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LEGEND MINING LIMITED Capital/Financing Update 2010

Apr 13, 2010

65223_rns_2010-04-13_86435459-c4df-4413-9187-a44a1ed4bda5.pdf

Capital/Financing Update

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14 April 2010

ASX Announcement

CAMEROON IRON ORE PROJECT ROCKCHIP RESULTS

  • High grade iron (65.2% to 69.3% Fe) rockchip samples at Eseka

  • Exploration team now operational

  • Field camp established at Eseka

Legend Mining Limited (Legend) is pleased to announce the results of the first batch of rockchip samples from the Ngovayang tenement at its Cameroon Project in West Africa, see Figure 1.

Table 1 details results from rockchip float samples of massive magnetite which were the highlight results from the 72 assays received to date.

Table 1: Massive Magnetite – Eseka Prospect Rockchip Results

Sample No. UTM_E UTM_N Fe% **SiO2% ** **Al2O3% ** P% LOI%
583001 696241 399663 69.1 0.9 0.9 0.02 -1.0
583109 696111 399950 67.1 1.3 1.5 0.07 0.5
583117 696343 400355 68.7 0.6 1.5 0.02 -1.5
583131 695798 399973 65.2 2.0 1.3 0.21 3.0
583133 696175 400009 66.1 1.6 0.9 0.13 3.5
583134 696285 399994 67.3 1.8 1.2 0.08 0.1
583136 696710 400010 66.9 0.9 1.4 0.13 2.6
583213 696217 399614 65.7 1.2 1.6 0.06 2.0
583215 696384 399615 69.3 0.7 1.0 0.03 -1.4

Co-ordinates: Universal Transverse Mercator WGS84, Zone 32 ,Northern Hemisphere Assay Method : Fe, SiO2, Al2O3 by fusion XRF, P% calculated from P2O5 fusion XRF LOI – Loss on Ignition at 1,000[0] C by fusion XRF

Since the arrival in Cameroon of Exploration Manager Mr John Stockley, on 4 February 2010, a team of six Cameroon geologists have been recruited and a field camp established 3km outside the Eseka township. (See photos page 2).

Legend Managing Director Mr Mark Wilson said “It is pleasing to have recruited our team and established our camp within the first 60 days of our ownership of the project. The early results, especially of the massive magnetite samples are particularly encouraging. We are now looking to establish a better understanding of the geology of the Eseka Prospect to be able to confidently plan our first drill programme”.

“Our Cameroon subsidiary, Camina SA, is now for all intents and purposes close to a fully functioning exploration company” he added.

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Legend Mining Limited ABN 22 060 966 145 Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Level 2, 640 Murray Street West Perth Western Australia 6005 Email: [email protected] P.O. Box 626 West Perth Western Australia 6872 Website: www.legendmining.com.au

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Figure 1: Cameroon Project Location

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Mark Wilson at Exploration Camp Exploration Camp
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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: [email protected] Website: www.legendmining.com.au

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Technical Discussion

Eseka Prospect

  • Results returned from 72 rockchip float/grab samples.

  • Geological mapping, geochemical sampling and trenching ongoing.

  • Establishment of 52.2km of gridlines with 400m spacing.

  • Exploration field camp established.

  • Environmental approvals for drilling road access and base line studies underway.

Exploration has been focussed on the Eseka area and included establishing gridlines over the prospect at 400m spacing to assist geological mapping and rockchip float sampling. Geological mapping, geochemical sampling and trenching activities are ongoing and critical to advancing the geological knowledge of the prospect in conjunction with the aeromagnetic data.

A field exploration camp has been established in the northern part of the prospect to aid field activities and logistics. Environmental approvals and base line studies with community consultation is underway in the Eseka region in preparation for future drill rig access.

Results from a total of 72 non-systematic rockchip float/grab samples have been received from Eseka, of which 60 relate directly to iron exploration. An additional 91 rockchip float/grab samples have been submitted for analysis with results pending.

