legend announces maiden resource

Legend just released its resource estimate, smaller and lower grade than MAK, no word on impurities. Diamond Joe is still claiming DSO by 4Q09?? Legends share price has performed well lately, its market cap is US 150m or 3x MAK. AD’s presentations in New York will very likely include funds invested in Legend. It’s a fairly striking arbitrage opportunity considering MAK has a superior resource based on published grades and impurities, is more advanced in the approval process and a much more realistic timeline to production.



http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090514005364&newsLang=en

Legend International Holdings Inc. Announces the Maiden Resource(1) Estimate for D-Tree Phosphate Deposit and Update on the D-Tree Direct Shipping Ore Project
MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc (Legend) (OTCBB:LGDI), today announced the maiden Inferred JORC Resource estimate for the D-Tree phosphate deposit (EPM14753) at its 80% owned D-Tree Phosphate Project in Queensland Australia. The recent drilling undertaken at D-Tree has also confirmed the presence of significant quantities of near surface Direct Shipping Ore (“DSO”) and the DSO Project remains on schedule to commence production in Q4 2009. The detailed results have been reported in a Form 8-K filed with the Securities Exchange Commission simultaneously with this press release which is available on Legend’s website www.lgdi.net.

Highlights include:

Maiden Inferred JORC Resource of 135 Mt @ 13.8% P2O5 for the D-Tree deposit (EPM 14753).
Total JV Inferred JORC Resource currently 305 Mt @ 15% P2O5 for the combined D-Tree West (EPM15763) and D-Tree (EPM14753).
The current estimate compares favourably with historically reported estimates for the D-Tree deposit (339Mt @ 16.0% P2O5 at a 10% P2O5 lower cut off grade)(2) with a large proportion, approximately 30% by area, of the known deposit currently not contained within the current resource estimate due to Exploration Permit Applications pending for these other areas.
D-Tree DSO project advancing towards production start in Q4 2009, recent drilling results confirm potential of near surface high grade (>30% P2O5) phosphate rock.