DART MINING NL — Interim / Quarterly Report 2007

Oct 24, 2007

ASX RELEASE 25 October 2007

ASX CODE DTM

REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2007

HIGHLIGHTS

• Drilling has commenced at the Mount Elliott prospect with the recent arrival of a drill rig

• Drilling planned to resume at Mountain View prospect

• Soil sample gridding has confirmed broad positive mineralised systems in Dart and Buckland ELs

• Promising new prospects identified in historical records have been found and sampled in Buckland EL

• Bonus options listed with the ASX

SUMMARY OF ACTIVITY

The past quarter has been one of consolidation, and establishing logistics and field procedures. Exploration activity in the quarter was focussed on further interpretative work in preparation for the drilling campaign that has now commenced. This drilling campaign was delayed beyond the originally anticipated start date by the unavailability of the drill rig that had previously been contracted.

In the course of the quarter’s activity, a number of previously identified gold prospects have been followed up and as a result of mapping, geochemistry work and sample analysis, these prospects have been elevated to targets for further work, including drilling.

Two new exploration tenements totalling approximately 1000 sq km proximate to the Dart tenement area have been applied for and are expected to be granted to Dart in the coming months. Offsetting this, the company has identified areas within the existing tenements EL4724 and 4726 to be relinquished during the December quarter under the Victoria Department of Primary Industries relinquishment requirements (40% of the area is required to be relinquished after 4 years).

CORPORATE

The Dart Mining NL bonus options issued on the basis of one option for every two shares held were listed on the ASX (code DTMO) and commenced trading on 9 July 2007.

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Report for the Quarter ended 30 September, 2007

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EXPLORATION REPORT

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Figure 1. Dart Mining NL Prospect Locations.

DART EL 4726

MT ELLIOTT PROSPECT

Drilling has commenced at the Mt Elliott prospect (Figure 1). The program is designed to establish the bedrock geochemistry in a number of zones along the lines of gold lode mineralisation for which historic information has been largely unavailable.

An important target is the intersection of the Just in Time and Hope lines of lode (Figure 2). The old workings have collapsed at surface but at least two lines of lode are believed to have converged to produce a target of up to 13m wide. Based on historic reports of mining from an adit level below this area it is believed to be the likely source of some 2000 oz of historic gold production (the Mt Elliott Mine). Drilling is intended to test the convergence zone from the surface down to approximately 70 metres with a series of fanned holes on at least two sections. The drill holes will test both the limits of any historic mining, and the bulk potential of this zone of mineralisation.

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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

Report for the Quarter ended 30 September, 2007

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Drilling is also intended to provide bedrock geochemistry from the central portion of the Hope line and on the Just in Time line between two significant areas of production. This will help establish the potential of the lodes between the historically defined economic shoots (Figure 2).

The data will allow the RC drill program, scheduled for early next year, to be better targeted.

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Figure 2. Mount Elliott Goldfield – Bedrock Geochemistry Drill Targets

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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

Report for the Quarter ended 30 September, 2007

MOUNTAIN VIEW

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Preliminary geological mapping and sampling, previously announced, at the Mountain View prospect defined a line of shallow historical workings and stockwork gold mineralisation to the west of the main structure. The outcropping mineralisation has recently been mapped and sampled in detail with some 20 samples collected over a strike length of 150m (assay results pending). A mineralised stockwork system outcrops over some 3m – 10m in width. Abundant large blocks of stockwork mineralisation in the soil adjacent to the outcrop and results from the geochemistry reported on 28 June 2007 indicates a greater width to the zone. The sampling will be shortly followed up by shallow drilling to evaluate the potential of the outcropping mineralisation.

DART MINE

A similar program of soil geochemistry sampling has been undertaken around the Dart Mine to define any additional targets to the outcropping mineralisation and associated historic shafts and open pit workings. The results show a significant gold in soil anomaly immediately surrounding the old workings extending down slope. Detailed prospect mapping has also highlighted a strong controlling fault structure that appears to link all of the historic pits in the local area. Mineralised lenses occur on both sides of the controlling fault over a distance of some 40m at surface with associated stockwork quartz veining within the adjacent silicified wall rocks. These wallrock zones show variable quartz and sulphide veining throughout. Limited past exploration suggests that the silicified wallrocks within the underground workings carry up to 5m @ 2.79 g/t Au. It is this style of mineralisation that is being targeted along the northeast trending fault structure with large zones of intense stockwork occurring over a strike length of some 130m at surface.

Mapping and sampling in the wider local area of the Dart Mine shows parallel lines of lode with very similar mineralisation style some 400m to the north. Historically known as the Cornstalk, this small working consists of several shafts (likely mined down to the water table) on the lode. Historical accounts detail a small mine (know as the Northern Shaft) that produced some 632 oz from 315 t of ore (an average grade of 62 g/t Au). The bottom of the shaft was stated as returning mineralisation running at 30.6 g/t Au. Samples from the mullock dump (mineralised waste) show up to 15.05 g/t Au. The workings are in a collapsed state but appear to have been oriented north – south (similar to the Dart Mine lode) over some 50m of strike length. This and other known lodes will be further evaluated as part of the ongoing exploration within the Dart Goldfield to define near surface high grade lodes.

