Perth, Aug 4, 2008 AEST (ABN Newswire) - Legend Mining Limited ("Legend") (ASX:LEG)(PINK:LGDMF) today announced results of a recently completed gravity survey over the Woodley Iron Ridge at its Gum Creek Project in Western Australia.

The Woodley Iron Ridge is a banded iron formation (BIF) ridge with a strike length of 22km and the survey has identified six gravity features which have the potential of hosting iron mineralisation. Regional rockchip sampling along the ridge has returned encouraging results with a maximum iron value of 62.5% Fe.

Legend Managing Director Mr Mark Wilson said "These results give the Gum Creek Project the extra dimension of iron ore exploration. Following further field work on the six identified anomalies and geological mapping, Legend will be drill testing a selection of the targets."

Woodley Iron Ridge - Technical Discussion

Rockchip samples (110 samples) were collected from goethitic and/or hematitic surface outcrops during reconnaissance field work. It is important to note that BIF may in certain circumstances be surficially enriched in iron, and that these iron rich carapaces may have little real thickness.

These rockchip sample results and lack of outcropping BIF in places led to the planning of a detailed gravity survey to search for non-outcropping or blind bodies of hematite mineralisation.

The high magnetic response evident in the aeromagnetic data clearly defines the extent of BIF and was used as a guide in planning the gravity survey area. The magnetic data also highlights several structural offsets, which may be associated with hematite development.

A gravity survey over a 22km strike length of banded iron formation ridge was completed by Haines Surveys Pty Ltd during July 2008. The survey covered an area of approximately 85km2 and comprised 1,284 readings with stations every 100 m along EW lines 400-800m apart. The objective of the survey was to determine whether significant accumulations of hematite were present associated with the mapped BIF.
Six gravity features of interest were identified from the survey. These features are discussed below.

As well as these features, several other gravity features need to be evaluated with field reconnaissance.

Next Phase of Work

- Ground checking and rockchip sampling of the six gravity features. The Niton portable XRF analyser will also be used to give "real time" indicative Fe content.

- Drill testing of gravity features with encouraging results.

Background

Legend currently hold interests in three Projects in WA, namely Gum Creek, Pilbara and Mt Gibson. Of these, Legend operates and is actively exploring the Gum Creek and Pilbara Projects, while Oxiana Limited (ASX:OXR) manages the Mt Gibson JV.

The Gum Creek Project (nickel-copper-platinum group element) is located 640km northeast of Perth in the Yilgarn Province. It is considered prospective for both intrusion-related (Ni-Cu-PGE) and komatiite flow-related Ni-sulphide mineralisation.

This announcement adds iron ore to the project's mineral targets.

The Pilbara Project (nickel-copper, zinc-copper) comprises 686km2 of tenure in the West Pilbara, all within 50km of Karratha. Legend and Fox Resources Limited (ASX:FXR) independently control a dominant portion of this emerging and exciting base metal district. Legend has identified eleven priority base metal drill targets and confirmed 17.5km of the Cleaverville Formation as having potential for iron ore.

The Mt Gibson Project (zinc-copper-gold), located 290km northeast of Perth in the Murchison Province, is farmed-out to Oxiana, who operate the world class VHMS base metal mine at Golden Grove situated 100km to the north. Oxiana has committed to spend a minimum of A$1.2M in the first 18 months and can spend A$10M over a seven year period to earn a 75% interest in the Project.

About Legend Mining Limited

Legend Mining Limited ("Legend") is an Australian mining and exploration company listed on the Australian Stock Exchange. Legend's mission is to make high-impact mineral discoveries and to maximise shareholder benefit from those discoveries.

The company’s exploration focus is on the discovery of iron ore, base metal and precious metal deposits at its project areas in Western Australia (Pilbara, Mt Gibson and Gum Creek) and Cameroon, West Africa.

 


Contact

Mr Mark Wilson
Managing Director
Ph: (08) 9212 0600

Mr Derek Waterfield
Exploration Manager
Ph: (08) 9212 0600


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