LEGEND MINING LIMITED — Capital/Financing Update 2011

Nov 21, 2011

ASX: LEG

ASX Announcement

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22 November 2011

SALE OF MT GIBSON GOLD PROJECT

Legend Mining Limited (“Legend”) (ASX: LEG ) is pleased to announce that it has signed an Asset Sale Agreement with Top Iron Pty Ltd (“Top Iron”) to sell Legend’s Mt Gibson Gold Project to Top Iron for the cash consideration of $7,000,000. In addition to the consideration, the $1,400,000 term deposit securing the environmental bonds on the site will be returned to Legend’s working capital account.

Legend Managing Director Mr Mark Wilson said: “This sale is the last of our West Australian projects. The consideration and return of the environmental bond deposit adds significant funds to our treasury and enables Legend to be identified as a focussed West African iron ore explorer.”

The transaction is subject to a 60 day due diligence period which includes FIRB approval, and is scheduled to settle on 20 January 2012.

Top Iron is a privately owned exploration company with mining assets in the near vicinity of the Mt Gibson site.

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

Level 2 / 640 Murray Street, West Perth WA 6005 PO Box 626, West Perth WA 6872 Tel: +61 8 9212 0600 | Fax +61 8 9212 0611 www.legendmining.com.au