TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Legend Gold Corp. (the "Company" or "Legend Gold") (News - Market indicators) is pleased to announce that the Company's Board of Directors has approved the terms of an agreement to acquire the Mougnina exploration project in southern Mali.

Scott Waldie, Legend Gold's President and CEO, said, "The Company is very excited at this opportunity to add a third, 100% owned, flagship property to its exploration portfolio. This acquisition will increase our discovery exposure as we advance our other flagship projects, Tiekoumala and Lakanfla. Our growing list of exploration projects in Mali is providing Legend with some of the best exploration exposure in West Africa, one of the fastest growing regions of gold discovery and production in the World." Mali map (Exhibit 1) -  http://media3.marketwire.com/docs/Exhibit1.JPG

The Mougnina Property ("Mougnina") is an early stage gold exploration property located eight kilometres from the Syama mine, owned and operated by Resolute Mining Limited ("Resolute"). The property consists of an exploration permit that covers approximately 120.5 square kilometers and is underlain by Birimian-age rocks of the Bagoé volcanic-sedimentary belt. The property is being acquired for its potential to host orogenic gold mineralization similar to that of other Birimian-age volcano-sedimentary sequences. Recent reconnaissance exploration work was successful in delineating several gold anomalies that were partially traced to saprolitic bedrock using shallow pits and auger drilling. As part of its technical due diligence review, the Company commissioned an independent technical report by SRK Consulting (Canada) Inc. ("SRK"). In its technical report, SRK concludes that the Mougnina Property is a gold exploration property of merit warranting additional exploration investments. SRK has recommended a two-phase exploration program for the Mougnina Property, comprised of an airborne geophysical survey with an estimated cost of Cdn $575,000, to be followed by a second phase of rotary air blast, reverse circulation and core drilling, at an estimated cost of Cdn $3.5 million. Mougnina Sample Map (Exhibit 2) - http://media3.marketwire.com/docs/Exhibit2.JPG

Mougnina is currently owned by AGMEX SARL ("Agmex"), a company controlled by Ambogo Guindo, a director and officer of the Company. The terms of the agreement provide for the Company to pay an aggregate of Cdn $550,000 cash and issue 4,000,000 common shares of the Company to Agmex in exchange for a 100% interest in the Mougnina Property. Agmex would retain a 2% net smelter returns royalty, which royalty would be subject to a buy-back right in favour of the Company. The proposed acquisition would be a related party transaction for purposes of National Instrument 61-101 of the Canadian Securities Administrators ("NI 61-101"). The transaction is exempt from the formal valuation and minority approval requirements of NI 61-101, as the value of the transaction is less than 25% of the Company's market capitalization.

Completion of the transaction is conditional upon execution of definitive transaction documents, and receipt of all necessary regulatory approvals.

Scott Waldie said, "We are pleased to have reached an agreement to acquire the Mougnina Property. We have had the opportunity to observe the development of Mougnina from early stage prospect to its current state of being a significant gold exploration target. Agmex has been successful in developing eight extensive gold targets from a combination of soil geochemistry, termite mound sampling, pitting, and auger drilling. Mougnina is located on highly prospective ground only 8 kilometres from the Syama mine. Based on observations of ancient artisan mining sites, remote sensing data, and Agmex's recent work it is now considered that the Mougnina property is located along strike from lithotectonic units that host the Syama mine. Because of their proximity to a proven discovery at Syama, and the extensive nature of the Mougnina anomalies, Legend is very excited to have the opportunity to advance these targets to the next stage of discovery." Regional Map (Exhibit 3) - http://media3.marketwire.com/docs/Exhibit3.JPG

Located on Mougnina's western boundary, the Syama Mine was brought into production in 1990 by BHP Billiton ("BHP") and produced over 1.5 million ounces of gold under BHP's ownership. Resolute purchased the mine in 2004 and officially recommenced production in May, 2010. 2010 production was reported by Resolute as being 77,926 ounces of gold at a head grade of 2.69 grams per tonne. Resolute has now acquired the Borokoba property on the eastern boundary of the Mougnina property, as well as applying for other nearby concessions. The Mougnina acquisition is consistent with Legend Gold's strategy of acquiring highly prospective, well located gold properties in Mali. With an established presence in Mali, and extensive exploration experience in West Africa, Legend Gold looks forward to exploring Mougnina's extensive gold anomalies."

Qualified Person

The technical information in this news release has been reviewed by Mr. Ashley Brown of SRK, P. Geo. (APGO#1683) an independent qualified person for purposes of National Instrument 43-101.

About The Company

Legend Gold is a mineral exploration and development company focused on exploring for gold in the Republic Of Mali, West Africa. Our four main projects are the Tiekoumala, Lakanfla, Diokeba, and Dalakan projects. In recent years, we have made significant gold discoveries on the Tiekoumala project located in Southern Mali, and the Lakanfla project located in Western Mali. Legend Gold has 62,523,411 common shares issued and outstanding (82,543,018 shares on a fully diluted basis). Please visit our website www.legendgold.com to for more information about our projects.

This news release may contain forward‐looking statements that are based Legend Gold Corp.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward‐looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.