LEGEND MINING LIMITED — Capital/Financing Update 2007

Oct 1, 2007

2 October 2007

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ASX Announcement

FURTHER DRILL TARGETS DEFINED IN PILBARA

• Ground EM completed over eight VTEM anomalies

• 11 base metal targets now drill-ready

• First new applications advertised

Legend Mining Limited (ASX:LEG) today announced the results from ground EM surveys over seven priority anomalies delineated in the June 2007 VTEM-2 survey and one anomaly from the November 2006 VTEM-1 survey at its Pilbara Project (Figure 1).

Legend Managing Director Mark Wilson said:

“Eleven quality drill targets, four from our first ground EM survey and seven from this survey, have now been identified and we are keen to gain access to test them.”

The 11 drill targets are considered prospective for a number of deposit types including nickel-copper (Radio Hill, Ruth Well and Sholl-type), copper-gold (Carlow Castle-type) and copper-zinc (Whundo-type).

“VTEM is a remarkable technique which is providing new information not available to previous explorers, and as a result is identifying truly greenfield type targets.”

“Ground EM follow-up of VTEM anomalies is proving to be a highly efficient and effective way to generate base metal drill targets in the Pilbara.”

“The granting of tenements in the Pilbara continues to be a challenge, however the DoIR has recently advertised the first of our applications and we are actively working through the grant process and are planning on drilling by Q2 2008” said Mr Wilson.

Ground EM Survey Results

Ground Fixed-Loop Transient Electromagnetic (FLTEM) surveys have been completed over seven priority Versatile Time-Domain Electromagnetic (VTEM-2) anomalies delineated in June 2007 and one anomaly from the November 2006 VTEM-1 survey. (see Figure 1)

Data from the airborne and ground geophysical surveys have been modelled and interpreted by Perth-based Southern Geoscience Consultants. Results of the latest FLTEM surveys are summarised below:

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Legend 100% Tenure

Roundstone

Located 6km south-southeast of Radio Hill (see Figure 1), this anomaly is in an area of thin alluvial cover and could not previously be accessed due to wet conditions. This discrete anomaly has a modelled conductor dipping 45-55[o] southeast and is at a depth of 40m from surface to the top of the conductor. The modelled conductor is consistent with the presence of a sulphide body (Figure 2).

Chapman

Located 1km southeast of the Carlow Castle copper-gold workings (see Figure 1), this anomaly coincides with historic copper-gold workings hosted in gabbro of the Andover Intrusive Complex. The FLTEM survey identified two shallow, discrete bedrock conductors at a depth from surface of 40m and 60m respectively, with both conductors dipping shallowly 25-35[o] to the north. These bedrock conductors may represent sulphide bodies (Figure 3).

Milburn

Located 2km east-southeast of the Carlow Castle copper-gold workings (see Figure 1), this discrete anomaly is associated with outcropping copper mineralisation in gabbro. The anomaly occurs near the contact between mafic and ultramafic intrusives of the Andover Intrusive Complex and mafic volcanics. The top of the modelled FLTEM conductor is at a depth of 35m from surface and dips 45[o] west. The discrete bedrock conductor is consistent with a sulphide body (Figure 4).

Thorp

Located 2km southeast of the Carlow Castle copper-gold workings (see Figure 1), this anomaly coincides with historic copper-gold working hosted in gabbro of the Andover Intrusive Complex. Two bedrock conductors have been delineated by the FLTEM survey, the first at a depth of 100m from surface and dipping 60[o] north-northwest, the second at a depth of 40m from surface with a dip of 40[o] to the north (Figure 5).

Varcoe

Located 1km east of the Ruth Well nickel-copper deposit (see Figure 1), this anomaly coincides with the contact between the ultramafic host unit at Ruth Well and a brecciated basalt. The FLTEM survey revealed a number of bedrock conductors, potentially representing a folded structure. The stronger modelled conductors are consistent with the presence of sulphide bodies (Figure 6).

Mt Marie JV (Legend earning 70%, Fox Resources 30%)

Osborne

Located 5km northeast of the Sholl B1 nickel-copper deposit (see Figure 1), this discrete anomaly coincides with the contact between mafic and ultramafic intrusives of the Andover Intrusive Complex. Osborne is modelled as a 30-45[o] northwest dipping conductor at a depth from surface of 145m. The conductive source is consistent with the presence of a sulphide body (Figure 7).

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Hickmott

Located 4km northeast of the Ruth Well nickel-copper deposit (see Figure 1), this anomaly coincides with a contact between ultramafic and basaltic lithologies. This stratigraphic position hosts historic copper workings along strike, although no workings are recorded in the immediate vicinity of the anomaly. Hickmott models as a discrete bedrock conductor at a depth from surface of 50m and dipping 40-50[o] to the south and may represent a sulphide body (Figure 8).

Paton

Located 4km north of the Sholl B1 nickel-copper deposit (see Figure 1), this discrete anomaly coincides with basalt and ultramafics on the western margin of the Andover Intrusive Complex. The FLTEM survey did not define a legitimate bedrock conductor indicating the anomaly is related to surficial material or weathering. Ground reconnaissance in the area confirmed the presence of a well developed calcrete layer, downgrading the anomaly.

Next Phases of Work

Further processing and interpretation of the VTEM data, in conjunction with aeromagnetic/radiometric datasets will be undertaken, aimed at identifying additional anomalies. It is envisaged that follow-up ground reconnaissance and sampling of these “new” anomalies will lead to the identification of more targets requiring ground EM evaluation.

The 11 targets already defined by this and previous (April 2007) ground EM surveys are now at the drill stage. Drilling of these targets will commence following the granting of tenure.

Background

Legend holds rights through granted tenements, tenement applications and joint venture agreements over 724km[2] of the West Pilbara, all within 50km of Karratha. Legend and Fox Resources Limited (Fox) independently control a dominant portion of this emerging and exciting base metal district.

Legend also owns the Gum Creek (nickel-copper-platinum group element) and Mt Gibson projects (zinc-copper-gold) in the Yilgarn Province of Western Australia. Legend recently announced the sale of its Gidgee Gold Project to Apex Minerals NL (ASX:AXM) and the signing of the Mt Gibson Farm-in and Joint Venture Agreement with Oxiana Limited (ASX:OXR).

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Visit www.legendmining.com.au to download a colour version of the attached figures.

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

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The information in this announcement that relates to Exploration Results has been reviewed by Mr Derek Waterfield, a Member of the Australian Institute of Geoscientists and a full time employee of Legend Mining Limited. Mr Waterfield 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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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Figure 1: Pilbara Project Location Plan

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Figure 2: Roundstone VTEM Anomaly showing Modelled FLTEM Conductor

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Figure 3: Chapman VTEM Anomaly showing Modelled FLTEM Conductors

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Figure 4: Milburn VTEM Anomaly showing Modelled FLTEM Conductor

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THORP VTEM TARGET
THO1_1
THO2_1
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Figure 5: Thorp VTEM Anomaly showing Modelled FLTEM Conductors

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Figure 6: Varcoe VTEM Anomaly showing Modelled FLTEM Conductors

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Figure 7: Osborne VTEM Anomaly showing Modelled FLTEM Conductor

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au

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Figure 8: Hickmott VTEM Anomaly showing Modelled FLTEM Conductor

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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005 P.O. Box 626 West Perth Western Australia 6872

Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: legend@legendmining.com.au Website: www.legendmining.com.au