mt isa phosphate

For all those who are not in the know here is a summary from website (www.goldencross.com.au) and a link to Legend International (http://www.lgdi.net/).

"GCR's 100% owned subsidiary, King Eagle Resources, has a large tenement package covering 876 km2 of prospective Cambrian phosphate units within the Georgina Basin. The tenements contain five major deposits of phosphorite totaling over 500Mt of 15.5% P205. Potential exists for the tenements to contain large low-grade uranium deposits that are formed at shallow depths where meteoric water precipitates uranium in phosphate rich horizons, permeable structures and unconformities." AND

"Late in 2007 a joint venture agreement was signed with Legend International Holdings Inc (Legend). Under the agreements, Legend may earn an 80% interest in phosphate minerals on the tenement package by spending $3 million on exploration and development by 7 December 2012. GCR retains all rights to all other minerals, including uranium. Legend must spend $200,000 on the properties before it may withdraw from the farm-in. Once Legend earns an 80% interest in the phosphate minerals, GCR will retain a 20% interest in the phosphate minerals, free carried to a decision to mine. Legend will routinely assay for uranium as part of its exploration programs on the properties.

Previous broad-scale exploration, including drilling, indicates potential for over 500 million tonnes of near-surface phosphatic rock at grades ranging from 13.4% to 18.7% P2O5. Phosphate is currently mined elsewhere in the Mt Isa area and phosphate production economics are enhanced by the presence of acid producing facilities (as a by-product of smelting at Mount Isa) and the excellent rail and road infrastructure linking Mt Isa with the port of Townsville. "

On the Legend website I recommended a read the of the scoping study in conjunction with the company announcement.

GC