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
Melbourne Australia – Tuesday, April 12, 2011 – 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 Holdings, Inc. ABN 82 120 855 352 Level 8, 580 St Kilda Road Melbourne Victoria 3004 Australia PO Box 6315, St Kilda Road Central Melbourne Victoria 8008 Australia T +61 3 8532 2866 F +61 3 8532 2805 info@lgdi.net www.lgdi.net
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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.