Southern Legacy Minerals Inc.Announces Closing of Private Placement of Common Shares

LIMA, Oct. 23, 2013 - Southern Legacy Minerals Inc. ("Southern Legacy" or the "Company") (TSX VENTURE:LCY) (BVL:LCY) announces that is has closed the second and final tranche of its non-brokered private placement offering of common shares of the Company ("Common Shares") previously announced on August 23, 2013 (the "Offering"). The Company issued 208,333 Common Shares at a price of CDN$0.25 per Common Share (being US$0.24 based on the daily noon exchange rate of CDN$1.00 = US$0.9576 on August 21, 2013) for aggregate gross proceeds of US$50,000. The Company intends to use the net proceeds from the Offering for option payments, expenses related to drilling permit applications and access rights and for general working capital purposes.

Insiders of the Company subscribed for an aggregate of 208,333 Common Shares under the Offering pursuant to exemptions that are available from TSX Venture Exchange Policy 5.9 for the issuance of securities to such insiders.

All securities issued are subject to a four month hold period expiring February 23, 2014 in accordance with applicable securities laws. Completion of the Offering is subject to final TSX Venture Exchange approval. As a result of the closing of this first tranche of the Offering, the Company has 59,639,224 Common Shares issued and outstanding.


About Southern Legacy Minerals Inc.

Southern Legacy is a mineral exploration company with a portfolio of copper and gold projects in South America. Southern Legacy is currently focused on advancing its flagship copper and gold AntaKori Project (formerly known as Sinchao), located in northern Peru between Gold Fields' Cerro Corona and Buenaventura-Southern Copper's Tantahuatay mines. The AntoKori Project currently has an inferred resource estimate of 3.1 billion pounds of copper and 3.4 million ounces of gold based on average copper and gold grades of 0.48% and 0.36 g/t respectively within a mineralized zone of 294 million tonnes. Southern Legacy has the option to acquire an 83.16% interest in the company which owns 100% of the three mineral concessions that comprise the AntaKori Project. For additional information regarding the AntaKori Project, please refer to the report entitled "Technical Report - Southern Legacy Minerals Inc., AntaKori Project, Peru" dated July 2, 2012 prepared by Scott E. Wilson Consulting, Inc., a copy of which is available on the Company's SEDAR profile at www.sedar.com.

Mr. Allen David V. Heyl is Southern Legacy's Qualified Person (as defined by NI 43-101). Mr. Heyl has read and verified the scientific and technical information in this news release.


Forward Looking Statement:

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to the Offering and the use of the proceeds therefrom. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the completion of the Offering and the use of net proceeds of the Offering. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors may include failure to satisfy certain conditions in connection with the issuance of the Common Shares. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact

Southern Legacy Minerals Inc.
Fernando Pickmann, President and CEO
+-011.511.208.4200
info@slminerals.com
www.slminerals.com