LEGEND MINING LIMITED — Capital/Financing Update 2007

May 21, 2007

22 May 2007

ASX Announcement

Issue of options under Employee Share Option Plan No.2

Legend Mining Limited ("Legend") (ASX:LEG) is pleased to advise that, following shareholder approval of the Employee Share Option Plan No.2 at the Annual General Meeting on 15 May 2007, the directors of Legend have resolved to issue 3,450,000 options exercisable at 8 cents on or before 22 May 2012 (vesting on 22 May 2008) to employees and contractors of Legend. Directors may not participate in the Employee Share Option Plan No.2 under the rules of the plan.

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

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