MELBOURNE, Australia--Legend International Holdings, Inc (OTCBB: LGDI.OB) with phosphate projects in the State of Queensland, today announced that it holds 100% of the D-Tree phosphate project following Mt Isa Metals Ltd’s (“MET”) exit from the joint venture.
Legend, as manager of the D-Tree Joint Venture, had invoiced MET $1.739 million for MET’s 20% interest in the D-Tree project for the period September 1, 2008 to June 30, 2009. MET has decided to dilute rather than pay the invoices and in accordance with the Joint Venture agreement, MET’s interest has reduced to less than 5%, thus requiring MET to exit the Joint Venture. MET retains a royalty of A$0.50 per tonne from product from the D-Tree Joint Venture tenements.
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.
Legend International Holdings Inc
Mr. Joseph Gutnick
Chief Executive Officer
Tel: +011 613 8532 2866
Fax: +011 613 8532 2805
E-mail: josephg@axisc.com.au
or
Legend International Holdings Inc
General Manager Business
New York Office
Tel: (212) 223 0018
Fax: (212) 223 1169
E-mail: legendinfo@axisc.com.au
