DART MINING NL — Capital/Financing Update 2009

Mar 11, 2009

ASX RELEASE ASX CODE: DTM 12 March 2009

North East Victoria - Gold exploration update

Highlights

• At the Mountain View gold project Dart has interpreted a high grade gold zone of over 20 grammetres in the Main Lens, open down plunge;

• Additional gold lenses interpreted at Mountain View from mapping and soil sampling require follow-up;

• At Dart Mine mapping shows a high sulphide gold and silicified lode structure to 5 metres wide;

• Initial mapping and sampling at Onslow Reefs reveals visible gold and grab samples assay up to 31.2 g/t;

• Detailed soil and rock chip geochemistry over Dart’s Unicorn and Morgan Mo-Cu-Ag porphyries has identified related gold – bismuth (arsenic) anomalies that suggest large gold porphyry targets may be present.

Background

The Dart Exploration Licences in North-eastern Victoria contain a number of historic Goldfields including:

• Dart Goldfield

• Mt Elliott Goldfield

• Zulu Goldfield

• Saltpetre Gap Goldfield

• Surveyors Tin & Upper Indi Goldfield

• Mystery Reef Group

Since listing on the ASX in May 2007, Dart has undertaken as systematic exploration as outlined in the Company Prospectus, including drilling at the Mountain View Project in the Dart Goldfield and the Just in Time – Hope and New Chum Lines in the Mount Elliott Goldfield. Dart has undertaken some soil and rock chip sampling at the Dart Mine and a field check with very limited sampling on the Zulu Goldfield, but the other historic centres are yet to be explored by any form of modern exploration.

At Dart’s Unicorn and Morgan molybdenum-copper-silver porphyry discoveries (see previous ASX releases), soil sampling has identified associated, but yet to be drilled, gold-bismuth-arsenic anomalies suggesting large gold porphyry targets may also be present within the EL.

This report summarises the status of ongoing gold exploration in EL4726.

www.dartmining.com.au

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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

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Figure 1: Dart Mining NL, North Eastern Victoria tenements – showing goldfields locations

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Mountain View Project

In the Dart Goldfield, the Mountain View line of lode (Figure 2) extends over some 5 kilometres. Detailed mapping and sampling over 2 kilometres of the strike centred on the main historic workings has identified a series of gold lenses at Mountain View. Limited drilling to date on 2 lenses has identified high gold grade in Main Lens which is open down plunge. Further drilling is planned to test the extent of this significant gold mineralisation.

Main Lens

The Main Lens was historically mined in Polmear’s Stope in the 1880’s and in a small “Test Pit” in 1994. Dart has drilled 46 RAB holes at Mountain View confirming at least two gold lode structures at depth (Table 1). Detailed mapping and RAB drilling on closely spaced (5 – 10 metres) sections and fan drilling on each section has allowed detailed geological modelling and definition of grade distribution. The Mountain View Lode system shows a series of vertically and laterally stacked quartz – sulphide lode lenses hosted by interbedded shale and sandstone units within the Glendart Syncline structure.

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A very high grade gold lode, incorporating over 50 gram-metres[1] in three drill holes including an intersection of 2m @ 59.3 g/t Au (MVD20) has been identified within a larger lenticular lode channel up to 6 metres in true width. The lode is defined over some 120 metres of strike and is open down plunge to the north. Further drilling is planned to trace the mineralisation and also test for additional lode development at depth.

Figure 2: Mountain View Project – showing high grade gold lode open to north, soil geochemistry and related untested lode targets

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1 The grade X intersection width defines the gram-metre result. www.dartmining.com.au

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Western Anomaly:

The Western Anomaly consists of a quartz / sulphide stockwork within sandstone with a co-incident gold – arsenic soil anomaly extending over some 320 metres along strike, offset and to the south of the Main Lens.

Limited drilling has intersected mineralisation over 80m of strike which remains open to the south and at depth. The best intersection of 5m @ 2.1 g/t Au in hole MVD38 is interpreted as the low grade halo of a lode structure similar to the high grade Main Lens, further drilling is planned.

New Discovery:

The New Discovery historic workings are approximately 1 kilometre along strike to the north of the Main Lens. Mapping and three mullock grab samples show consistent grades of 7 – 8 g/t Au. A chip sample taken across a small pit returned 1m @ 5.4 g/t Au. The area was gridded on an 80 X 20 metres pattern for a total of 91 soil and 7 rock samples. Weak gold and significant arsenic anomalism is noted in several samples over the grid and indicates that the lode is continuous south to the Main Lens outcrop.

