Utrader,SDL started drilling in 2007 early (this was the top of...

Utrader,

SDL started drilling in 2007 early (this was the top of the market) and they had a market cap inexcess of $1.25b!!

SDL want to build a rail and port aswell as a plant to start a 35mt per annum operation - at a cost of over $4.5b - 95% of this is rail and port costs, which legend already have direct access too.

have a look at the top 20 on www.legendmining.com.au

i noticed that Roger Bogne and Serge Asso Mendomo are in the LEG top 20 who are both current in country directors of CamIron, which is the Cameroon holding country for the SDL project!!!

Also John Corr who was a director of SDL and involved in the intial acquisition and negotiations of starting SDL is in the Legend top 20!

with Legend having over $20m in a mix of cash and shares and a saleable plant up north W.A worth $10 - LEG wont need any more money and would easily be able to drill another 50,000 metres, which would prove inexcess of 1b tonnes JORC.

30c = $500m market cap
with EQX @ $250m market cap and SDL at $1.25b market cap this is very easy for Legend to achieve.

Also consider this - if LEG find decent tonnage and grade of Iron Ore then SDL will be forced to take it out as SDL cant get into production for at least 4 years due to infrastructure issues and legend would only take months. how can the chinese choose SDL over LEG once a resource is proved!!!

No CAPEX compared to SDL
Closer to Port


LEG could be $1+ in 18months!!