PROJECT BACKGROUND

The Dart Goldfield is located some 45km south of Corryong in northeast Victoria. It comprises a number of shallow mines from the 1890s where the gold is associated with sulphide rich lode structures. Dart Mining commenced evaluation of this goldfield with drilling at Mountain View (as reported 28 June 2007). Other mines in the goldfield will be mapped and sampled to prioritise further drilling opportunities.

BUCKLAND EL 4724

FAIRLEY’S PROSPECT

A soil geochemistry grid has been established at the Fairley’s Prospect in the Buckland EL to continue to better define the potential of the area prior to drilling. The grid is currently 340m along strike and up to 50m across the base line.

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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

Report for the Quarter ended 30 September, 2007

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This program has shown that the prospect is part of a large mineralised system with several structural components. Chip sampling of outcropping alteration zones (Figure 4 – purple cross hatch) shows broad areas of highly anomalous gold with zones of quartz stockwork (green cross hatching – Figure 4) showing up to 20m @ 0.85 g/t Au.

Mapping had previously defined stockwork zones forming a halo along shallow dipping northwest trending faults (with assays from chip samples returning up to 13.7m @ 3.97 g/t Au). It is now evident from the soil sampling (Figure 4) that this fault trend is very important within the system.

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Figure 4. Fairley’s Prospect Soil Geochemistry and Geological Interpretation.

Geological interpretation to date indicates mineralisation is best developed at the intersection of the two main structural orientations where dilation occurs over significant widths. Historic workings have exploited only the higher sulphide lode trend, leaving the shallow northwest trending structures (associated with major stockwork zones) untouched. It is planned to extend the full soil grid to the northeast (by some 50m) and to the southeast along the base line an additional 160m. This work will further define the likely repetitions of the structural interaction between the two main controls to mineralisation and highlight targets for follow up evaluation.

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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

Report for the Quarter ended 30 September, 2007

Drill access is scheduled to commence shortly and will provide ready access for the further soil geochemistry and chip sampling programs and as such speed up the evaluation.

CENTENNIAL PROSPECT

The Centennial Prospect was identified as having potential during historical research. The general area of this prospect has now been located, mapped and sampled. The outcrop (Figure 5) is located on the main spur to the south of Fairley’s Creek, only some 1400m southeast of the Fairley’s Prospect. The outcrop consists of a strong southwest dipping (75[0] ) fault structure with a large footwall shear zone over some 6m – 10m in width.

First pass chip sampling has been carried out at 1m or 2m intervals across the outcrop of the zone, which is a sulphide, silica and sericite altered shear structure. 10 samples have been collected to date. Assays show a broad zone of anomalous gold mineralisation with up to 4m @ 0.98 g/t Au (Figure 5).

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Figure 5. Centennial Prospect Soil and Rock Chip Geochemistry.

It is proposed to extend the soil grid to the northwest and the southeast by some 80m along the base line in order to close off the soil anomaly. Additional mapping will also be undertaken within the general area to supplement the poor outcrop before any decision to carry out drill testing of the prospect is made.

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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

Report for the Quarter ended 30 September, 2007

KAUFMANNS PROSPECT

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The historic workings at the Kaufmanns prospect have now been located and first pass mapping and chip sampling completed. The historic reports of the workings appear to be very accurate with a cross cut adit and surface stripping clearly evident as was historically reported.

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Figure 6. Kaufmanns Prospect. Geological Mapping and Rock Chip Geochemistry.

Sample KMR001 was taken across the stripped outcrop some 4m south of the adit. The sample returned 3.2m @ 5.77 g/t Au. A grab sample of mullock taken from the adit (Figure 6) shows 7.28 g/t Au and is approaching the grade noted in the historic reports of an average 8 dwts (12.44 g/t Au). These preliminary samples illustrate the prospectivity of the main structure and detailed chip sampling and soil geochemistry follow up is planned.

REGIONAL EXPLORATION

Recent rainfall across north east Victoria has facilitated a program of regional water geochemistry aimed at establishing low level metal dispersion trains shed from subsurface mineralisation. This hydro-geochemistry technique allows large areas of prospective terrain to be prospected and quickly evaluated for further investigation.

The program has uncovered anomalous drainages within all ELs, including highly anomalous drainages about the Unicorn Porphyry within the Dart EL. The program has confirmed and highlighted the mineralised environment along the Empress and Zulu Corridor intersection zones which also host the Mt Unicorn and Mt Morgan porphyry prospects, as generally prospective for precious-base metal reduced intrusive related gold mineralization systems, including porphyry variants within the Dart EL.

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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

Report for the Quarter ended 30 September, 2007

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The aim of Dart’s Hydro-Geochemical Program is to establish comprehensive coverage of the tenements to identify anomalous drainages that may indicate the presence of large scale disseminated precious-base metal systems or larger gold reef systems. Testing surface waters may also identify blind or buried mineralisation where anomalies are related to mineralised fracture zones at depth. This includes major fracture and fault zones along lines of Dart’s Polygonal Vortex Mineralisation Model.

Dart has applied for two additional exploration licence areas ELA’s 5058 and 5059 totalling approximately 1000 sq km (refer Figure 1). The Dart Hydro-Geochemical Program will quickly assess the prospectivity of these areas lying proximate to the already known mineralisation in the Dart EL.

Information in this report that relates to a statement of exploration results of the Company is based on information compiled by Dean Turnbull, BAppSc (Hons) M.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.

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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