Developing phosphate interests in the Georgina Basin, Queensland, Australia

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AGORACOM NEWS FLASH

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

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Down to (A)$37 million in cash as of Sept.30, 2010

On October 22, 2010, Legend incorporated a further wholly-owned subsidiary, Alexya Pty Ltd, under the laws of Australia. Wonder what this co. is for.

During the nine months ended September 30, 2010, the Company invested A$2,852,640 in Northern Capital Resources Corp. (“NCRC”)

Northern Capital Resources Corp (“NCRC”)

At December 31, 2009, the Company’s holding in NCRC was 21.29%. During the nine months ended September 30, 2010, the Company closed two private placements in NCRC, acquiring 10,128,010 shares of common stock at a cost of A$2,286,132. The Company also purchased 2,500,000 shares of common stock at a cost of A$566,508 from an unrelated entity. At September 30, 2010, the Company held a 26.08% interest in NCRC. The Company has accounted for the investment in NCRC using the equity method. At September 30, 2010, the carrying value of the investment was A$10,627,520. For the nine months ended September 30, 2010, the Company recorded an equity loss in NCRC of A$852,558.
WHY does LGDI keep investing in NCRC? NCRC owns 92.6% of OTCBB GORVD which owns 71.5% of TSX Acadian Mining Corp.
So Legend invests in a private(Gutnick) company that invests in GORVD(Gutnick) that invests in a 5 cent mining Canadien company. If LGDI wants to invest in Acadian, why doesn't it DIRECTLY invest in Acadian? Love to know the answer to that one!!
(GORV is temporarily GORVD after doing a 10-1 reverse split for no apparent reason.)
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