HOSTS SPECIAL VISIT BY THE SECRETARY TO THE GOVERNMENT OF INDIA (MINISTRY OF FERTILISERS) AND THE MANAGING DIRECTOR OF THE INDIAN FARMERS FERTILISER COOPERATIVE (IFFCO).
Legend International Holdings, Inc (OTCBB: LGDI)
with phosphate projects in the State of Queensland, today announced that the company hosted a special three day visit to Australia from the Secretary to the Government of India (Ministry of Fertilisers) the Hon. Mr. Atul Chaturvedi and IFFCO’s Managing Director Dr. U.S Awasthi. The delegates from India were hosted by the President & CEO of Legend Mr. Joseph Gutnick and Legend’s senior management.
Mr Chaturvedi controls the Indian’s Ministry of Fertiliser’s budget of approximately US$25 Billion for fertiliser subsidies to Indian farmers which is second only in size to India’s Ministry of Defence budget.
Dr. Awasthi is the Managing Director of IFFCO which is an Indian Farmers Fertiliser Cooperative consisting of over 50 million farmers from every region across India. Dr. Awasthi is also a director of Legend and IFFCO is currently a +10% shareholder of Legend.
The purpose of the visit was to meet various government officials and stakeholders in the Legend Phosphate Project so that the urgency and importance of the success of the Legend project to both the Australian and Indian economies could be stressed and reinforced.
The project will create many jobs in Queensland at a time when jobs are in dire need. At full operating capacity the project will increase Australia’s trade with India by over 15%
India is also a country which not only has soils deficient in phosphate nutrients but is also deficient in phosphate rock resources. IFFCO’s Paradip Fertiliser Unit needs a long term constant supply of phosphate rock and the plant is currently operating well below capacity. The agreement between Legend and IFFCO whereby Legend will supply 5 million tonnes of phosphate rock to IFFCO will secure the Paradip Plant’s future source of phosphate rock.
Mr. Chaturvedi said "This project must happen; it is integral to the future of sustaining India’s phosphate nutrient supply".
Delegations Agenda
The honourable delegates from India first went to Canberra on Tuesday 24 March 2009 to meet with the Australian Federal Minister for Trade, The Honourable Simon Crean MP. Apart from discussions on the many benefits the Legend Phosphate Project will bring to both countries, the group also discussed the merits of phosphate rock being included in the feasibility study currently being conducted on a potential Free Trade
Agreement between India and Australia. The delegates also met with the High Commissioner of India the Hon. Mrs Sujatha Singh whereby the advantages of increased trade between India and Australia were discussed.
The group then visited the project site 120km north west of Mt. Isa. Phosphate samples greater than 30% P
2O5 were inspected from the active drilling site at the D-Tree project.
Dr. Awasthi said "I am very excited about this project, the phosphate rock quality looks good and the intersections appear very wide compared to other deposits around the world".
The Lady Annie tenements were also visited, taking in the historical trench excavations and the old pilot plant site. Drilling at Lady Annie will commence in the 3
rd quarter of this year. Whilst in Mt. Isa, the delegation also visited the local member for Parliament, The Honourable Betty Kiernan MP, who is a strong advocate of the project and its significant benefits for the region.
Finally, Dr. Awasthi and Legend visited Brisbane to meet with QR Network Ltd (QR), Australian Rail Group (ARG) and the Port of Townsville Authority. Good progress has been made with these key stakeholders in the project and Dr. Awasthi was keen to reinforce the importance of quickly getting these key infrastructure requirements fast tracked so that export of the phosphate rock can begin by the end of this year.
The group also met with Mr. Colin Saltmere who represents the Indjilandji/Dithannoi Native Title Party for the land covered by the D-Tree Project. Mr. Saltmere is also the Managing Director of Myuma Pty Ltd which is a non-profit organisation which trains local indigenous people for the skills needed for successful careers in local and regional industries such as mining and civil construction works. Mr. Saltmere and Myuma are working closely with Legend and have pledged full support to the project.
About Legend
Legend International Holdings, Inc (OTCBB:LGDI) is a mining and agriculture resource development company. The Company is principally focused on developing its phosphate deposits in the Georgina Basin in Queensland, Australia. The Company’s exploration licences include approximately 5.2 million acres in Queensland and the Northern Territory, Australia. For further information please visit our website at 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 2007 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
with phosphate projects in the State of Queensland, today announced that the company hosted a special three day visit to Australia from the Secretary to the Government of India (Ministry of Fertilisers) the Hon. Mr. Atul Chaturvedi and IFFCO’s Managing Director Dr. U.S Awasthi. The delegates from India were hosted by the President & CEO of Legend Mr. Joseph Gutnick and Legend’s senior management.
