Legend International Holdings Announces That Drilling Has Recommenced on Its Foelsche and Selby Landholdings in the Northern Territory of Australia
Legend International Holdings, Inc (OTCBB:LGDI) (a Delaware Corporation), an exploration corporation with landholdings in the Northern Territory of Australia, announces that the next round of drilling on its exploration tenements in the Northern Territory has commenced.
At Selby, an aggressive, multi-facetted approach to exploration of the phosphate and uranium bearing Karns Dolomite has commenced. Historical data records phosphate grades in massive sandstone in the range 5–24%, with stromatolitic phosphorite uniformly around 29–34%. Uranium is elevated to 200-950 parts per million, at one to one hundred times the background levels. Reverse circulation drilling of outcropping phosphate and uranium bearing sandstone has commenced and will continue over the next three months with a view to proving up the resources, providing information on the lateral extent and grade of these deposits.
The prospective Abner Range and Foelsche Diamond Projects lie in proven diamond-bearing ground adjacent to the North Australian Diamonds’ Merlin Diamond Mine & Mwana Africa PLC/Gravity Diamonds’ Abner Kimberlite. Macro-diamonds, micro-diamonds and indicator minerals were discovered at Abner Range and Foelsche in sampling undertaken earlier this year. Comprehensive stream sediment and follow-up grid-based loam sampling has occurred in response to these positive discoveries. As the results from the sampling come in they are being used in conjunction with analysis of geophysical and geochemical data to aggressively drill the prospects.
In addition to the prospective phosphate, uranium and diamond bearing ground, Legend’s licenses are in a world class base metal province, in proximity to two of the world’s largest zinc mines, McArthur River and Century which combine to produce approximately 8% of world production. Open file research has revealed that previous exploration by Rio Tinto and BHP Billiton on our licenses in the early 1990s recorded copper and zinc values in stream sediment samples ranging up to 2.1%. No follow up drilling was undertaken by these explorers in the area. A comprehensive stream sediment and rock chip sampling program is being undertaken to investigate mineralization associated with significant regional structural features. Helicopter-supported diamond drilling of targets in the broader region of the Karns Dolomite is underway with a view to determining the regional extent of mineralization in this unit.
The Directors also take the opportunity to advise that the registration statement to register shares of common stock issued through private placements will be lodged with the SEC next week.
About Legend International Holdings Inc
Legend International Holdings, Inc (OTCBB:LGDI) is a Delaware corporation principally engaged in exploration. The Company’s exploration licences include approximately 19,000 square kilometres in Australia’s Northern Territory, including areas adjacent to the existing Merlin diamond mine. For further information please visit our website at www.lgdi.net.
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 2006 Annual Report on Form 10-KSB and other filings with the Securities and Exchange Commission.