Queensland Premier, the Honourable Ms Anna Bligh, Announces That Legend International Holdings Has Received Approval for the Mining Lease at Its Paradise North Phosphate Project
Legend International Holdings, Inc (OTCBB:LGDI) is pleased to announce
that the State Government of Queensland, Australia, has approved the
grant of Legend's Paradise North mining lease ML90191 north west of Mt.
Isa, Queensland, Australia. Paradise North is the second Mining Lease
(ML) applied for in Queensland for the Legend Phosphate Project
following the granting of The D-Tree North mining lease ML90190 in
August 2010 and is the first of two to be granted for the Paradise
phosphate fertilizer project.
Paradise North will be the first site of mining for Legend's Paradise
phosphate fertilizer project. The project recently reported a pre-tax
net present value of US$4.8 billion dollars from its expanded production
feasibility study (see press release dated April 8, 2011) which has
assessed that the production of 1.2 million tonnes per annum of
di-ammonium phosphate (DAP) and mono-ammonium phosphate (MAP) is
technically and economically viable.
Queensland Premier, The Honourable Ms Anna Bligh announced today that
Legend International Holdings had received approval for a second mining
lease in the North West Minerals Province.
'This investment from Legend International clearly shows that the mining
and resources sectors are confident when it comes to investing in
Queensland,' Ms Bligh said.
'With Legend's estimate of almost 200 million tonnes of mineral reserves
in the area, we are looking at a mine with an operational life of 60
years.'
'The North West is important to the whole Queensland economy. That's why
we're taking steps to ensure the resources and mining industry can
continue to develop in the area.'
'This is the latest project to be approved through the streamlining
process.'
'Rigorous checks and balances are in place but we've made an effort to
reduce red tape to make sure developments that check all the right boxes
can be up and running quickly.'
Legend International welcomes the grant of the Paradise North ML as
another significant milestone in the further development of the
phosphate industry in North West Queensland and welcomes the confidence
and support that the Queensland State Government has shown for the
Legend Phosphate project.
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 2010 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
Legend
International Holdings, Inc.
General Manager Business
New
York Office, (212) 223 0018
Fax: (212) 223 1169
legendinfo@axisc.com.au