The rockchip samples fall into three broad categories based on rock type and associated assay results; 1) massive magnetite, 2) goethitic/limonitic material after itabirite, and 3) weathered itabirite with variable iron/silica content.

The massive magnetite group is characterised by high iron values between 65-69% Fe with associated low silica, alumina, phosphorus and loss on ignition (LOI) values. The goethitic/ limonitic group has an iron range of 50-63% Fe with varying levels of silica, alumina, phosphorus and LOI. Iron values of the weathered itabirite group have a range of 30-47% Fe (average 39% Fe) with associated silica ranging from 11-51% SiO2 (average 39% SiO2), which is typical for itabirite bodies.

Results for these three groups of samples are presented in Appendix 1, while sample locations with iron values are shown on Figure 2.

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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: [email protected] Website: www.legendmining.com.au

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Figure 2: Eseka Prospect – Rockchip Sample Results (Iron) on Aeromagnetic Image (Analytical Signal of Total Magnetic Intensity)

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Legend Mining Limited ABN 22 060 966 145 Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Level 2, 640 Murray Street West Perth Western Australia 6005 Email: [email protected] P.O. Box 626 West Perth Western Australia 6872 Website: www.legendmining.com.au

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Ngovayang Regional Exploration

  • Final processing of the aeromagnetic/radiometric data completed.

  • Aeromagnetic litho-structural interpretation to identify regional targets.

  • Reconnaissance underway at two regional targets adjacent to the railway line.

  • Processing of Landsat remote sensing data targeting iron mineralisation and associated alteration patterns.

Final processing of the aeromagnetic and radiometric data, including the infill flight lines, over the entire Ngovayang District has now been completed. The infill flight lines have provided addition detail over the magnetic features allowing better definition/resolution for ground follow-up.

The identification of numerous large/strong coherent magnetic features by the aeromagnetic survey highlights the iron prospectivity of the Ngovayang District. To assist with iron mineralisation targeting, a project wide litho-structural interpretation of the aeromagnetic data is being undertaken to provide additional geological framework. Processing of Landsat data utilising various “filters” to highlight areas with elevated iron content will also be used in conjunction with the aeromagnetic and radiometric data to identify targets.

Mayo Binka

  • Completion of aeromagnetic/radiometric survey at Mayo Binka.

  • Previous rockchip sample results ranged from 54.9% to 67.4% Fe.

The aeromagnetic/radiometric survey was completed over the Mayo Binka tenement with a total of 3,177 line km flown, see Figure 3. Magnetic features were identified in the central eastern portion of the tenement associated with an area with known outcropping massive magnetite/hematite. Previous rockchip sampling of this outcropping massive magnetite/ hematite and associated itabirite units returned iron values ranging from 55-67% Fe, see Table 4. Further ground reconnaissance is required to fully assess the significance of the features.

Table 4: Mayo Binka - Rockchip Results

Sample No. UTM_E UTM_N Fe % **SiO2% ** **Al2O3% ** P % LOI %
JS9 705938 729660 67.4 0.5 0.6 0.01 1.9
JS10 705520 729048 63.0 2.0 1.7 0.06 5.5
JS11 705009 727598 64.0 1.3 1.7 0.12 5.0
JS12 705010 727600 55.2 19.6 0.2 0.01 1.3
JS13 705154 727993 54.9 12.9 0.6 0.01 0.2

Co-ordinates: Universal Transverse Mercator WGS84, Zone 32 ,Northern Hemisphere Assay Method : Fe, SiO2, Al2O3, P by fusion XRF LOI – Loss on Ignition at 1,000[0] C by fusion XRF

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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: [email protected] Website: www.legendmining.com.au

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Figure 3: Mayo Binka Project - Rockchip Sample Results (Iron) on Aeromagnetic Image (Analytical Signal of Total Magnetic Intensity

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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: [email protected] Website: www.legendmining.com.au

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Appendix 1 – Eseka Prospect Rockchip Results

