LEGEND MINING LIMITED — Capital/Financing Update 2006

Nov 12, 2006

13 November 2006

ASX Announcement

NEW TARGET AREAS DRIVE EXPANDED PILBARA ELECTROMAGNETIC (VTEM) SURVEY

Key Points:

• Survey commenced and first results expected mid-December 2006
• Survey area expanded by 25% to 173km²
• New geological interpretation underpins revised survey scope $\mathbf{a}^{\top}$

Legend Mining Limited (Legend) today announced an expansion of the West Pilbara VTEM (Versatile Time-Domain Electro Magnetic) survey by 25% to 173km² to take advantage of new discovery opportunities in areas interpreted to be prospective for copper-zinc and nickel-copper deposits.

"The expanded survey will take advantage of this new ore-finding technology to facilitate the fast-tracking of new discoveries" Managing Director, Mark Wilson explained.

Legend's Pilbara land position and the planned survey areas are shown on the attached figure (Figure 1). The survey will take approximately 14 days to complete and preliminary results are expected in mid-December.

Legend has also implemented a strategy to expedite the grant of its Pilbara exploration licences and will commence fieldwork, including the drill testing of electromagnetic (VTEM) anomalies, upon the grant of title.

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Background

Legend listed on the Australian Stock Exchange in 1995 and mined high-grade silver at Elizabeth Hill in the Pilbara until 2000.

Legend holds rights through granted tenements, tenement applications and joint venture agreements over 724km² of the West Pilbara, all within 50km of Karratha (Figure 1). Legend and Fox Resources Limited (Fox) independently control a dominant portion of this emerging and exciting base metal district.

Legend also owns the Gidgee and Mt Gibson projects in the Yilgarn Province of Western Australia. The 60,000m aircore drilling program at Gidgee is on schedule to be completed by mid-December 2006 with final assays expected by late-January 2007.

Visit: www.legendmining.com.au to download a colour version of Figure 1.

For more information: Mr Mark Wilson Managing Director Legend Mining Limited Ph: (08) 9212 0600

Mr Bob Perrina Technical Director Legend Mining Limited Ph: (08) 9212 0600

The information in this announcement that relates to Exploration Results has been reviewed by Mr Robert Perring, a Member of the Australian Institute of Geoscientists, whose services are provided by Quadramin. Mr Perring has sufficient relevant experience in the styles of mineralisation and types of deposit under consideration, and in the activity 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" (the JORC Code), and consents to the inclusion of the information in the form and context in which it appears.

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