Mr Chaturvedi controls the Indian’s Ministry of Fertiliser’s budget of approximately US$25 Billion for fertiliser subsidies to Indian farmers which is second only in size to India’s Ministry of Defence budget.
Dr. Awasthi is the Managing Director of IFFCO which is an Indian Farmers Fertiliser Cooperative consisting of over 50 million farmers from every region across India. Dr. Awasthi is also a director of Legend and IFFCO is currently a +10% shareholder of Legend.
The purpose of the visit was to meet various government officials and stakeholders in the Legend Phosphate Project so that the urgency and importance of the success of the Legend project to both the Australian and Indian economies could be stressed and reinforced.
The project will create many jobs in Queensland at a time when jobs are in dire need. At full operating capacity the project will increase Australia’s trade with India by over 15%
India is also a country which not only has soils deficient in phosphate nutrients but is also deficient in phosphate rock resources. IFFCO’s Paradip Fertiliser Unit needs a long term constant supply of phosphate rock and the plant is currently operating well below capacity. The agreement between Legend and IFFCO whereby Legend will supply 5 million tonnes of phosphate rock to IFFCO will secure the Paradip Plant’s future source of phosphate rock.
Mr. Chaturvedi said "This project must happen; it is integral to the future of sustaining India’s phosphate nutrient supply".
Delegations Agenda
The honourable delegates from India first went to Canberra on Tuesday 24 March 2009 to meet with the Australian Federal Minister for Trade, The Honourable Simon Crean MP. Apart from discussions on the many benefits the Legend Phosphate Project will bring to both countries, the group also discussed the merits of phosphate rock being included in the feasibility study currently being conducted on a potential Free Trade
Agreement between India and Australia. The delegates also met with the High Commissioner of India the Hon. Mrs Sujatha Singh whereby the advantages of increased trade between India and Australia were discussed.
The group then visited the project site 120km north west of Mt. Isa. Phosphate samples greater than 30% P
2O5 were inspected from the active drilling site at the D-Tree project.
Dr. Awasthi said "I am very excited about this project, the phosphate rock quality looks good and the intersections appear very wide compared to other deposits around the world".
The Lady Annie tenements were also visited, taking in the historical trench excavations and the old pilot plant site. Drilling at Lady Annie will commence in the 3
rd quarter of this year. Whilst in Mt. Isa, the delegation also visited the local member for Parliament, The Honourable Betty Kiernan MP, who is a strong advocate of the project and its significant benefits for the region.
Finally, Dr. Awasthi and Legend visited Brisbane to meet with QR Network Ltd (QR), Australian Rail Group (ARG) and the Port of Townsville Authority. Good progress has been made with these key stakeholders in the project and Dr. Awasthi was keen to reinforce the importance of quickly getting these key infrastructure requirements fast tracked so that export of the phosphate rock can begin by the end of this year.
The group also met with Mr. Colin Saltmere who represents the Indjilandji/Dithannoi Native Title Party for the land covered by the D-Tree Project. Mr. Saltmere is also the Managing Director of Myuma Pty Ltd which is a non-profit organisation which trains local indigenous people for the skills needed for successful careers in local and regional industries such as mining and civil construction works. Mr. Saltmere and Myuma are working closely with Legend and have pledged full support to the project.
About Legend
Legend International Holdings, Inc (OTCBB:LGDI) is a mining and agriculture resource development company. The Company is principally focused on developing its phosphate deposits in the Georgina Basin in Queensland, Australia. The Company’s exploration licences include approximately 5.2 million acres in Queensland and the Northern Territory, Australia. For further information please visit our website at 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 2007 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
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For further information, please contact: Mr. Joseph Gutnick
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General Manager Business
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Chief Executive Officer
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New York Office
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Legend International Holdings Inc
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Legend International Holdings Inc
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Tel: +011 613 8532 2866
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Tel: (212) 223 0018
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Fax: +011 613 8532 2805
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Fax: (212) 223 1169
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E-mail: josephg@axisc.com.au
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E-mail: legendinfo@axisc.com.au
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