INTERVIEW WITH MARK WILSON, MANAGING DIRECTOR OF LEGEND MINING LIMITED (LEG)

“GUM CREEK GRAVITY SURVEY DEFINES IRON ORE TARGETS.”

http://www.brr.com.au/event/49225

THURSDAY, AUGUST 7, 2008, 11:00 AM.

            BRR    Good morning. Welcome to Boardroom Radio. Today, we are speaking with Mr. Mark Wilson, Managing Director of Legend Mining Limited. Thanks for

10                    joining us today, Mark.

            LEG     My pleasure, Eddie.

            BRR    Mark, we see recently you have released an announcement in regards to a gravity survey you guys are currently doing at Gum Creek? Could you want to

15                    just give our listeners some details of this survey?

            LEG     Certainly, Eddie. As reported in the actual announcement it is saying the significance of this is that it adds an iron ore potential or dimension to our Gum Creek project. A couple of years ago, we were aware of a fairly large meg anomaly, some 22 kilometres long and sent an experienced iron ore

20                    geologist into the field to have a look and take various rockchip samples which we have reported in the entirety in our announcement. At that time, we were not really confident that we had the sort of size, tonnes, grade, whatever; to make an iron ore statement around that but in recent times with the increase in iron ore prices, the Oakajee Port opening up, proposed rail

25                    links coming into the Midwest and just a general greater market awareness of the Midwest potential for iron ore, we reviewed that position which led to the commissioning of the gravity survey, which is the subject of this report. We have detailed six target areas on the advice of our geophysical consultants who believe merits of the work. There will be a field team heading out there

30                    tomorrow, actually Thursday; to report back and the outcome of that will be a drilling program which will be commenced shortly thereafter.

            BRR    Mark, a couple of days prior to that, you have released your quarterly report. Could you want to give our listeners some of the highlights for Legend Mining

35                    through the quarter?

            LEG     Eddie, yes. It is especially relevant in this time with a lot of nervousness in markets. Our constant theme is for our shareholders and anyone else who cares to listen, that Legend is in a very, very, sound financial position with $12 odd million in our treasury. With the interest we earn on that money and

40                    with the rental income we are getting from our Mount Gibson camp which we released during the quarter, Legend’s entire overheads and administration expenses are fully paid for out of the income from those sources for certainly the next 12 months and probably beyond. At a project level, Pilbara, we have received the first approval to conduct the first drilling program on the Fox

45                    Mount Marie Joint Venture ground. We are in the process of getting a heritage survey for those particular activities and we will be on the ground, organizing drills, et cetera, shortly thereafter as is humanly possible.  We are expecting a more comprehensive report from our joint venture partner, Oxiana, during this current quarter but as we reported some 3000 meters of diamond drilling there with zinc intercepts and we are looking forward to (inaudible) (0:03:11) reporting the assays from that program and their follow-up work. I think really earlier in the interview, we discussed the Gum Creek iron ore potential and there will be a third drilling program probably in parallel

5                      with that iron ore work with the copper prospect at the nose of Bungarra. So, you know, wrapping all of that up together, Legend is well funded.  We have got income to cover all administration expenses and all of our projects are really being quite actively worked.

10        BRR    All sounds promising Mark. We would like to thank you for your time and we look forward to hearing from you soon.

            LEG     Thanks very much, Eddie.

BRR    That was Mark Wilson, Managing Director of Legend Mining Limited.  If you

15                    have any questions about this broadcast or any other broadcasts, please feel free to contact us on brr@brr.com.au.  I am Eddie (inaudible) (0:04:03) and thank you for listening to Boardroom Radio.

INTERVIEW CONCLUDED

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