Message #7 From:
NewsBot Date: March 29, 2007 03:00:00 AM
LGDI News Legend International Holdings Announces Uranium Anomalies on its North Australian Tenement Holdings
MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc(OTCBB:LGDI) (a Delaware Corporation), a diamond exploration corporation with landholdings in the Northern Territory of Australia, announces that it has been undertaking a diamond drilling program along with loam and stream sampling in the Abner Range on its North Australian tenements, in response to detailed analysis of geophysical data. Rock-chip sampling of past drilling on the Company’s Glyde River tenement has also been taken and the results are pending.
In addition, a review of open file reports documenting past exploration on the Company’s tenements, in particular at Selby on EL22251, which has an area of 1,644 square kilometres, has ascertained the existence of highly radioactive phosphates at the surface. The “large number of uranium-dominant anomalies” have been documented in past exploration by Argold Holdings (1992) and Arnhem Land Mining (1981-1983). Two large outcrops are of note, each with a strike length of more than 800 meters and over 200 meters wide and are reported to be “significantly radioactive at 10 to 100 times the background …uranium and copper are anomalous” (Argold, 1992). An average phosphate grade ranging from 6% to 34.2% has been returned from previous sampling. Uranium is a common by-product of marine phosphate deposits, accounting for a significant proportion of the world’s uranium production and averaging grades of 6 to 120 parts per million (“ppm”) uranium. The occurrences at Selby on EL22251 have returned past assay values ranging from 250 ppm to 532 ppm uranium (ALM, 1982).
The deposits have potential for a wider regional occurrence on EL22251 at Selby. According to Argold in 1992, “The occurrences appear to be of syngenetic organic origin and can therefore be expected to occupy a specific stratigraphic facies within the Masterton, and show lateral continuity [within EL22251 at Selby]. The occurrences…give very strong indications of the enormous potential of the host unit which covers an area of several thousand square kilometers, to host commercial deposits. The occurrences have substantial commercial potential and further exploration work is warranted.”
In light of increased commodity prices, an investigation to resolve the specific extent and grades of these anomalies will be incorporated into the current drilling program, which is expected to include surface reconnaissance, reverse circulation drilling, further loam and stream sampling during the year. Uranium prices were at approximately US$15/lb in the 1980’s, reduced in the early 1990’s around the time of Argold’s exploration of this area, and has recently reached US$100/lb. Phosphate prices are also substantially higher than at the time of this historical exploration.
About Legend International Holdings Inc
Legend International Holdings, Inc(OTCBB:LGDI) is a Delaware corporation principally engaged in diamond 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 2005 Annual Report on Form 10-KSB and other filings with the Securities and Exchange Commission.
