LEGEND MINING LIMITED — Interim / Quarterly Report 2011

Apr 19, 2011

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, 01/06/10.

Name of entity

LEGEND MINING LIMITED

ABN 22 060 966 145	Quarter ended (“current quarter”)
22 060 966 145	31 March 2011

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (a) US dollar exchange loss Net Operating Cash Flows	Current quarter $A’000	Year to date (3 months) $A’000
	256 (1,518) - - (285) - 104 (15) - (86)	256 (1,518) - - (285) - 104 (15) - (86)
	(1,544)	(1,544)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - - - - - - - 43	- - - - - - - - 43
	43	43
	(1,501)	(1,501)

• 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)	(1,501)	(1,501)
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 (provide details if material) Net financing cash flows	310 - - - - -	310 - - - - -
	310	310
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 ofquarter	(1,191) 6,389 -	(1,191) 6,389 -
	5,198	5,198

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
		96
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Directors Salaries

Non‐cash financing and investing activities

2.1 2.2	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

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

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

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	1,560
	-
	-
	250
Total	1,810

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	1,310	1,036
5.2	Deposits at call	3,888	5,353
5.3	Bank overdraft
		-	-
5.4	Other (provide details)
		-	-
	Total: cash at end of quarter(item 1.22)	5,198	6,389
	Security deposits held for environmental bonds	1,389	1,389
	Shares held in Independence Group Limited	3,168	3,168
	and Pilbara Minerals Limited at cost
	Total: cash, security deposits and other liquid assets held at cost, at the end of	9,755	10,946
	quarter

• See chapter 19 for defined terms.

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Changes in interests in mining tenements

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
	EP136	-	90%	Nil
	E38/2616 E38/2617 E38/2618 E38/2619 E38/2620 EP187	- - - - - -	Nil Nil Nil Nil Nil NIl	100% 100% 100% 100% 100% 90%

• See chapter 19 for defined terms.

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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 note3) (cents)	Amount paid up per security (see note3) (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	1,738,850,801	1,738,850,801	Nil	Fully Paid
	7,500,000 2,000,000	7,500,000 2,000,000	4.00 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) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	2,400,000 200,000,000 9,000,000 30,000,000 192,500,000 800,000,000	- - - - - -	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
	-	-	-	-
	7,500,000	-	4.00	4.02.2015
	-	-	-	-

• See chapter 19 for defined terms.

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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.

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

Sign here: ............................................................ Date: 20 April 2011 (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.

== == == == ==

• See chapter 19 for defined terms.

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