Legend International Holdings, Inc. Announces First Major Milestone for Financing of the Paradise Phosphate Project

Legend International Holdings, Inc (OTCBB:LGDI), ('Legend?), is pleased
to announce that it has achieved the first major milestone for financing
of its 100% owned Paradise Phosphate Project.

This first step has involved a transfer of all Legend′s phosphate assets
into a 100% owned subsidiary of Legend and funding via a A$7.5 million
convertible note facility ('Convertible Note Agreement?) which has been
injected into the subsidiary through , Acorn Capital Ltd ('Acorn?), an
Australian financial institution. The A$7.5 million will convert into
equity in the subsidiary upon a successful Initial Public Offering
('IPO?) and listing of the subsidiary on the Australian Securities
Exchange ('ASX?) within 12 months of the note issue date. Further
information about the transfer of the phosphate assets, the Convertible
Note Agreement and other related documents please refer to Legend′s Form
8-K of the same date as this press release.

Acorn is a significant cornerstone investor from the Australian market
and will act as a strong catalyst for further investment in the future
developments of the project. Legend anticipates that by using an
Australian subsidiary it is better placed to lift the profile of the
world quality phosphate assets, provide a stronger trading platform that
will help maximise their value and enable further capital raising to
support the development of phosphate rock production and subsequent
value added products.

Phosphate Asset Transfer to 100% Subsidiary 'Paradise Phosphate Pty
Ltd?

The phosphate assets comprise the Paradise Phosphate Rock Deposits of
Paradise North (historically know as Lady Jane) and Paradise South
(historically known as Lady Annie), the D-Tree deposit and the deposits
associated with Legend′s rights and obligations under the King Eagle
Joint Venture agreement (i.e. Highland Plains, Lily & Sherrin Creek and
Quita Creek). The assets include the exploration and mining permits and
applications associated with the above deposits and related
infrastructure.

The transfer of the phosphate assets is to a 100% owned subsidiary
called Paradise Phosphate Pty Ltd ('Paradise?). Legend′s senior
management are of the opinion that a dedicated Australian company wholly
focused on phosphate is best placed to bring the project into production
and is in the best interests of all Legend′s stockholders. It will also
assist us in seeking investment by Australian financial institutions
such as Acorn and other global managed funds that have not been able to
invest in stocks listed on the OTC Bulletin Board in the USA.

Convertible Note Agreement

The convertible note facility of A$7.5 million to Paradise is repayable
12 months from the completion date of the agreement. If, within 12
months of the completion date of the agreement Paradise conducts a
public offering of securities in Australia and those securities are
listed on the Australian Securities Exchange, then the lender′s debt
converts automatically to shares in Paradise in accordance with the
formula provided in the agreement and following an IPO, Legend′s
interest in Paradise will be diluted to approximately 60-70% of Paradise.

E.L. & C. Baillieu ('Baillieu?) is the stock broking firm that has
arranged and managed the convertible note facility with Acorn.

Funds received under the convertible note facility will be used to
progress the project, its development, production and ultimately the
export of phosphate rock from the phosphate deposits.

Paradise will continue discussions with potential strategic partners in
relation to participating in the full development of the fertilizer
complex in Mt Isa, Queensland, Australia. Legend has been progressing
these discussions with various international industry fertilizer
corporations for over 12 months and expects to finalise any potential
transaction this year, however, any delays in finalising a transaction
will not hold up the initial development of phosphate rock production.

Project Update

Tender documents for the construction of a 1 million tonne per annum
phosphate rock beneficiation plant at Paradise South have recently been
completed and distributed to various suitable engineering and
construction companies. A further five work packages will be completed
and ready for distribution by March 2012 on each of the following items:

• 
  transmission line
  
• 
  water supply dam and tailings starting facility
  
• 
  water treatment plant
  
• 
  accommodation village and administration building
  
• 
  mining infrastructure (including the construction of the ROM pad and
  haul road) and operations
  

These different work packages have been prepared to best match the
capability of the designers and contractor. All tender packages
including the beneficiation plant have responses due by the end of April
2012. The sum of all the above packages plus key equipment costs for
items such as the rotary screen, rod mill, hydro-cyclone, feed filters,
flotation cells, tailings and concentrate thickeners will form the total
cost of construction of a 1Mtpa beneficiation plant located at Paradise
South.

