LEGEND MINING LIMITED 2003-01-30 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ * High grade gossan and rock chip results from six prospects within 675sqkm Karratha Gold and Base Metals Project Area identify new drill targets * RC drilling at Elizabeth Hill * Hamill Resources Ltd highlights two anomalous gold trends at Emerald JV KARRATHA GOLD AND BASE METALS PROJECTS In October 2002 further field exploration was undertaken on Legend's extensive tenement holdings between Karratha, Roebourne and the Radio Hill Nickel mine. Based on gold and base metal results from this program, a focussed and significant exploration effort will now be accelerated over what has recently become one of the largest holdings in this highly prospective yet underexplored greenstone belt. A program of mapping and sampling to enhance definition of mineralisation controls at a number of prospects was completed, with a total of 180 rock chip and gossan samples collected. The principal targets were the Orpheus Shear Zone south of the regional Sholl Shear Zone, and the area surrounding the Carlow Castle and Carlow South copper-gold resources previously reported as containing 91,000t at 10.0g/t Au (indicated and inferred). Significant results with greater than 1.0g/t gold and/or 1.0% base metals are given in Table 1 below. LEGEND MINING LIMITED 2003-01-30 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ ORPHEUS AND SHOLL (LEGEND 100%) At least four significant gold/copper/zinc mineralisation centres were confirmed along the 7.5 kilometre strike of the Orpheus Shear Zone. From east to west these are: Orpheus, Nickol Anticline, Reef 3 and B5 - a new discovery east of the Golden Reef alluvial workings. Some of the better rockchip sample results included 14.74g/t gold, 5.58% copper and 5.63% zinc at Orpheus and 13.05g/t gold, 20.77% copper and 9.71% zinc at Reef 3. At the Orpheus and Nickol Anticline prospects, several parallel gossanous shear zones were shown to be highly enriched in base and precious metals (Table 1). Mineralisation along the Orpheus Shear Zone has been only lightly drill tested by previous explorers. Legend is planning to further drill this extensive mineralised system based on the highly encouraging results from recent fieldwork. CARLOW CASTLE, MINE WELL, RAILWAY (LEGEND 100%) Interpretation of recently acquired detailed aeromagnetics and the October field exploration program resulted in greater knowledge of the copper/gold mineralisation controls present in the area of the Carlow Castle and Carlow South high grade resources and surrounding mineral occurrences. It had been previously demonstrated that at least three different orientations of fault and shear systems host copper/gold mineralisation in the area around the historic Carlow Castle Main Workings. This concept led to the discovery by Legend of the Carlow South high grade gold copper resource, which has a central core grading 10.0g/t Au below a thin soil cover and has yet to be closed off. We now have an upgraded mineralisation model that can be applied with confidence over a much larger area around Carlow. Several Composite rockchip samples taken along large regional linear features returned elevated gold/copper values at Railway, Railway North and Carlow West. These large structures have yet to be subjected to detailed geological assessment. Legend will continue follow-up work in the coming field season to prioritise drill targets and is confident of finding further Carlow South style copper/gold mineralisation within the 52sqkm project area. TABLE 1: SIGNIFICANT SAMPLE RESULTS, OCTOBER 2002 SAMPLING PROGRAM SAMPLE EAST NORTH CU- ZN- TARGET NO. GDA94 GDA 94 AU AG CU RP1 ZN RPT PPM PPM % % % % Orpheus KA04 49 8765 768 6848 14.74 293 4.74 5.75 0.04 0.04 Orpheus KA05 49 8775 768 6826 8.53 23 1.15 0.01 Orpheus KA06 49 8826 768 6926 11.62 65 5.97 0.01 Orpheus KA10 49 9572 768 7161 0.71 16 0.29 2.89 Orpheus KA11 49 9781 768 7389 0.69 11 2.38 5.63 Orpheus KA12 49 9782 768 7477 6.70 3137* 5.58 7.65 0.46 0.61 Orpheus KA13 50 0107 768 7577 0.20 55 0.22 2.64 Orpheus KA15 49 9322 768 7342 0.10 6 0.11 1.15 A4 KA75 49 3795 768 9104 0.51 2 0.96 0.01 B5 KA37 49 5120 768 5332 1.76 2 0.05 0.02 B5 KA39 49 5069 768 5242 1.66 2 0.05 0.06 B5 KA168 49 5240 768 5469 1.56 1 0.04 0.05 Nickol AnticlineKA87 49 6889 768 6668 1.75 1 0.03 0.02 Reef 3 KA27 49 5499 768 6254 0.90 295 20.77 28.42 0.07 0.09 Reef 3 KA28 49 5475 768 6210 0.60 68 6.49 7.65 9.71 15.18 Reef 3 KA29 49 5470 768 6204 13.05 89 9.13 11.05 3.91 5.16 Reef 3 KA176 49 5460 468 6000 0.18 1 0.25 3.97 Carlow West KA132 50 6464 769 8843 0.01 1 4.72 0.01 Railway KA154 50 8712 769 6687 1.21 2 0.13 0.01 Railway KA157 50 8810 769 6356 4.43 0 0.00 O.O0 Railway North KA162 50 9028 769 8400 0.45 4 5.89 0.01 Railway North KA163 50 9028 769 8400 0.49 1 1.12 0.02 Composite rock chip and gossan samples wore collected and descriptions and GPS locations recorded. Analyses were by Genalysis Laboratory Services Pty Ltd using B/SAAS for Au (0.01ppm detection), B/AAS for Ag (0.1 ppm), Cu (1ppm) and Za (1 ppm). Repeat check analyses for Cu and Zn were by AX/OES (10ppm). Note*: one silver check assay was also by AX/OES (5ppm). MUNNI MUNNI JOINT VENTURE (LEGEND 33 (1/3%)) During November to December 2002 33 reverse circulation holes were drilled at the Elizabeth Hill Silver Project with a total of 4096 M. Secondary silver minerals were detected in 5 holes with best results to date of 250ppm in AG43 at 118-119m and 233ppm. in AG33 at 190-194m. Most of the holes drilled south of the mine intersected only minor carbonate alteration and no or patchy silver mineralisation. The east-west trending Elizabeth Hill Fault was found to have a shallow (30 degree) northerly dip but does not appear to be mineralised. Widespread but low grade (tens of ppm) silver anomalies are associated with an east-west fault immediately south