Table 1: Massive Magnetite – Eseka Prospect Rockchip Results

Sample No. UTM_E UTM_N Fe% **SiO2% ** **Al2O3% ** P% LOI%
583001 696241 399663 69.1 0.9 0.9 0.02 -1.0
583109 696111 399950 67.1 1.3 1.5 0.07 0.5
583117 696343 400355 68.7 0.6 1.5 0.02 -1.5
583131 695798 399973 65.2 2.0 1.3 0.21 3.0
583133 696175 400009 66.1 1.6 0.9 0.13 3.5
583134 696285 399994 67.3 1.8 1.2 0.08 0.1
583136 696710 400010 66.9 0.9 1.4 0.13 2.6
583213 696217 399614 65.7 1.2 1.6 0.06 2.0
583215 696384 399615 69.3 0.7 1.0 0.03 -1.4

Co-ordinates: Universal Transverse Mercator WGS84, Zone 32 ,Northern Hemisphere Assay Method : Fe, SiO2, Al2O3 by fusion XRF, P% calculated from P2O5 fusion XRF LOI – Loss on Ignition at 1,000[0] C by fusion XRF

Table 2: Goethitic/Limonitic Material – Eseka Prospect Rockchip Results

Sample No. UTM_E UTM_N Fe% **SiO2% ** **Al2O3% ** P% LOI%
583102 696697 402467 50.6 5.3 7.5 0.41 14.4
583103 696453 402669 57.5 3.3 3.7 0.33 10.5
583104 696408 402690 52.6 6.0 4.3 0.33 14.2
583105 696370 402551 63.5 1.6 2.3 0.09 4.8
583107 695821 400729 54.8 4.1 2.5 0.51 14.5
583118 696397 400354 53.1 4.3 4.7 0.54 14.0
583122 695316 400784 50.3 10.3 4.1 0.39 13.2
583201 695579 401209 55.5 3.3 2.5 0.55 14.5
583202 696516 401223 60.4 2.7 3.7 0.21 7.6
583203 696581 401229 57.8 4.1 3.6 0.26 9.6
583206 694317 399703 53.9 5.1 2.6 0.51 14.5
583208 695375 399600 51.6 13.8 1.5 0.45 9.7
583211 696026 399618 62.5 1.7 2.7 0.17 6.5
583216 696433 399626 52.6 4.6 6.2 0.25 13.5
583217 695525 399608 50.7 5.5 7.4 0.37 14.3

Co-ordinates: Universal Transverse Mercator WGS84, Zone 32 ,Northern Hemisphere Assay Method : Fe, SiO2, Al2O3 by fusion XRF, P% calculated from P2O5 fusion XRF LOI – Loss on Ignition at 1,000[0] C by fusion XRF

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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: [email protected] Website: www.legendmining.com.au

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Table 3: Itabirite – Eseka Prospect Rockchip Results

