LEGEND MINING LIMITED — Capital/Financing Update 2012

Mar 13, 2012

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ASX: LEG

14 March 2012 ASX announcement

SALE OF MT GIBSON GOLD PROJECT SETTLED

Legend Mining Ltd (“Legend”) (ASX: LEG) is pleased to announce that the sale of the Mt Gibson Gold Project to Extension Hill Pty Ltd settled on 13 March 2012.

Legend received $6.8M cash after adjustments for outgoings, employee benefits and storm damage allowance.

On 20 February 2012 a severe storm caused damage to the improvements and the parties agreed to deduct $250,000 from the purchase price until arrangements for repairs to the damage are finalised. Legend has the improvements covered by insurance and once the insurance claim is agreed and the method and cost for the repairs is agreed between the parties, Legend will be responsible for the cost of the repairs and the $250,000 will be paid to Legend.

Legend also received $1.4M being the term deposit which secured the environmental bonds for the project. Legend now has cash and investments at current market value of +$17M.

Extension Hill Pty Ltd (wholly owned by Asia Iron Australia Pty Ltd) operates the Extension Hill magnetite development project neighbouring the Mt Gibson Gold Project and has until recently been leasing facilities at the Mt Gibson Gold Project.

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

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

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