LEGEND MINING LIMITED — Capital/Financing Update 2005

Feb 20, 2005

SWIFT SUCCESS CONTINUES AT GIDGEE

TWO MORE DRILLING RIGS NOW ON SITE

Highly encouraging gold intercepts have been received from continuing Reverse Circulation (RC) drilling targeted on the "Swift line" of old shallow open pits, part of a 3,500 metre programme currently underway at Legend's Gidgee Gold Project.

These next six holes (GDC014-019) have recorded intercepts including 24 metres at 2.5g/t gold (including 8 metres at $4.7g/t$ gold), 16 metres at 2.2g/t gold (including 4 metres at 4.5g/t gold and 1 metre at 14.0g/t gold), 8 metres of 3.6g/t gold (including 4 metres at 6.0 $g/t$ gold) and 4 metres at 4.5 $g/t$ , 4.5 $g/t$ and 4.1 $g/t$ gold.

All of the first nine "Swift" holes have now intersected significant gold mineralisation, similar in style to the adjacent Swan Bitter-Kingfisher zone which has produced much of the plus 1.5 million ounces gold discovered to date in the Gidgee greenstone belt.

The intercepts have been made over a strike length of 640 metres and within a zone 225 metres wide. Depths vary from 25m to 270m below surface, in a number of stacked zones of quartz/carbonate/sulphide alteration and bleaching in mafic rocks.

Legend is extremely encouraged by the apparent continuity of gold mineralisation intersected on widely spaced (100m and some 50m) lines, with both high-grade and broader gold intercepts. A second RC rig has now arrived at Gidgee, to step up the exploration effort and to move towards increased resource definition.

Based on these early results, Legend will commence evaluation of the potential of the Swift line for further open pit resources, cut-backs of existing open pits and possible additional underground operations.

A third drilling rig has also commenced work today at Gidgee, to carry out a 15,000 metre RAB programme which will test six separate new targets in the immediate mine area and extending up to 8 kilometres to the north.

Murray McDonald Director 21st February, 2005

Hole	East	North	Hole Depth	From	Interval	Gold Grade
	(local grids)	(local grids)		(m)		(uncut)
Swift-Gannet-Vigilant Line
GDC011	20900	49773	294m	92	10m	5.7g/t
			incl	93	3m	15.2g/t
GDC012	20659	49801	319m	133	2m	2.2g/t
				142	3m	9.8g/t
				149	1m	4.1g/t
				163	1m	5.6g/t
				$\overline{272}$	1m	6.4g/t
				$\overline{297}$	1 m	10.8g/t
				304	4m	2.5g/t
GDC013	20623	49906	300m	32	8m	$9.2$ g/t
			incl	$\overline{32}$	4m	16.5g/t
				88	2m	2.3g/t
				282	2m	13.5g/t
				290	1m	64.3g/t
GDC014	20871	49816	268m	182	2m	4.7g/t
GDC015	20715	50092	300m	171	6m	2.4g/t
			incl	174	3m	3.9g/t
				190	1 m	5.7g/t
GDCO16	20640			194	3m	2.4g/t
		50000	300m incl	270 270	8m 4m	2.8g/t
GDC017	20897	49701	300m	36	8m	4.5g/t
			incl	36	4m	3.6g/t 6.0g/t
				76	16m	2.2g/t
			incl	76	4m	4.5g/t
			and	77	1m	14.0g/t
			and	$\overline{87}$	5m	3.0g/t
				106	2m	2.6g/t
GDC018	20810	49950	286m	96	$24m*$	2.5g/t
			incl	104	$8m*$	4.7g/t
GDC019	20800	49590	300m	$\overline{32}$	$4m*$	2.1g/t
				144	$4m*$	4.5g/t
				188	$4m*$	4.5g/t
				284	$4m*$	4.1g/t

Notes: Dips/azimuth at collars are: GDC011, GDC014 -60°/270° GDC012, GDC013, GDC015 -60°/090°; GDC016 -65°/090° GDC017-65°/270° GDC018-70°/360° GDC019-58°/160°

Estimates of true width will be made once infill drilling is completed and geological interpretations have been validated Analysis by 50g FA/AAS, Genalysis Laboratory Services (unless otherwise denoted *)

* Denotes 4m composite values by 200g Leachwell/AAS, Gidgee Minesite Laboratory

Results for GDC011-013 previously reported and are updated in this table

The information on exploration results and Mineral Resources contained in this report is based on data compiled by consulting geologist Mr Ian Cowden FAusIMM, CPGeo of Iana Pty Ltd. Mr Cowden has appropriate relevant experience to be considered as a Competent Person as defined in the JORC Code 2004 and consents to the inclusion in this report of the information in the form and context in which it appears.