Sample No. UTM_E UTM_N Fe% **SiO2% ** **Al2O3% ** P% LOI%
583002 685737 391906 35.5 46.4 0.7 0.09 1.2
583004 684189 382946 39.3 41.5 0.7 0.04 0.3
583005 684185 382944 33.2 51.2 0.5 0.02 0.7
583009 680036 396368 43.8 34.3 0.8 0.04 2.2
583010 680029 396340 43.1 36.1 0.4 0.03 0.8
583011 680021 396242 43.9 36.1 0.3 0.08 0.1
583012 680024 396213 43.3 36.4 0.3 0.07 1.4
583013 680044 396148 44.8 35.3 0.2 0.07 0.3
583014 679920 395761 44.0 34.6 1.0 0.06 -0.3
583101 696849 402376 30.3 37.1 10.3 0.03 6.1
583106 695501 400901 39.6 40.7 0.6 0.08 0.5
583108 696115 400078 36.7 42.8 1.1 0.09 0.2
583110 695158 400460 42.6 36.2 0.7 0.09 0.8
583111 695292 400419 45.5 11.8 9.5 0.04 12.8
583113 695489 400402 35.2 45.5 0.6 0.10 -0.4
583114 695490 400403 30.4 47.8 0.5 0.13 1.8
583115 695489 400402 35.7 47.5 0.1 0.07 0.2
583116 695750 400358 36.6 42.1 1.2 0.10 0.0
583119 695663 400706 35.7 46.0 0.5 0.07 0.2
583120 695617 400708 42.8 37.0 0.8 0.09 0.4
583121 695268 400788 39.2 39.1 1.0 0.09 0.3
583123 696099 400791 34.5 43.4 2.2 0.08 -0.2
583124 696604 400808 35.9 44.9 1.1 0.09 0.1
583127 695135 399998 38.0 42.4 1.2 0.10 0.5
583128 695572 399990 38.9 38.2 1.6 0.17 2.8
583130 695708 399983 33.5 46.3 1.3 0.08 1.1
583132 696080 399980 37.0 43.3 0.9 0.10 1.5
583135 696634 400010 44.1 26.4 1.3 0.14 8.3
583205 694850 399592 30.9 44.9 6.3 0.21 1.2
583207 695282 399592 38.4 41.9 1.2 0.06 0.1
583209 695525 399608 45.0 18.5 5.0 0.29 10.8
583210 695957 399616 37.2 41.9 1.7 0.07 0.7
583212 696047 399603 47.7 15.5 4.0 0.07 12.3
583214 696307 399601 37.9 41.5 0.9 0.08 1.1
583218 696766 399622 40.2 38.8 0.5 0.05 1.5
583219 696975 399598 39.3 40.2 0.6 0.04 0.8

Co-ordinates: Universal Transverse Mercator WGS84, Zone 32 ,Northern Hemisphere Assay Method : Fe, SiO2, Al2O3 by fusion XRF, P% calculated from P2O5 fusion XRF LOI – Loss on Ignition at 1,000[0] C by fusion XRF

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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: [email protected] Website: www.legendmining.com.au

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Background Legend currently holds interests in an iron ore Project in Cameroon, West Africa, and three Projects in WA, namely, Pilbara, Gum Creek and Mt Gibson.

The Cameroon Project (iron ore, gold) comprises granted exploration permits and applications covering an area of approximately 3,900km[2] . Discovery of 50Mt of direct shipping ore (DSO) is the primary target, however itabirite ore (lower grade but potential very high tonnage) will also be targeted. The southern project area has the added advantage of being well served by access infrastructure including rail and road networks to and from the port city of Douala.

The Pilbara Project (iron ore, nickel-copper, zinc-copper) comprises 686km[2 ] of tenure in the West Pilbara, all within 50km of Karratha. As well as the magnetite potential associated with BIF of the Cleaverville Formation, Legend has identified 14 priority base metal drill targets from Versatile Time-Domain Electromagnetic (VTEM) surveys.

The Gum Creek Project (iron ore, nickel-copper-platinum group element) is located 640km northeast of Perth in the Yilgarn Province. The Woodley region contains a 22km BIF unit with the potential for a significant tonnage of magnetite. The project is also considered prospective for both intrusion-related (Ni-Cu-PGE) and komatiite flow-related Ni-sulphide mineralisation.

The Mt Gibson Project (zinc-copper-gold) is located 290km northeast of Perth in the Murchison Province. Mt Gibson operated for 12 years as a gold mine from 1986 following the discovery of gold in surface laterite. The operation produced 870,000 ounces of gold from 16.5Mt of ore at an average grade of 1.68g/t. Legend, through a study conducted in 2006 by Dr S Carras of Carras Mining Pty Ltd, estimated the residual gold Mineral Resource (Indicated and Inferred) to be 8.7Mt at 1.98g/t gold for 559,000 ounces (see 2006 Legend Annual Report).

Visit www.legendmining.com.au for further information and announcements.

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

Mr Derek Waterfield Exploration Manager Legend Mining Limited Ph: (08) 9212 0600

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled 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 Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Level 2, 640 Murray Street West Perth Western Australia 6005 Email: [email protected] P.O. Box 626 West Perth Western Australia 6872 Website: www.legendmining.com.au

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