Altus Strategies, the Africa-focused exploration project generator, has signed a non-binding letter of intent to acquire Legend Gold Corp.

Legend has a portfolio of gold projects in Mali at various stages of advancement and is listed on the Canadian TSX Venture exchange.

The group said that under the proposed transaction Legend shareholders would own 27.6% of the enlarged undiluted issued share capital of Altus.

Chief executive Steven Poulton said: 'We are delighted to have entered into this agreement with Legend which has a portfolio of high quality and strategically located gold projects in western and southern Mali.

'Due to the sector downturn, which started in 2011, we believe the value of Legend's projects has not been recognised by the market.

'The projects are at various stages of advancement and offer the potential for near term cashflow and discovery upside.

'We are also delighted that, on completion of the proposed transaction, Michael Winn will be joining the Altus board as a non-executive director, Dr Demetrius Pohl will be joining Altus as an adviser and Ambogo Guindo will join as an adviser to the Mali operation.

'Michael has a strong track record in the resource sector, having led or participated in numerous successful exploration and investment companies and will bring significant TSX-V capital market expertise to the board.

'Demetrius is renowned for his technical experience and role in the discovery of numerous world class gold deposits, including the Syama, Sadiola and Morila gold mines in Mali, the Golden Pride gold mine in Tanzania, the Essakane gold mine in Burkina Faso and the Tongon gold mine in Cote d'Ivoire.'