Suitability of un-beneficiated Paradise North rock for SSP production
and phosphoric acid production is being further investigated by various
fertilizer companies, including IFFCO, some of which have requested
bigger bulk samples.

Forward-Looking Statements

This Press Release may contain forward looking statements. Forward
looking statements are statements that describe, or that are based on,
our current expectations, estimates, projections and beliefs. Forward
looking statements are based on assumptions made by us, and on
information currently available to us. Forward-looking statements
describe our expectations today of what we believe is most likely to
occur or may be reasonably achievable in the future, but such statements
do not predict or assure any future occurrence and may turn out to be
wrong. You can identify forward-looking statements by the fact that they
do not relate strictly to historical or current facts. The words
'believe,' 'anticipate,' 'intend,' 'expect,' 'estimate,' 'project',
'predict', 'hope', 'should', 'may', and 'will', other words and
expressions that have similar meanings, and variations of such words and
expressions, among others, usually are intended to help identify
forward-looking statements.

Forward-looking statements are subject to both known and unknown risks
and uncertainties and can be affected by inaccurate assumptions we might
make. Risks, uncertainties and inaccurate assumptions could cause actual
results to differ materially from historical results or those currently
anticipated. Consequently, no forward-looking statement can be
guaranteed. The potential risks and uncertainties that could affect
forward looking statements include, but are not limited to:

• 
  The risk factors set forth in Item 1A of the Company′s Annual Report
  on Form 10-K for the fiscal year ended December 31, 2010,
  
• 
  The possibility that the phosphates we find are not commercially
  economical to mine,
  
• 
  The possibility that we do not find diamonds or other minerals or that
  the diamonds or other minerals we find are not commercially economical
  to mine,
  
• 
  The risks and hazards inherent in the mineral exploration and
  development business (including environmental hazards, industrial
  accidents, weather or geologically related conditions),
  
• 
  Changes in the market price of phosphate, base metals and diamonds,
  
• 
  The uncertainties inherent in our exploratory activities, including
  risks relating to permitting and regulatory delays,
  
• 
  The effects of environmental and other governmental regulations,
  
• 
  Uncertainty as to whether financing will be available to enable
  further exploration and development;
  
• 
  Estimates of proven and probable reserves are subject to considerable
  uncertainty,
  
• 
  Movements in foreign exchange rates,
  
• 
  Increased competition, governmental regulation,
  
• 
  Performance of information systems,
  
• 
  Ability of the Company to hire, train and retain qualified employees,
  
• 
  The availability of sufficient, transportation, power and water
  resources, and
  
• 
  Our ability to enter into key exploration and supply agreements and
  the performance of contract counterparties.
  

In addition, other risks, uncertainties, assumptions, and factors that
could affect the Company's results and prospects are described in the
Company's prior and future filings with the Securities and Exchange
Commission and other written and oral statements made or released by the
Company.

We caution you not to place undue reliance on any forward-looking
statements, which speak only as of the date of this document. The
information contained in this Press Release is current only as of its
date, and we assume no obligation to update any forward-looking
statements.

The Paradise shares have not been and will not be registered under the
United States Securities Act of 1933, as amended (the 'U.S. Securities
Act?) and may not be offered or sold within the United States or to or
for the account or benefit of U.S. persons, except in certain
transactions exempt from the registration requirements of the U.S.
Securities Act. This press release does not constitute an offer to sell,
or the solicitation of an offer to buy, securities of Paradise in the
United States, Australia or in any other jurisdiction.

Legend International Holdings, Inc.

Joseph Gutnick, +011 613
8532 2866

Chief Executive Officer

josephg@axisc.com.au

Fax:
+011 613 8532 2805

or

General Manager Business

New
York Office

Tel: (212) 223 0018

Fax: (212) 223 1169

legendinfo@axisc.com.au