LEGEND MINING LIMITED — Interim / Quarterly Report 2010

Apr 27, 2010

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

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Name of entity
LEGEND MINING LIMITED
ABN Quarter ended (“current quarter”)
22 060 966 145 31 March 2010
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A’000 (3 months)
$A’000
1.1 Receipts from product sales and related debtors 156 156
1.2 Payments for (a) exploration and evaluation (1,312) (1,312)
(b) development
(c) production - -
(d) administration (227) (227)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 103 103
1.5 Interest and other costs of finance paid (18) (18)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows (1,298) (1,298)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects - -
(b)equity investments (872) (872)
(c) other fixed assets (3) (3)
1.9 Proceeds from sale of: (a)prospects - -
(b)equity investments 608 608
(c)other fixed assets 103 103
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) 38 38
(126) (126)
Net investing cash flows
1.13 Total operating and investing cash flows (carried (1,424) (1,424)
forward)
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• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(1,424)	(1,424)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows	3,402 - - - - -	3,402 - - - - -
	3,402	3,402
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter (Note 1)	1,978 5,190 -	1,978 5,190 -
	7,168	7,168

Note 1: Total cash, security deposits and other liquid assets held at cost, at the end of the quarter $12,188,000 (see item 5).

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		82
		-
1.25 n-cas 2.1 2.2	Explanation necessaryfor an understandingof the transactions
	Directors salary
	h financing and investing activities Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	N/A
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	N/A

Non-cash financing and investing activities

Financing facilities available

Add notes as necessary for an understanding of the position.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	1,200
	-
Total	1.,200

Reconciliation of cash

Reconciliation of cash	Reconciliation of cash
Reconciliation of cash at the end of the quarter (as		Current quarter	Previous quarter
shown in the consolidated statement of cash flows) to		$A’000	$A’000
the related items in the accounts is as follows.
5.1	Cash on hand and at bank	152		164
5.2	Deposits at call	7,016	5,026
5.3	Bank overdraft
		-		-
5.4	Other (provide details)
		-		-
	Total: cash at end of quarter(item 1.22)	7,168	5,190
	Security deposits held for environmental bonds	1,389	1,389
	Shares held in Independence Group Limited at	3,631	2,813
	cost
	Total: cash, security deposits and other liquid assets held at cost, at the end of	12,188	9,392
	quarter

Changes in interests in mining tenements

• See chapter 19 for defined terms.

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6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	E57/674 P57/1056 P57/1058 P57/1068 P57/1069 P57/1070 P57/1126 P57/1127 P57/1244		100% 100% 100% 100% 100% 100% 100% 100% 100%	Nil Nil Nil Nil Nil Nil Nil Nil Nil
	Nil		Nil	Nil

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference+securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions	-	-	-	-
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	1,729,350,801	1,729,350,801	Nil	Fully Paid
	120,000,000 350,000,000	120,000,000 350,000,000	3.00 Nil	Fully Paid Fully Paid
7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor)	2,400,000 200,000,000 9,000,000 30,000,000 200,000,000 800,000,000	- - - - - -	Exercise price 4.25 4.00 5.30 6.00 4.00 Nil	Expiry date 22.05.2012 04.02.2015 16.12.2014 04.02.2015 04.02.2015 04.02.2015

• See chapter 19 for defined terms.

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7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	30,000,000 200,000,000 800,000,000	- - -	6.00 4.00 Nil	04.02.2015 04.02.2015 04.02.2015
	-	-	-	-
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 28 April 2010 (Company secretary) Print name: Brett White.............................................

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

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