LEGEND MINING LIMITED — Capital/Financing Update 2006

Apr 23, 2006

24 April 2006

Company Announcements Office Australian Stock Exchange Ltd

PROPOSED SALE OF LEGEND'S 30% INTEREST IN ELIZABETH HILL PROJECT TERMINATED

Legend advises that subsequent to its announcement on 25 January 2006 concerning the proposed sale of Legend's 30.12% interest in the East Coast Minerals Joint Venture, Sunloop has not satisfied the conditions of sale and therefore has withdrawn from the proposed transaction.

In view of this development and the improving market for base metals and silver in particular, Legend is re-considering how to best maximise the value of its partly owned and 100% owned portfolio of Pilbara projects whilst maintaining focus on its advanced zinc (copper/gold) and gold projects at Mt Gibson and Gidgee respectively.

$M$ w). $J^*$

Mark W. Wilson Managing Director Legend Mining Limited