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Legend Mining secures $1.26 million research and development cash refund

Legend’s cash ($10.5 million) and receivables ($2.5 million) position at December 4, 2019 is $13 million.

Legend Mining Limited - Legend Mining secures $1.26 million research and development cash refund
The company is expecting drill results from Area D at the Rockford Project

Legend Mining Ltd (ASX:LEG) has received a research and development cash refund from the Australian Taxation Office of $1,259,160 on December 4 2019.

Shares to resume trading soon

The company submitted samples from the third diamond drill hole at Area D in the Rockford Project in WA for assay earlier this week.

The announcement of the assay results for these samples is expected to lift the current suspension of Legend’s securities.

Legend managing director Mark Wilson recently said: “The positive results from the first hole were a key driver in the decision to drill a third hole whilst the rig is on site.

“This hole will target the gabbronorite host rock beneath the previously identified anomalous aircore nickel-copper mineralisation.”

Cash position

Legend received the scheduled November 2019 receivable payment of $250,000 from Jindal Steel & Power Limited (NSE:JINDALSTEL) on December 2 2019.  

The receivable from Jindal is currently $2.5 million.

Legend’s cash ($10.5 million) and receivables ($2.5 million) position at December 4, 2019 is $13 million.

Quick facts: Legend Mining Limited

Price: 0.079 AUD

ASX:LEG
Market: ASX
Market Cap: $187.4 m
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