Legend International Holdings Inc Announces Project Update for the Paradise Phosphate Project

Legend International Holdings, Inc (OTCBB:LGDI) announces an
update for its Paradise Phosphate Project in Queensland, Australia.

Highlights:

• 
  Legend has been progressing discussions with potential equity
  partners, including Wengfu, to achieve and finalize a suitable
  financing strategy for the project.
  
• 
  Legend has recently reported the positive and robust results from the
  Paradise Feasibility Study (see press release dated July 23, 2010).
  The study estimated the project will generate revenue of over US$11
  billion over 30 years and has a pre-tax IRR of 25.5%.
  
• 
  Legend and Wengfu are currently working on an expanded production
  scenario in a Feasibility Expansion Study which is assessing the
  feasibility of 1.2Mtpa DAP/MAP production. This study includes
  preliminary designs for a 1Mtpa, increasing to 2Mtpa phosphate rock
  flotation beneficiation plant. Initial estimates are positive with a
  high likelihood that project profitability will be significantly
  increased as compared to the base case study previously reported.
  
• 
  Legend is currently working on the estimation of further compliant Ore
  Reserves for the Paradise Phosphate Project due for completion by end
  of 2010. The targeted Ore Reserves will be sufficient for the entire
  mine life for both the base case and expanded production scenario.
  
• 
  Legend has decided to combine the results of the recent Paradise
  Feasibility Study, the current and ongoing work of the Feasibility
  Expansion Study and the Paradise Ore Reserve estimates into one
  encompassing Definitive or Bankable Feasibility Study (DFS).
  
• 
  Parts of the DFS will be used as a basis for EPC tendering documents
  for the engineering, procurement and construction of the Mt Isa
  Fertilizer Complex and the Paradise South Flotation Beneficiation
  Plant.
  
• 
  The DFS will report estimates of Ore Reserves and capital and
  operating costs for the expanded production scenario of 1.2Mtpa of
  DAP/MAP and 30Ktpa of AlF₃ upon completion in early Q1,
  2011.
  

Legend recently released the results of its positive Paradise
Feasibility Study for its 100% owned Paradise Phosphate Project in
Queensland, Australia (see press release dated July 23, 2010 on Legend′s
website www.lgdi.net).
The press release covered the development scenario of producing 600,000
tonnes per annum (600Ktpa) of Diammonium Phosphate/Monoammonium
Phosphate (DAP/MAP) and 15Ktpa of Aluminum Fluoride (AlF₃).
The project has been estimated to generate revenue of over US$11 billion
over 30 years and has a pre-tax IRR of 25.5%.

Since the completion of this study, Legend, in conjunction with Wengfu
Group of China has been working on a Feasibility Expansion Study (FES)
to assess the feasibility of increasing production to 1.2 million tonnes
per annum (1.2Mtpa) of DAP/MAP and 30Ktpa of AlF₃. The FES
includes preliminary designs for a 1Mtpa, increasing to 2Mtpa, phosphate
rock flotation beneficiation plant to be built at Paradise South.
Initial results are positive with a high likelihood that project
profitability will be significantly increased as compared to the base
case scenario previously reported.

Legend is concurrently working on estimating further compliant Ore
Reserves for the Paradise Project. The Ore Reserve estimates are due for
completion by the end of 2010 and are targeting reserve tonnages of
beneficiated phosphate rock concentrate between 32-34% P₂O₅
to feed a 600Ktpa DAP/MAP plant for approximately 60 years or a 1.2Mtpa
DAP/MAP plant for approximately 30 years.

Legend has been progressing discussions with potential equity partners,
including Wengfu, to achieve and finalize a suitable financing strategy
for the project. A number of interested parties are negotiating with
Legend and are further investigating the project and the structure of a
potential deal. Resulting from these various discussions and advice from
financial advisors Legend management has decided to extend the scope of
the current FES to include the Ore Reserve estimates.

Results from the initial Paradise Feasibility Study completed in Q2,
2010, the current and ongoing FES work and the Paradise Ore Reserve
estimates will be combined into one encompassing Definitive Feasibility
Study (DFS) which will be sufficient as a Bankable Feasibility Study.
The DFS results will be reported to the market upon completion which is
expected early in Q1, 2011. Parts of the DFS will also form the basis of
EPC tender documents which will go out to selected companies who have
the capability to complete the engineering, procurement and construction
of the Mt. Isa Fertilizer Complex and the Paradise South Flotation
Beneficiation Plant. Reporting of estimates, either for Ore Reserves or
capital and operating costs for the expanded production scenario of 1.2
Mtpa DAP/MAP and 30 Ktpa of AlF₃ will therefore be deferred
until completion of the DFS in early Q1, 2011.

Legend management believes that the compilation of the DFS document will
allow potential investors, equity partners or financiers to have a
complete understanding of all aspects of the project including the
expanded production scenario which is expected to fully maximise
shareholder returns. The DFS will outline all technical, financial,
logistical and marketing aspects of the expanded project and will give
current and future shareholders a detailed overview of the feasibility
and maximum profitability of the project. The study will be an in depth
analysis of the following subjects:

1. GEOLOGY

2. ORE RESERVES

3. MINING

4. METALLURGY

5. PROCESS PLANTS

6. INFRASTRUCTURE

7. UTILITIES

8. ENVIRONMENT

9. LOGISTICS

10. MARKETING

11. CAPEX

12. OPEX

13. RISK & SENSITIVITY ANALYSIS

14. PROJECT IMPLEMENTATION

Forward-Looking Statements

Forward-looking statements in this press release are made pursuant to
the 'safe harbour? provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties including, without
limitation, the risks of exploration and development stage projects,
risks associated with environmental and other regulatory matters, mining
risks and competition and the volatility of mineral prices. Actual
results and timetables could vary significantly. Additional information
about these and other factors that could affect the Company′s business
is set forth in the Company′s fiscal 2009 Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission.

Legend International Holdings, Inc.

Mr. Joseph Gutnick, +011
613 8532 2866

Chief Executive Officer

Fax: +011 613 8532 2805

josephg@axisc.com.au

or

General
Manager Business

New York Office

Tel: 212-223-0018

Fax:
212-223-1169

legendinfo@axisc.com.au