MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc (Legend) (OTCBB:LGDI) is pleased to announce that the Queensland Government has granted the Exploration Permit for Paradise North EPM 17330 (Previously Lady Jane) to Legend International Holdings Inc, today on the 23rd July 2009. Please see the Legend website www.lgdi.net for this press release with a location map and associated photos.
The grant of this permit is an important step for the Legend Phosphate Project as it allows the company to commence drilling to revalidate the high grade, Direct Shipping Ore (DSO) quality material that has been delineated by historical drilling by BH South Ltd in the early 1970’s.
Legend has drill rigs already mobilised in the area and will be drilling at Paradise North in the next week. Drilling is expected to add significantly to Legends current DSO resource inventory delineated on its 80% owned D-Tree joint venture project with Mt Isa Metals Ltd to the west.
The grant of this permit is expected to be quickly followed by the grant of the Paradise South (Previously Lady Annie) EPM 16942, especially given recent statements made by the Premier of Queensland, The Honourable Anna Bligh. The Premier stated today in an interview with ABC news:
“..this is a really exciting project, there is potentially up to 1000 jobs over the next 3 years, this is a big world player, the phosphate they will be supplying to the world will be going into fertiliser into countries like India that actually need fertiliser and agricultural assistance as they develop from a 3rd world economy into a 1st world economy, so it’s great to be a part of.....we want to do everything we can to make sure that large Indian buyers know who Queensland is and who supports the project because frankly I want to see this material come out of the Mt Isa region, creating jobs and getting on to the world market....what he (Joseph Gutnick) needs is the approvals process moving as quickly as possible so that he can get the money flowing in Mt Isa and get the jobs happening as quickly as we can, and I’m committed to doing that....., sometimes in the business of government, if you don’t push things along a bit the wheels can grind slowly, and I don’t want that to happen to this project.”
The Premier met with Legend’s President & CEO Mr. Joseph Gutnick on Tuesday 21st July 2009 to discuss the Phosphate Project. The Premier pledged her support and has promised to make sure all current and future approvals required by Legend will be expedited and receive the full support of the State Government.
Legend is led by Joseph Gutnick, a prominent Australian mining industry entrepreneur, who has overseen some of Australia's largest and most prestigious resource discoveries.
Legend's primary focus is the development of its phosphate interests in the Georgina Basin, Queensland, Australia including Paradise (formerly Lady Annie and Lady Jane), D-Tree, Thorntonia, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains.
Legend plans to produce an average of 5 million tonnes per year of phosphate rock concentrate of 30%+ P2O5 by 2012, thus becoming one of the world's leading producers of phosphate rock. More information on Legend is available at http://www.lgdi.net/.
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 2008 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.