of the previously mined orebody. Check assaying is in progress to explain discrepancies between logging and assaying. Evaluation will be completed once final analyses have been received. EMERALD GOLD PROJECT (LEGEND 40%) Hamill Resources Ltd is earning up to 80% by conducting exploration at Emerald, south of Mt Ida in the Eastern Goldfields. An auger geochemistry program was designed to test an area in the south of the project considered favourable for hosting gold milieralisation, based upon favourable structural intersections and rock types. Seven cast - west lines spaced 200m apart were drilled at 25m intervals for a total of 437 holes, and assayed for Au, As, and Ni at 1.8m depth. Significant elevations in Ni over interpreted ultramafic units on the northern five lines indicate a high level of integrity for much of the assay data. The program highlighted two trends anomalous in gold. Murray McDonald DIRECTOR The information on Munni Munni JV exploration results contained in this report is based on information compiled by consulting geologist Mr Finn Barnett MSc, MGSA, MAIG, MSEG of Barrett Exploration Pty Ltd. Mr Barrett consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information on Karratha gold and Base Metals Project exploration results is based on information compiled by consulting geologist Mr Frans Voermans FAusIMM, MAIG of Voermans Geological Services. Mr Voermans consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information on Emerald exploration results is based an information compiled by Mr Clive Jones MAusIMM of Harrill Resources Ltd. Mr Jones consents is to the inclusion in this report of the matters based on his information the form and context in which it appears. MORE TO FOLLOW LEGEND MINING LIMITED 2003-01-30 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ APPENDIX 5B MINING EXPLORATION ENTITY QUARTERLY REPORT Name of entity Legend Mining Limited ABN Quarter ended ("current quarter") 22 060 966 145 31/12/2002 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows related to Current Year to date operating activities Quarter (12 months) AUD'000 AUD'000 1.1 Receipts from product sales and related debtors - - 1.2 Payments for (a) exploration and evaluation (217) (835) (b) development - - (c) production - - (d) administration (123) (405) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received - 8 1.5 Interest and other costs of finance paid - (8) 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (340) (1,240) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - (12) (b) equity investments - 688 (c) other fixed assets - 32 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 (provide details if material) - - Net investing cash flows - 708 1.13 Total operating and investing cash flows (340) (532) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 35 397 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings 465 465 1.17 Repayment of borrowings - (167) 1.18 Dividends paid - - 1.19 Other (provide details if material) - - Net financing cash flows 500 695 Net increase (decrease) in cash held 160 163 1.20 Cash at beginning of quarter/ year to date 216 213 1.21 Exchange rate adjustments to item 1.20 - - 1.22 Cash at end of quarter 376 376 PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES Current Quarter AUD'000 1.23 Aggregate amount of payments to the parties included in item 1.2 78 1.24 Aggregate amount of loans to the parties included in item 1.10 - 1.25 Explanation necessary for an understanding of the transactions - NON-CASH FINANCING AND INVESTING ACTIVITIES 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows - Post quarter Events 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest FINANCING FACILITIES AVAILABLE Add notes as necessary for an understanding of the position. Amount Amount available used AUD'000 AUD'000 3.1 Loan facilities - - 3.2 Credit standby arrangements - - ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER AUD'000 4.1 Exploration and evaluation 50 4.2 Development - Total 50 RECONCILIATION OF CASH Reconciliation of cash at the end Current Previous of the quarter (as shown in the quarter quarter consolidated statement of cash flows) AUD'000 AUD'000 to the related items in the accounts is as follows. 5.1 Cash on hand and at bank 79 17 5.2 Deposits at call 297 199 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter (item 1.22) 376 216 CHANGES IN INTERESTS IN MINING TENEMENTS Tenement Nature of Interest at Interest reference interest beginning at end of (note(2)) of quarter quarter 6.1 Interests in mining tenements relinquished, reduced or lapsed E30/118 - 91% 40% 6.2 Interests in mining tenements acquired or increased - - - - ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD Description includes rate of interest and any redemption or conversion rights together with prices and dates. Amount Issue Paid-up price per per security security (see (see Category of Total Number note 3) note 3) securities Number quoted (cents) (cents) 7.1 Preference securities (description) - - - - 7.2 Changes during quarter (a) increases through issues - - - - (b) decreases through returns of capital buybacks, redemptions - - - - 7.3 Ordinary securities 42,234,665 42,234,665 - - 7.4 Changes during quarter (a) increases through issues 500,000 500,000 - - (b) decreases through returns of capital buybacks - - - - 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 Exercise Expiry and conversion factor) price date (cents) LEGAI 2,350,000 - 22 30/05/2006 LEGO 36,189,207 36,189,207 15 30/04/2005 7.8 Issued during quarter - - - - 7.9 Exercised during quarter - - - - 7.10 Expired during quarter - - - - 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 Law or other standards acceptable to ASX. 2 This statement does give a true and fair view of the matters disclosed. G Ledger Date: 30/01/2003 COMPANY SECRETARY