LEGEND MINING LIMITED — Board/Management Information 2005

May 29, 2005

EAGLE EXPLORATION RESULTS & CORPORATE ACTIVITY UPDATE

New Discovery at Eagle

Analyses from the first of 3 reverse circulation (RC) holes drilled beneath the Eagle pit, approximately 1.5km south of the Gidgee mill, has returned significant 4m composite results, including

GDC105: 4 metres at 21.2q/t gold from 180m downhole 4 metres at 8.0g/t gold from 212m and 4 metres at 5.9g/t gold from 232m

Gold mineralisation occurs in strongly altered dolerite within an interpreted dilational zone associated with the flexure from the NW orientated Kingfisher corridor to the N-S orientated Swan Bitter corridor. The intersections are located within the proposed target zone, and appear to confirm the model for moderately west dipping mineralization.

The Eagle target has had no previous drilling deeper than 100m, and Legend believe these results indicate the potential for a third front to compliment the discoveries at Premium and Gulliver.

Dip/azimuth at collar: GDC105, 55°/070° Notes: 4m composite samples, analysis by 30g fire assay/AAS by SGS Mt Magnet Laboratory All composite samples >4m at 2.0g/t Au reported as length-weighted average

CORPORATE ACTIVITY UPDATE

Retirement of Director

Following the recent appointment to Legend's Board of two additional executive directors. Mr Ian Cowden has withdrawn his nomination for reappointment as a director and will retire at the company's AGM. Mr Cowden has played a major role in Legend's recent exploration success and the Board has asked him to continue in a consulting role.

In addition Mr Andrew Chapman who was appointed as a director on a casual basis on the 15^th April 2005 has resigned. Mr Chapman will remain as Company Secretary.

Appointment of Exploration Manager

The Board is pleased to announce the appointment of its new Exploration Manager, Mr Donald Thomson. Mr Thomson is a Member of the Australasian Institute of Minina and Metalluray, and holds a Bachelor of Science with Honours (Geology) from La Trobe University in Victoria. He has over 20 vears experience exploring for gold and base metals in Archaean, Proterozoic and Palaeozoic terranes in Australia.

Early in his career, Mr Thomson spent 9 years with Newcrest Mining and worked on projects including Telfer, New Celebration and Dalgaranga. He later held the position of Exploration Manager for Johnsons Well Mining NL where he led the team responsible for discovering the plus millionounce Rosemont gold deposit at Duketon. Immediately prior to joining Legend, he held the position of Exploration Director for Acclaim Exploration NL managing the Wingelling nickel project in Central Australia.

Mr Thomson will be responsible for the planning, implementation and control of the Company's exploration program and reports directly to the CEO Mr Dermot Rvan.

Intention to Exercise Options

The Board in discussions with Australian Gold Resources Pty Ltd (AGR) confirms that AGR has agreed to exercise 25 million of it's options in Legend on or before 1 July 2005. AGR has agreed to exercise it's remaining 50 million options in 2 equal tranches subject to Legend's ongoing working capital requirements. The options are exercisable at 4 cents each and once exercised will raise \$3 million.

Dermot Ryan Executive Director, CEO 30^th May 2005

The information on exploration results contained in this report is based on data compiled by Dermot Ryan FAusIMM CP, an employee of Legend Mining Limited. Mr Ryan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and consents to the inclusion in this report of the information in the form and context in which it appears.