TList Local scope

ok, here my question,
Missile is created in FireMissile method in SpaceShip TYPE (Local Missile:). after that method FireMissile is finished, isn't that Missile object is deleted? because it's declare Local? and why it's left in GameObjectList:Tlist in global?

Global GameObjectList:TList

Type TMissile Extends TGameObject
    Function Create:TMissile()
        Local Ship::TMissile=New :TMissile
        ListAddLast GameObjectList, Ship       
        Return Ship
    End Function
End Type

Type SpaceShip
   Method FireMissile()
         If MissileDelay<0
     ----->>>>> Local Missile:TMissile=TMissile.Create()
            MissileDelay=10
         End If
    End Method    
End Type