,000 shares traded compared to avg vol (3m) of 40,500. Legacy Mining has a 52wk range of 0.50 - 1.10.
PinkSheets.com has a Pink Sheets & OTCBB label for LEYM, reflecting its dual status.
Details of Legacy Mining, Inc. (LEYM) (LEYM.OB) stock spam -->
This week we turn our attention to the mining industry, in particular gold mining. Gold prices have skyrocketed in the past year. Many of us look at this appreciation wishing that we had gotten in early. Fortunately there is still an opportunity to capitalize on the situation. The best strategy is to invest in gold mining companies.
Profit reports from these mining companies will reflect the increased value of gold, but will do so up to a year after gold itself has appreciated. Small cap gold m companies are especially responsive to this type of market. With that in mind we bring you Legacy Mining.
Legacy Mining, Inc. - LEYM
Currrent : $0.65
Tarrget : $1.50
Comments: High Yield Chinese mines. Watch for news announcing the signing of a joint venture currently under negotiation.
Legacy Mining is in the right place at the right time. Please read carefully the following data and note that the projected $10-$15mil a year in profits is based on a gold price of $500-600 an ounce. With Gold prices now nearing $1000 an ounce the deal becomes all the more attractive.
Legacy Mining Ltd. to Acquire up to 80% Interest in Major China Gold Property
BELLINGHAM, WA--(MARKET WIRE)--Jan 14, 2008 -- Legacy Mining Ltd. has signed a Letter of Intent with Mercury Enterprise Co. Ltd. ("MEC"), a China based joint venture gold m company, to acquire up to 80% of a gold property known as the Miaozihe Gold Mine which consists of the Gingishan Exploration License Area (28.0 square km) and the Mining Concession (2.80 square km) that are contiguous, and located on a main paved road some 30kms from the town of Luoning. Luoning is situated approximately 225km west of Zhengzhou and is also the Provincial Capital of Henan. The Lands and Resources Ministry of the PR China have issued the License and Concession.
A Techical 43-101 Report for the Miaozihe Gold Mine was completed January
2007 by Canadian Engineer PH Cowdery MBA P.Eng
The Miaozihe mine and plant are operated by Chinese Standards. There are 4 developed levels and one bottom level, which is currently being developed, in the mine. The surface facilities consist of the 100 ton/day flotation mill and all the necessary mine infrastructure. According to estimate data of sampling in the veins of the Exploration License Area the Maximum Estimated Grade in Au is 10.28 g/t.
It is estimated that with the expansion of the existing 100 ton/day plant to 200 ton/day capacity and the additional construction of a 300ton/day plant, the project could produce up to 30,000ozs of gold/year, with a gross margin of $10-15 USD million/year. (These figures are based on gold prices between $500-600 USD/oz). With the exploration of all the ten veins and three potentially economic zones, the total resource could exceed 2 million ozs.
Current Status of Operations
The operating costs in this particular area are very low because of the large size of the local available work force. It is estimated that the total operating costs of a 100 ton/day mine and mill would be approximately $50.00 USD/ton, which at the expected grade of 0.3oz/ton gives an equivalent production cost of $185.00 USD/oz Au.
Remember that this news comes from mid-January. We are expecting the agreement to be confirmed very soon. Once the deal is announced LEYM is going to take off. Fortune favors the bold. Trade Smart and Win!
Press he hadnt heard about charges against his client
I didnt anticipate it he told AP I was hoping cooler heads would prevail but we will
deal with this as it comes down We understood the political pressure that was brought to bear Benjamin Crump an attorney for Andersons parents was in Panama City with the family Tuesday and didnt immediately return APs call for comment
Video: Teen forced to the ground Videotape of the incident showed Anderson being forced to the ground by various methods including knees to the thigh pressure points to his ear and punches to his arms Later another camp staffer hit him from behind lurching his body forward A nurse stood by and on at least one occasion she determined his vital signs were normal An initial autopsy conducted in nearby Panama City showed that Anderson died a natural death caused by complications of sickle cell trait But a second autopsy conducted by pathologist Dr Vernard Adams showed the teen was suffocated by guards who were restraining him To reach his findings Adams studied the video including having it enhanced by engineers at NASA The intake process at the facility is videotaped as a matter of policy Afterward the staff prepared a report detailing the techniques used on Anderson including ammonia capsules under his nose knee strikes a straight arm-bar takedown bending his wrist and pouring water over his head To explain the use of force one staff member wrote I ordered (the) offender
to stop resisting and relax his arms Offender refused to comply with those instructions Some experts on juvenile justice call it excessive force But the sheriffs office said Anderson was restrained for being uncooperative After the incident he was taken away on a stretcher and died later that day
Andersons family accused the employees of killing the teen and demanded an independent investigation The charging document filed by Ober in Bay County Circuit Court identifies the eight charged as Henry Dickens Charles Enfinger Patrick Garrett Raymond Hauck Charles Helms Jr Henry McFadden Jr Kristin Smith and Joseph Walsh II They are described as being caregivers of Martin Lee Anderson who caused his death
Andersons family had accused county and state officials of attempting to cover up what happened