South Golden Bell:

The South Golden Bell workings, 700 metres southwest of the Main Lens have been mapped and sampled with very encouraging results. The South Golden Bell workings consist of shallow surface stopes, shafts and what is thought to be a collapsed adit, Dart’s grab samples of mullock and outcrop include 5.8 g/t Au and 10.2 g/t Au from individual samples collected some 120 metres apart along strike.

Other Lode Gold Prospects

Dart Mine:

Historic workings at the Dart Mine Prospect (some 3.5 kilometres southeast of the Mountain View Prospect – Figure 1) consist of a number of shallow shafts - pits and two shallow adit levels extending over 800 metres. The Dart Mine workings have been mapped and soils sampled on a 10 x 10m to 10 x 20m grid. The mapping shows lodes high in sulphide within a strong silicification envelope and a silicified lode structure some 5 metres wide is exposed in a drive 60 metres below surface. The soil gold geochemistry confirms the structural influence of the north east trending fault and the potential for additional parallel faults with north east trending soil anomalies further to the north of the Dart mine.

Dart interprets the lode is likely to persist with depth along the intersection of the northeast striking fault and the lode channel with parallel repetitions of this style of lode indicated from surface geochemistry. Further work is planned

Onslow Reefs:

This is a historic lode / reef area south east of Unicorn (Figure 1). Initial field inspection identified narrow lode mineralisation similar to the Mt Elliott lodes near Corryong. Historic production of some 2000 ounces from limited shallow workings suggests very high grades must have existed near surface. Several grab samples of reef material were collected from the mullock pile and areas of lode exposed in the old workings. Sample DONR_D_000001, (Plate 1) was crushed and panned and shows coarse visible gold. The results of the samples are tabulated below, additional sampling and mapping is planned.

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Plate 1 – Mt Onslow Reef – Gold grain and panned Concentrate from Quartz Lode (Mullock Grab Sample DON_D_000001).

Onslow Reef – Grab Sample Assay results

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Sample Analyses DONR_D_000001 19.2 g/t Au DONR_D_000002 2.65 g/t Au DONR_D_000003 10.6 g/t Au DONR_D_000004 31.2 g/t Au

Saltpetre Gap Mining Centre

At the Saltpetre Gap Goldfield (Figure 1) historical reports state that the lodes can be traced for many hundreds of metres along a line some 1.6 kilometres in length. The mines listed from north to south consist of:

• Mountaineer

• Lady Loch

• Treasure

• Lone Hand

No modern evaluation has occurred within the Saltpetre area since the camp was abandoned in the early 1930’s. The geological setting and mineralisation is similar to the Mountain View lodes and Dart intends to complete a mapping and sampling program to assess the potential of this isolated mining centre.

Porphyry Gold Prospects:

The Unicorn Porphyry Mo-Cu-Ag Project and the similar Morgan Porphyry Prospect discovered by Dart during 2008 confirms of a new Metallogenic Province in North East Victoria

Detailed soil and rock chip geochemistry over these Mo-Cu-Ag porphyries identified related gold – bismuth (arsenic) anomalies that suggest large Cadia style gold porphyry targets may be present within the EL. Further exploration is planned and may include drilling in conjunction with the evaluation of the metals component at Unicorn and Morgan.

Research of historic mining activity and modelling of aeromagnetic surveys has identified additional prospective intrusive targets within the southern and SE sectors of the Dart EL in areas with prominent splay faulting off the Gilmore Suture.

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The Dinner Creek and Buckwong magnetic anomalies have associated historic (1860s) alluvial workings of the Indi Goldfield where no primary source for the gold mineralisation was found. The alluvial mining history reinforces the highly prospective nature of the region. This isolated south east region of the EL remains the least explored area along the entire Gilmore Suture zone of the Lachlan Belt with no modern exploration reported. Dart will carry out first pass water and stream sediment analyses to confirm the prospectivity of these targets similar to that which has already been successful in locating the Unicorn and Morgan Porphyry projects.

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

John Quayle, CEO

Ph: +61 (0) 3 9621 1322

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 Dean Turnbull B.Sc,, AIG. Mr Turnbull 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 Turnbull consents to the inclusion of this information in the form and context in which it appears in this report.

Any references to potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Table 1 : Significant Drill Hole Intersections – Mountain View Prospect RAB Drilling

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