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Legend International Holdings Inc. Announces Major Milestones Achieved for Its Phosphate Project in Queensland, Australia

MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc. (Legend) (OTCBB:LGDI) is pleased to announce the following major milestones for its Queensland Phosphate Project, Australia:

Maiden Inferred Resource (Australian JORC 2004 guidelines) for the D-Tree Direct Shipping Ore (DSO) Project:
1.0 Mt @ 29.4% P2O5 (25% P2O5 cut-off grade)
0.8 Mt @ 30.0% P2O5 (28% P2O5 cut-off grade)
No Environmental Impact Assessment (EIS) required for the D-Tree Mining Lease Application
Legend’s phosphate project is being fast tracked in Queensland Government’s Expedited Mining Projects.
The D-Tree Project is a joint venture between Mt Isa Metals (MET 20%) and Legend International Holdings, Inc. (Legend 80%, manager). The joint venture participants control 100% of the D-Tree deposit and have previously announced plans for the development of a 0.5mtpa direct shipment operation in the D-Tree North area.

Subject to the conclusion of a positive Feasibility Study the D-Tree DSO Project remains on schedule to commence operation in Q4 2009.

MAIDEN INFERRED JORC RESOURCE

Cut Off Grade Ore Ore Phosphate Grade Iron Oxide Grade Alumina Grade
P205 (%) ‘000 BCM ‘000 tonnes P205 (%) Fe203 (%) Al203 (%)
>=25.0 553 1,035 29.4% 3.0% 2.7%
>=28.0 441 825 30.0% 2.4% 2.6%
The above estimate is for the high grade portion of D-Tree North within and adjacent to the Mining Lease Application (MLA90190) area and is a subset of the previously announced Inferred Resource of 305Mt @ 15% P205 for EPM’s 14753 (D-Tree) and 15763 (D-Tree West).

A location diagram for all D-Tree Project Mineral Resources is provided in the same press release available today on Legends website www.lgdi.net.

Mine development and planning activities have commenced, and the D-Tree DSO Project is on schedule to commence production in Q4 2009.

With the successful completion of the resource drilling program at D-Tree, Legend’s drilling attention has now moved to the Paradise North DSO target, and it is anticipated that a diamond and RC drilling program will commence in July 2009, consisting of over 3,000 metres with an initial objective of delineating the extent of the known high grade material which was discovered by BH South Ltd in the early 1970s.

‘NO EIS’ REQUIRED FOR DIRECT SHIPMENT ORE (DSO) PHOSPHATE PROJECT

Legend is also pleased to announce that the Queensland Government's Department of Environment and Resource Management (DERM) has decided that environmental authority for mining activities at the proposed D-Tree North Direct Shipment Ore (DSO) mine on MLA90190 will be assessed without an Environmental Impact Statement (EIS).

This ‘No EIS’ decision means environmental authority will be assessed under an Environmental Management Plan which is consistent with Legend’s fast-track DSO project as it does not involve recourse to the longer duration EIS process. Legend has already submitted an Environmental Management Plan to the Department in anticipation of this ‘No EIS’ decision. A departmental assessment of the Plan is due shortly.

Legend will continue to work closely with DERM to obtain environmental authority for mining activities at the proposed D-Tree North DSO mine and is on target to begin production by the fourth quarter of this year.

LEGEND FAST TRACKED IN QUEENSLAND GOVERNMENT'S EXPEDITED MINING PROJECTS

Legend has recently had a Case Manager appointed to the Legend Phosphate Project by the Queensland Government's Department of Mines and Energy to help streamline the approvals process in regard to all of Legend's Mining Lease and Exploration Permit Applications. This is in accordance with the Departments announcement in February 2009 whereby the former Minister for Mines and Energy Mr. Geoff Wilson announced:

"If we streamline the process, we'll be able to create more than 1500 construction jobs in the regions.

"Mining companies around the world are shedding staff. What we're seeing is the human face of the global economic crisis and the harsh reality that we are indeed in tough economic times.

"Mining is important to Queensland and so are the 37,000 men and women who work in our mines. That's why the Bligh Government is taking swift action. We want to do all we can to protect those workers and their jobs.

"New mines mean new jobs. Not only that, local communities and businesses rely heavily on the money spent by mining companies and their workers.

"That's why the Bligh Government is taking steps to fast track these projects - following due process, of course - as quickly as possible," he said.

Minister Wilson said his Department of Mines and Energy would work with the Department of Natural Resources and Water, the Environmental Protection Agency, the Department of Infrastructure and Planning, and other government agencies to identify areas of regulatory overlap and to streamline approval processes.

"We are closely monitoring outstanding mining lease applications and working directly with companies on actions we can take to speed up the process," he said.

The recent appointment of a dedicated Mt Isa based Case Manager to the Legend Phosphate Project is an important step forward in helping Legend achieve its fast tracked development schedule.

Background

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

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.

Competent Person Statement

The information in this press release which relates to D-Tree Mineral Resources is based on a resource estimate compiled by Mr Stephen Hyland MAusIMM, who is a full-time employee and Principle Consultant of Ravensgate Minerals Industry Consultants. Mr Hyland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Hyland consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Important Information

Further information pertaining to site access, geology, tenure, drilling and sampling methodology can be found in the Form 8-K as released on the 25th of February 2009 which can be accessed on the company website (http://www.lgdi.net/).

Mineral resources (“resources”) have been calculated as at June 20, 2009 in accordance with JORC Code (2004) guidelines. For United States reporting purposes, Industry Guide 7, (under the Securities and Exchange Act of 1934), as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, D-Tree is classified as non reserve mineralized material. In addition, while the terms “measured,” “indicated” and “inferred” mineral resources are required pursuant to the JORC Code, the U.S. Securities and Exchange Commission does not recognize such terms. JORC standards differ significantly from the requirements of the U.S. Securities and Exchange Commission, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission.

Contacts
Legend International Holdings Inc.
Mr. Joseph Gutnick, +61 3 8532 2866
President & Chief Executive Officer
Fax: +61 3 8532 2805
[email protected]
or
Legend International Holdings Inc. (New York Office)
General Manager Business, 212-223-0018
Fax: 212-223-1169
[email protected]