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Legend Mining Directors Lead The Way With On Market Purchases

Legend Mining (ASX: LEG) managing director Mark Wilson and chairman Michael Atkins have each increased their respective shareholdings in the company via on-market purchases.

Wilson purchased a further 10 million shares for a total consideration of A$180,000, providing an average entry price of $0.018 per share.

The additional shares take his total shareholding to 45 million ordinary shares and 55 million unlisted options.

Meanwhile, Atkins bought a further 3 million shares for a total consideration of $54,000, also providing an average entry price of $0.018 per share.

Atkins now holds 4.56 million ordinary shares and 5 million unlisted options.

Legend is currently in the process of undertaking a share buy-back of up to 125 million shares starting on 17 August over a period of six months, with the scheme capped at a maximum of $2.5 million, around 15% of Legend's available cash and liquid assets.

Importantly, the company has a very strong cash position of $15.1 million, including listed investments, at the end of September 2012.

Legend is powering ahead in West Africa with drilling delivering further magnetite mineralisation intersections demonstrating encouraging grades of above 25% iron and thicknesses of over 30 metres from drilling at its Plateau Prospect in Cameroon.

The Plateau and the Melombo East prospects form part of the over 2,900 square kilometre Ngovayang project.

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