LEGEND MINING LIMITED — Capital/Financing Update 2004

Feb 23, 2004

WESTPAC JOINS LEGEND AT GIDGEE

Legend wishes to advise that Westpac Institutional Bank has become the company's bankers.

Westpac has agreed subject to final documentation to provide the following facilities:

• Bond Facility Replacement of the \$2,057,000 Gidgee Gold Project performance bond.
• Provide a 25,000 ounce gold hedging facility for production from the Gidgee Mine.
• Provide a revolving working capital facility of \$500,000.

Replacement of the performance bond was a significant part of the consideration for the acquisition of the Gidgee Gold Mine from Abelle Limited.

When completed this transaction has the effect that Legend has now paid in cash and shares approximately \$5m of the \$6.5m total purchase price.

Murray McDonald Managing Director $24^th$ February 2004.