The Q1 Quarterly Report ( Form 10Q ) was posted on the LGDI.net web site today.

It is worth reading, and due to SOX compliance, verifies everything that has been stated over the past few months.

The following excerpt from the 10Q sums up the current strategy & timeline:

The Company will be issuing a revised project timeline and strategy upon completion of the feasibility study in the second quarter of fiscal 2010 which is being conducted by Wengfu.

The revised strategy and timeline may involve a different combination or prioritization of the various stages currently being developed.

Stage 1 aims to begin production with mining of known high grade material at Paradise North and D-Tree North deposits which require little or no beneficiation. This material is referred to as ‘direct shipping ore’ (DSO).
Based on recommendations by Wengfu, final development of this stage is awaiting results from the feasibility study which is due for completion in the second quarter of fiscal 2010 whereby a revised project timeline will be issued.

Stage 2 of the project involves beneficiation of phosphate rock, through flotation, at the Paradise South deposit and secondly the D-Tree deposit to achieve production of large volumes of high grade phosphate rock concentrate. Although named Stage 2 it is being concurrently developed with Stage 1.

Stage 3 will develop value added phosphate fertiliser and phosphate speciality chemical products in the MtIsa region. This stage may be prioritized depending on the international market price for phosphate rock and Legend’s view on the longer term Phosphate price that may be achieved. The fact that higher margins can be
achieved with less material to be transported on the rail line makes this an attractive option.

Construction of a phosphoric acid plant in Mt Isa will be required for this stage in conjunction with an increase in capacity of beneficiated rock product of approximately 1.4Mtpa (provided all 5mtpa from stage 2 is being consumed).

After the phosphoric acid stream is online, the acid can be marketed and production of various fertiliser and specialty phosphate products can also be investigated. Depending on the composition of the acid that is produced, a variety of products may be produced, ranging from fertilisers, food grade and technical grade acids.

Long & Strong LGDI