Legend International Holdings Inc. Announces Signing of Memorandum of Understanding with Alcoa of Australia Limited

Legend International Holdings, Inc (Legend) (OTCBB:LGDI) is
pleased to announce it has signed a Memorandum of Understanding with
Alcoa of Australia Limited ('Alcoa?) to investigate a potential offtake
agreement.

The two companies have commenced preliminary discussions examining the
viability of Legend supplying Alcoa with aluminium fluoride (AlF₃)
(produced at Legend′s proposed Paradise Phosphate project) and Alcoa
supplying Legend with aluminium hydroxide (Al(OH)₃) for the
AlF₃ production process.

Legend has previously announced positive and robust results from the
feasibility study for Legend′s Paradise Phosphate Project conducted by
Wengfu Group Ltd of China ('Wengfu?). The results of the feasibility
study confirmed that development of the project is technically and
economically viable. The feasibility studies covered two development
scenarios with the production volumes:

Legend is proposing to build either a 15ktpa or 30ktpa aluminium
fluoride (AlF₃) unit at the site of its proposed chemical
plant. This unit will be based on the Buss ChemTech FSA/HF Process and
will utilise fluoro-silicic acid (FSA) that will arise as a by-product
in the manufacture of phosphoric acid which is used to produce MAP/DAP.
This process requires a feedstock of Aluminium Hydroxide.

Aluminium fluoride is an important input into the aluminium smelting
process. The estimated global aluminium fluoride consumption in 2009 was
819,000 tonnes. The projected growth in aluminium demand for the period
2010-2019 equates to a growth rate of 4.5% p.a. or an increase of
452,000 tonnes. The current demand for aluminium fluoride in Australia
is approx. 30,000 tonnes which is typically sourced from China.

Alcoa currently operate two aluminium smelters in Victoria at Point
Henry and Portland Aluminium.

More information about Alcoa of Australia can be found at www.alcoa.com.au

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.

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