June is just the "preliminary" feasibility study, full detailed one is later. Naturally if feasibility study is positive, Wengfu will proceed with partnership. So they will have part ownership w/ shares prior to anouncement of a positive feasibility study (assuming its positive) and prior to announcement of ASX listing. That way they get in on the upside in that scenareo. Thats probably why the ASX listing (originally anticipated for March 2010) is delayed.

just a thought. The article:

Phosphate miner keen to start

By Stephanie Fitzpatrick

Posted 6 hours 36 minutes ago

A company planning a phosphate mine in Queensland's north-west says its only challenge is getting the project up and running as quickly as possible.

Legend International Holdings is proposing to mine a large phosphate deposit near Mount Isa.

CEO Joseph Gutnick says the State Government is behind the project and has allocated land for a phosphoric acid plant, south of Mount Isa.

A large Chinese fertiliser company is also interested and Mr Gutnick says an interim report is due out soon.

"This will be the initial views of Wengfu in regards to the project and our ability of our phosphate rock to be able to be converted to phosphoric acid and the second phase will be the building of a phosphoric acid plant and the sulfuric acid plant and a detailed feasibility study," he said.