Medgold Resources completes application for Galicia permits

12th Apr 2013 11:36

Legendary Investments' investee company, Medgold Resources Corp, the European focused gold exploration company, has completed the application process for three contiguous gold exploration permits in southern Galicia, Spain. The applications cover approximately 79 sq km of the highly prospective Galician Hercynican Massif and the licence issuance is expected in the second quarter of 2013, the company said.It added that a gold-bearing structure had already been identified over 14 strike kilometres covering several licence areas and sad that rock chip sampling had yielded results of up to 11.10, 5.49 and 2.73 grammes per tonne of gold.Applications had also been submitted, through a public tender process, for six adjoining licences, the company said.Zafar Karim, Executive Chairman of Legendary, said: "We are pleased with the rapid progress being made at Medgold towards its aim of becoming the leading Mediterranean-focused gold exploration company. "In the last four months, Medgold has listed on the TSX, applied for permits in Spain, been awarded a licence in Portugal and has had encouraging surface rock chip assays. We look forward to further progress," he added. Legendary Investments' share price was up 6.25% to 0.08p at 08:08 on Friday.MF