Legend International Holdings Inc. Phosphate Project - Further Milestones and Project Update

MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc. (OTCBB:LGDI - News) is pleased to announce a number of milestones for its Queensland Phosphate Project including recent initial findings from the feasibility study being conducted by Wengfu, metallurgical results, and the initial JORC resource estimate for the central core of its 100% owned Paradise North Phosphate Deposit (EPM 17330). For the full results and technical report (Form 8-K) please visit Legend’s website http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.lgdi.net&esheet=6215804&lan=en_US&anchor=www.lgdi.net&index=1&md5=b5c8d66b624e5b23700e857bcd6ae517. The highlights of this report are:

• Wengfu (Group) Co. Ltd’s delegation of 7 technical experts completes visit to Legend’s Phosphate deposits and associated facilities in Australia to further the current feasibility test work that is currently being undertaken by Wengfu. Initial findings and recommendations are very positive.
• Upon completion of a positive feasibility study, Wengfu will become an equity partner with Legend and assist with obtaining further financing options for the project.
• Recent metallurgical testwork conducted in the U.S.A. has proven that material from Paradise North acidulates well and makes a world market quality phosphoric acid.
• Queensland’s Department of Infrastructure and Planning have reserved over 740 acres of suitable land for the development of a phosphoric acid plant located 5km south of Mt Isa for Legend’s Phosphate Project.
• 2009 Pilot Beneficiation Plant testwork concludes, proving the internally designed flowsheet for flotation of phosphate rock concentrate successfully upgrades rock up to 35% P2O5.
• Initial DSO targeted JORC resource estimate of 7.3 Mt @ 28.1% P2O5 for the currently drill tested central core (less than 5% of historical resource area) of the Paradise North deposit (EPM 17330).
• Legend’s project schedule will be based on Wengfu’s feasibility study recommendations.
• IFFCO remains a strong strategic partner willing to off take rock and fertiliser products.
• Indian government to send delegation, including the Minister of Fertilizers and the Managing Director of IFFCO, to visit Legend’s Phosphate Project and Queensland State Ministers on March 23, 2010.
• Legend intends to spin out to a new company the diamond, gold and base metal interests of Legend of which Legend shareholders will receive shares of common stock on a pro rata basis to the shares they hold in Legend. Following the spin out, Legend will be a 100% pure phosphate company.

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