DART MINING NL - Capital/Financing Update 2008

ASX RELEASE 7 August 2008

ASX CODE DTM

Drilling has Commenced at Dart ’ s Significant Molybdenum Find

HIGHLIGHTS

Drilling of first holes commenced at Unicorn 6 August 2008
The highly coherent Unicorn molybdenum anomaly is believed to be of considerable economic interest.
Infill assay results support the presence of significant and high grade molybdenum mineralisation at the Unicorn site.
Dart has exploration licences granted and in applications covering 2400 sq km in the Unicorn neighbourhood
Dart is in the process of confirming a new mineral province for Victoria

Dart Mining NL ( “ Dart ” ) is pleased to advise that drilling has commenced into the significant and high grade molybdenum (Mo) mineralisation at the Unicorn site (see figure 1).

“ The drilling follows outstanding infill assay results, which have confirmed continuity of earlier assay results and reinforce our confidence that Unicorn may be a world class molybdenum target, ” said CEO John Quayle.

Previously (17 June 2008), Dart announced a significant molybdenum geochemical anomaly at the Unicorn porphyry precious-base metals project, 20km south of Corryong in north east Victoria.

Initially identified by a 2.9 x 2.2km geochemical grid, the anomaly was sampled on 100m centres and a 20 hectare area of mineralisation defined with molybdenum in excess of 220 ppm and averaging 450ppm. Latest results have increased this area of mineralisation to some 23 hectares.

"The mineralisation we are seeing is highly coherent and there appear to be no gaps in the anomaly. The latest assay reports have supported, expanded and improved our belief that we may have an exciting new prospect in the region, ” said Mr Quayle.

A program of Rotary Air Blast (RAB) drilling commenced on 6 August, following approval by Victorian Authorities in July. The drill Plan covers both the Unicorn and Morgan prospects and includes RAB drilling along accessible ridge tracks within part of the molybdenum anomaly zone. Some reverse circulation and diamond drilling will also be conducted over the coming weeks to test deeper sections of the anomaly.

Ongoing analysis of more than 1300 soil, rock and float geochemical samples indicates that molybdenum mineralisation is associated with a silicified lithocap over and surrounding the Unicorn porphyry. The infill sampling program reaffirms Dart ’ s previous conclusion that the molybdenum anomaly is highly coherent and economically promising. Supporting geochemical anomalies include silver averaging some 2 g/t over the molybdenum anomaly zone, along with bismuth, copper and lead.

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Level 3, 15 Queen Street Melbourne, Victoria, 3000, Australia TELEPHONE +61 3 9621 1322 FACSIMILE +61 3 9621 1544 EMAIL [email protected] WEB www.dartmining.com.au ACN 119 904 880

7 August 2008 Drilling has Commenced

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Bismuth is an additional high value metal. Significant zones of bismuth anomalism, peaking at 458 ppm Bi have also been identified outside the main Unicorn molybdenum target, widening scope for additional polymetallic targets within the Unicorn grid area. Bismuth anomalism appears to be associated with silver, peaking at 49.2 g/t Ag and minor gold anomalism peaking at 0.56 g/t Au.

“ It is not uncommon to find this style of mineralisation occurring in sets, so the findings at Unicorn have encouraged exploration at the Morgan porphyry target which is within the same mineralisation corridor as the Unicorn project ” said Mr Quayle.

Analysis of geochemistry samples from the Morgan prospect has identified a ring of molybdenum mineralisation 2km long by 1.3km wide. Sporadic extremely high metal peaks of up to 6700ppm Mo, 3.14% tin and 698ppm bismuth have been recorded within the 946 samples.

“ Results at Morgan appear to support those at Unicorn and demonstrate the potential of Dart ’ s underexplored porphyry fields within the Cravensville Volcanic province. We expect the next 6 months will be a period when we consolidate these very promising initial exploration findings ” said Mr Quayle.

– Exploration drilling continues at the North Mammoth precious base metal porphyry prospect and has intersected pyritic stockwork and stringer zones within diamond hole DNMDD001. Assay results are not expected for 8 weeks but they will be released as soon as they are available.

Dart has granted exploration licences and exploration licence applications covering approximately 2400 sq km in the Cravensville Volcanic province associated with the Lachlan Fold belt in north-east Victoria. (refer figure 2).

ENDS -

For further information visit our website at www.dartmining.com.au or contact

John Quayle, CEO Media - Fiona Ellis Ph: +61 (0) 3 9621 1322 Ph: +61 (0) 3 9670 1501

COMPETENT PERSON ’ S STATEMENT

Information in this report that relates to a statement of exploration results of the Company is based on information compiled by Bernhard Hochwimmer, BSc., AIG., IMGA. Mr Hochwimmer is a Director of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity undertaken. He is qualified as a competent person as defined in the 2004 Edition of the “ Australasian Code for Reporting of Mineral Resources and Ore Reserves ” (or “ JORC Code ” ). Mr Hochwimmer consents to the inclusion of this information in the form and context in which it appears in this report.

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7 August 2008 Drilling has Commenced

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