Joe G. said today that we will start selling and shipping high grade phosphate rock to IFFCO by December. Joe also said that he expects the current phosphate pricing of $100- $125/ton to be the bottom in prices and he also mentioned that the current "market" for phosphate is not very "real" because of weak demand, and it is difficult to track small shipments, and also customers are using up existing supply before re-ordering. He expects prices to stabilize later in the year and early next year in the $150-$185/ton range. Last year the company mentioned that at $100/ton, the company makes money as it will not cost us more than $50/ton to produce and transport. All we have to do is transport it to the port, and then IFFCO spends their money to ship it back to India.

Hopefully, by the end of the year, the world's economic conditions start to improve. If that is the case, fertilizer pricing will rise with the demand for it increasing. And we have a built in customer that pay a small % under the going rate.

Everyone should go the the company website and look at the new presentation. It explains alot. We currently have A$115 million in the bank which equates to about $75 million US. That's about 0.35 share IN CASH. The new test results shows alot of high grade deposits. We will also have mineral resource estimates completed for the initial D-Tree project by the end of March. Legend already has space reserved at the port of Townsville and agreements with the railroads are being worked on.

There is alot going on with this company, and our production coming online at year end, should almost directly coincide with a rebound in pricing and demand. We have OVER ONE BILLION TONS OF PHOSPHATE, probably more. Do you think that our phosphate is worth a measly $1/ton to someone that wants to buy us? That's a billion plus dollars or $5/ share. I think the phosphate is worth much,much more than that!!! You do the math. Someone would have to come up with billions of dollars for Joe G. to ever consider selling this company or their deposits.