TORONTO, ONTARIO--(Marketwire - Jan 7, 2013) - Southern Legacy Minerals ("SLM" or the "Company") (TSX VENTURE:LCY) is pleased to announce that it has recently executed option agreements (the "Option") to acquire a controlling interest in SMRL El Sinchao ("El Sinchao"), a local Peruvian mining company, which owns 100% of three of the mineral concessions that comprise the AntaKori Property. Under the terms of the Option, no royalty or back-in rights are contemplated.
The three concessions held by El Sinchao are Inquisición, Incógnita and El Sinchao, all of which are located along the southeastern extension of a high-grade copper-gold mineralized body defined by drilling by previous owners. Earlier drill holes collared on these claims include drill hole DDH9 which cut 32 metres with 2.6 % Cu and 0.46 g/t Au. None of the drill holes collared here tested the deeper skarn and porphyry style mineralization found elsewhere on AntaKori.
Fernando Pickmann, the Company´s President and CEO, stated: "With the execution of the Option, Southern Legacy continues to advance its three pronged strategy of consolidating ownership, resolving long-standing environmental liabilities from previous operators, and building a solid relationship with local stakeholders. By continuing to build a relationship of trust with the various underlying owners of the mineral rights, we continue to move forward in our aim of drilling the various exploration targets on AntaKori as soon as possible. Our aim is to build on the existing NI43-101 compliant mineral resource, both by focusing on copper-gold mineralization hosted in metasomatised sediments and mineralized porphyry intrusive rocks, and by carrying out step out drilling along the high-grade northwest-southeast mineralized trend, on which these newly consolidated claims are located."
About Southern Legacy Minerals Inc.
Southern Legacy Minerals Inc. ("Southern Legacy") (TSX VENTURE:LCY) is an exploration company with a portfolio of copper and gold projects in South America. Southern Legacy is currently focused on advancing its flagship copper and gold AntaKori project (formerly known as Sinchao), located in northern Peru between Gold Fields'' Cerro Corona and Buenaventura-Southern Copper''s Tantahuatay mines. The project currently has a NI 43-101 compliant inferred resource estimate of 294 Mt with average copper and gold grades of 0.48% and 0.36 g/t, respectively, containing 3.1 Blbs of copper and 3.4 Mozs of gold, at an average copper equivalent grade of 0.92%.
Forward Looking Statement:
Certain of the information contained in this news release constitutes ''forward-looking statements'' within the meaning of securities laws. Such forward-looking statements, including but not limited to those with respect to the prices of metals and minerals, purchase payments, estimated future production and estimated costs of future production involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any forecast results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of metals and minerals, the actual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the documents of the Company filed from time to time with the British Columbia Securities Commission.