LEGEND MINING LIMITED — Capital/Financing Update 2003

Dec 18, 2003

ANNOUNCEMENT

CAPITAL RAISING NOW CLOSED (OVERSUBSCRIBED)

Legend advises that the current Prospectus issue has closed early following the successful raising of \$4 million.

Legend wishes to thank all existing and new Shareholders for a very strong interest in the issue and apologise to all applicants who were unsuccessful.

Legend formally took over the operations of the Gidgee Gold Mine last Wednesday $17^th$ December 2003 and in doing so became one of Australia's top ten owned Gold producers.

Murray McDonald Managing Director - 19.12.2003