Legend International Holdings Announces Plans to Begin Phosphate Rock Production and Sales Operations

08.11.2011  |  Business Wire

Legend International Holdings, Inc (OTCBB: LGDI) is pleased to announce
that it plans to begin phosphate rock production and sales operations
from its Paradise rock deposits for domestic value added sales and
exports.

Legend is confident that given the current phosphate rock market the
beginning of production and sales operations is now warranted. This will
occur in parallel with continuing Legend's current DAP/MAP development
strategy with prospective joint venture partners.

Legend and IFFCO have executed a Shareholders' Option Agreement whereby
Legend and IFFCO have agreed on Rock Off-take. Legend is now finalising
its strategy for production and sale of rock phosphate in consultation
with IFFCO.

The strategy includes:

• 
  Legend to potentially utilise high grade material from Paradise North
  (7.3 million tonnes grading 28.1% P₂O₅) for
  direct shipping ore, direct application rock and single superphosphate.
  
• 
  Legend to ramp production up to 1 million tonnes per annum over an
  agreed timeframe. This would include setting up a project management
  team, finalising a mining and logistics plan and setting up a
  beneficiation plant.
  
• 
  Legend to put to tender by 31^st January 2012 for
  construction of up to a 1 million tonne per annum rock concentrate
  beneficiation plant at Paradise South capable of producing 32-34% P₂O₅
  phosphate rock concentrate.
  
• 
  IFFCO to help Legend facilitate finance for the construction of the
  beneficiation plant and associated infrastructure.
  
• 
  Rock sale price to be mutually agreed based on the international
  market at the time of sale.
  
• 
  The rock selling price can be fixed for up to one year periods.
  

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 2010 Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission.