DART MINING NL — Capital/Financing Update 2008

Jun 16, 2008

ASX RELEASE 17 June 2008

ASX CODE DTM

SIGNIFICANT MOLYBDENUM DISCOVERY

HIGHLIGHTS

• Dart geologists discover a significant molybdenum and base metals anomaly in the Lachlan Fold Belt, NE Victoria

• Extraordinarily consistent anomaly recorded from soil and rock chip sampling

• Surface expression covers approximately 20 hectares, over 500 metres width

• Strong anomalous zoning of copper, silver, bismuth and lead surrounding the molybdenum core

• High demand for molybdenum, primarily in the iron and steel industry

• Dart ’ s Polygonal Vortex Model has been directly instrumental in making the discovery

MOUNT UNICORN

Dart Mining has made a significant and high grade molybdenum discovery at its Mt Unicorn porphyry base metals project, 20 km south of Corryong in north east Victoria.

The discovery was made through an extensive geochemical survey of porphyry targets focused on the intersection of the Empress and Zulu corridors at Mt Unicorn. Covering an area of approximately 20 hectares, sampling on 100 X 100 metre grid has returned an average molybdenum grade of over 400ppm within the +220ppm grade contour (see Figure 1 & Figure 2), and the anomaly is consistent over an area where the elevation in topography varies by over 180m.

“ We are very excited by this new molybdenum discovery and by the identification of what we believe will be a new mineral province for Victoria ” commented Dart Mining CEO John Quayle.

Although the Mt Unicorn discovery is a soil and rock chip anomaly, grades across the surface are very similar and comparable to those of a major new molybdenum mine being developed in Western Australia.

Molybdenum, currently priced at US$33/lb, is a metallic element used principally as an alloying agent in steel, cast iron and superalloys to enhance hardness, strength, toughness and corrosion resistance. Molybdenum usage has doubled in recent years and is expected to increase in demand due to its superior versatility, low toxicity compared to most metals, and there are few opportunities for its substitution.

The geochemistry indicates a large central circular zone of over 500 metres across of molybdenum ( “ Mo ” ) mineralisation (geochemical sampling of soil, rock float and chip samples peak at 967ppm or 0.097% Mo), with significant silver, copper and bismuth in annular zones accompanying the molybdenum anomaly. Areas of rock outcrop show extensive siliceous hydrothermal alteration and boxworks, supporting the interpretation of a major mineralised system.

Phase II infill geochemistry on a 50 X 50 metre grid over 0.6 Sq km of the most intense anomalism is now largely completed at the Mt Unicorn project, and samples are being prepared and submitted for assay. Reprocessing of GSV magnetic data flown in 1995 is also underway and Dart is undertaking

www.dartmining.com.au Page 1 of 5

==> picture [5 x 6] intentionally omitted <==

Level 3, 15 Queen Street Melbourne, Victoria, 3000, Australia

TELEPHONE +61 3 9621 1322 FACSIMILE +61 3 9621 1544 EMAIL info@dartmining.com.au WEB www.dartmining.com.au ACN 119 904 880

Significant Molybdenum Discovery

==> picture [72 x 73] intentionally omitted <==

detailed geological modelling and drill targeting. Drilling is planned as soon as a work plan has been approved by the Victorian authorities.

“ We are very confident in our modelling of the presence of molybdenum and other minerals in the area, and are keen to commence drill testing as soon as possible to confirm our expectations ” said Mr Quayle. “ We are well placed to capitalise on this highly mineralised region, with a number of our exploration projects located within the same mineralisation belt ” said Mr Quayle.

==> picture [457 x 596] intentionally omitted <==

----- Start of picture text ----- Figure 1----- End of picture text -----

www.dartmining.com.au Page 2 of 5

Significant Molybdenum Discovery

==> picture [72 x 73] intentionally omitted <==

==> picture [459 x 464] intentionally omitted <==

----- Start of picture text ----- Figure 2----- End of picture text -----

MOUNT MORGAN

Mt Morgan is a porphyry project within the Empress corridor approximately 7km from Mt Unicorn (refer schematic below). A comprehensive soil and rock chip sampling grid at 100m X 100m spacing over the Mt Morgan porphyry has also been completed on a target similar to the Mt Unicorn project.

Previously reported geochemical results peak at 21ppm Ag, 3.14% Sn (Tin), 797ppm Mo (Molybdenum), 551ppm Bi (Bismuth), 3750ppm Pb, 1300ppm Cu and 63ppm Tellurium. Additional assays received in May yielded a very high Mo analysis of 6,700ppm Mo, along with highly anomalous bismuth of 698 ppm Bi, together with tin at 388 ppm Sn (sample DMMRH000077).

It is too early to comment on the continuity of results, as assay data received to date is not confined to a particular area and more results are required to complete a proper assessment. An assessment of the Mt Morgan geochemistry is pending the receipt of these results. Modelling will then commence to determine if these spot geochemical values in the lithocap above the porphyry intrusive represent leakages indicating more extensive mineralisation at depth.

www.dartmining.com.au Page 3 of 5

Significant Molybdenum Discovery

==> picture [72 x 73] intentionally omitted <==

NORTH MAMMOTH

As previously reported Dart has been awarded an inaugural Rediscover Victoria Drilling (RVD) grant for $59,194 from the Victorian Government for exploration drilling at its North Mammoth project. The dollar for drilling dollar grant is part of a new initiative established by the Victorian Government, designed to increase the level of greenfields exploration drilling in the State of Victoria.

Sampling from the North Mammoth target has identified and confirmed the presence of a prospective gold, silver and base metals mineralised system which warrants further exploration. Drilling at North Mammoth is scheduled to commence in August 2008.

The current Dart tenement holdings are shown below (Figure 3).

==> picture [479 x 406] intentionally omitted <==

DART ’ S PORPHYRY EXPLORATION BACKGROUND

Dart ’ s projects are located where the major east Australian Molong volcanic arc converges with the backarc sedimentary basin of the Lachlan Fold belt. The volcanic arc hosts disseminated gold-copper porphyry deposits such as the Endeavour-Peak Hill deposits near Parkes, Ridgeway and Cadia in New South Wales and the Benambra copper-zinc VMS deposits south of the “ Dart ” tenement in Victoria. The adjacent back arc sedimentary basin of the Lachlan Fold belt ’ s Central Province is known to host tin – bismuth – tungstengold-silver-lead – zinc and rare earths within the Girilambone – Omeo Structural Zone.

Regional water geochemistry sampling has continued to build up data for the Polygonal Vortex Model that the Company uses to focus exploration for intrusive related gold mineralisation (in particular Reduced

www.dartmining.com.au Page 4 of 5

Significant Molybdenum Discovery

==> picture [72 x 73] intentionally omitted <==

Intrusive Related Gold or “ RIRG ” mineralisation). Deep faults and fracture systems associated with the intrusions allow ground water to reach the surface via springs and creeks carrying trace amounts of indicative metals. Tracking this water flow is proving to be a very useful tool to determine the occurrence of mineralisation.

Dart ’ s tenements are large and strategically located, covering a number of porphyry clusters and RIRG systems prospective for a diverse range of gold-silver-base metal mineralisation styles. Previously these systems may have been overlooked in part due to their lower magnetic signatures. Prospects include smaller near surface high grade gold lode structures, to larger subsurface gold targets, large disseminated gold-silver and base metal porphyries and RIRG mineralised systems. The Polygonal Vortex Model will continue to be used to guide the Company ’ s exploration activities to what is anticipated to be the more prospective areas.

==> picture [488 x 89] intentionally omitted <==

==> picture [488 x 89] intentionally omitted <==

==> picture [488 x 89] intentionally omitted <==

==> picture [488 x 88] intentionally omitted <==

The Mt Unicorn project is a porphyry base metals project that has been identified using Dart ’ s Polygonal Vortex Model. Mt Unicorn lies at the intersection of two major structural corridors (the Empress and Zulu corridors) which are associated with the Lachlan Fold Belt.

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.

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

John Quayle, CEO Ph: +61 (0) 3 9621 1322

Media - Fiona Ellis

Ph: +61 (0) 3 9670 1501

www.dartmining.com.au Page 5 of 5