DART MINING NL — Interim / Quarterly Report 2007

Jan 29, 2008

ASX RELEASE 30 January 2008

ASX CODE DTM

REPORT FOR THE QUARTER ENDED 31 DECEMBER 2007

HIGHLIGHTS

• Drilling at Mountain View prospect has confirmed the high grade gold pods in the main lens.

• A parallel lode has been interpreted following discovery of old workings.

• Soil sampling grid extended resulting in re-discovery of sulphide rich historic workings

• First round of scout geochemistry drilling has been completed at the Mount Elliott prospect

• Cudgewa and Koetong Exploration Licences granted proximate to the Dart tenement

• Portions of Dart tenements relinquished under statutory requirements now reapplied for but exploration program not affected

SUMMARY OF ACTIVITY

The past quarter ’ s activity centred around a limited shallow drilling campaign that was largely focussed on geochemistry drilling in anticipation of and planning for the programmes for the deeper capacity drill rigs scheduled to arrive in February and May. Best drilling intersections were 9m @ 10.02g/t gold (including 3m at 21.0g/t gold) and 13m @ 6.08g/t gold (including 3m at 16.7g/t gold) at Mountain View where the target remains open to the North and down-dip.

Newly discovered workings from the 1890s mining era have extended the known strike of mineralisation at Mountain View a further 800 metres along what is believed to be a parallel line of lode. The system is shown capable of containing high grade gold and what was originally thought to be a single linear zone of interest structure is now interpreted as capable of hosting multiple subparallel, vertically and laterally stacked sulphide lenses. These multiple new targets will be further investigated with RC drilling.

The arriving reverse circulation (RC) drilling rig is planned to commence drilling in the Dart Mt Elliott area in mid February with holes planned to 150m in a 7 day a week program. This rig is then planned to relocate to the Fairley ’ s Prospect in late March to undertake preliminary drilling before the arrival of a new diamond drilling rig which will commence at Fairley ’ s in May. The diamond rig will be employed full time for the rest of the year covering all project areas and working 24 hours, 5 days per week. RC drilling at Mountain View is also planned to resume in May.

Dart has employed an additional experienced geologist and three experienced geological field hands as it prepares for an active exploration drilling programme in 2008.

Two new exploration tenements, Cudgewa and Koetong, totalling approximately 1,000 sq km and proximate to the Dart tenement area were granted to Dart in the quarter.

In accordance with the Victorian Department of Primary Industries requirements Dart relinquished areas within the existing EL4724 and EL4726 tenements during the December quarter, which stipulates that 40% of the held tenement area must be relinquished after 4 years, however these areas were not required in the current exploration programme. Portions of these areas have been reapplied for and are presently proceeding through the re-grant process.

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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 31 December, 2007

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EXPLORATION ACTIVITY

The current Dart Tenement holdings are shown below in Figure 1.

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Figure 1. Dart Mining NL Tenements and Prospect Locations.

DART EL 4726

During the quarter Dart carried out RAB (Rotary Air Blast) drilling programs at the Mountain View and Mount Elliott prospects within the Dart EL (Figure 1).

MOUNTAIN VIEW PROSPECT

Discovery of anomalous outcrops further to the west of the Main Lens (rock chip assay of 2.32 g/t Au – Figure 2) is being followed up by expanding the soil geochemistry program to 600m in width and 800m to the south. The grid was designed to cover all of the southern extent of historic gold mining leases. Extensive areas of alteration have been observed across the grid in the form of float and outcropping rock, in addition areas of historic mining have been re-discovered.

As a result of expanding the soil geochemistry grid, on the southern most line a trench into gossanous outcrop was found. Extending a further 80 metres to the south and heavily overgrown with scrub, the workings from the 1890s mining era include evidence of a collapsed adit and a small level area where ore was dumped prior to treatment. The dump remnants included massive sulphide breccias and quartz lode material from the underground workings which have now been sampled for analysis. Analytical results of these samples and the soil grid samples are awaited.

The significance of this discovery is that it extends the known strike of mineralisation at Mountain View a further 800 metres along what is believed to be a parallel line of lode. The system is shown capable of containing high grade gold and what was originally thought to be a single linear lode structure is now interpreted as capable of hosting multiple sub-parallel, vertically and laterally stacked sulphide lenses. These multiple new targets will be further investigated with RC drilling.

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Report for the Quarter ended 31 December, 2007

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During the quarter a RAB drilling program consisting of 18 drill holes for some 774m together with surface mapping and sampling was undertaken at Mountain View. This was the third drill program at the prospect and drilling has now identified mineralisation over a total strike distance of some 250m. The recent drilling (see Figure 2) has:

 completed close spaced extension and infill drilling on the upper part of the Main Lens for interpretation of grade distribution and shape to aid modelling of the Mountain View system with results including:

MVD29 – 9m @ 10.02g/t Au (incl. 3m at 21.0g/t) (adjacent to hole MVD20 previously MVD30 – 14m @ 5.62g/t Au (incl. 1m at 26.5g/t) reported 6m @21.8g/t)

MVD33 – 13m @ 6.08g/t Au (incl. 3m at 16.7g/t) (refer table 1); and

 tested for mineralisation below the Western Anomaly, a recently defined soil anomaly running parallel t o the Mai n Lens at Mountain view but extending over 100 metres to the south and still open; and

 tested the New Lens, interpreted during previous drilling; for extension to the south.

– Figure 2 . Mountain View Drilling November 2007.

Summary of results

Main Lens

Drilling of another six holes – (MVD029, 30, 31, 33, 34 and 35 Figure 2) into the Main Lens has extended known mineralisation a further 30m to the south, it now extends 120m along strike. Drill holes MVD29, MVD30 and MVD31 – (Table 1 Figure 2) have confirmed the strike and down dip extension of the high grade mineralisation intersected in hole MVD20 (previously reported as 6m @ 21.79 g/t Au).

Western Anomaly

The Western Anomaly is a broad highly anomalous zone, identified at surface by gold in soil geochemistry and an outcropping stockwork zone.

Drill holes in the Western Anomaly (Table 1) show similar grades to the main lens area within a mineralised channel up to 11m in width. Initial interpretation suggests the low grade mineralisation likely reflects the halo of a lode structure, a feature also noted at the strike extremities of the outcropping Mountain View Lode.

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Report for the Quarter ended 31 December, 2007

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The highlight to date for the Western Anomaly occurs in hole MVD38, drilled at the 60S soil line (Figure 2). This hole intersected a significant zone of quartz and high sulphide over 8m from 31m to the end of the hole at 39m, representing a minimum of 2.5m true width. The hole was stopped at 39m within mineralisation as a result of significant collar collapse.

Assays of 5m @ 2.11 g/t Au including 1m @ 3.29 g/t Au are an encouraging first pass result and show that the surface geochemistry has identified a new mineralised system that has depth continuity.

The mineralisation has now been intersected by three drill holes over 80m of strike and remains open. It consists of a quartz stockwork with up to 15% sulphides and is interpreted as the halo of a lode structure, a feature also noted at the strike extremities of the outcropping Mountain View Lode. Assays from 2 holes are still awaited.

The “ New Lens ”

Drilling targeted the New Lens on 3 sections over some 160m of strike to the south of the previously reported intersection in MVD01 (6m @ 2.41g/t Au, including 1m @ 7.88 g/t Au). As a result of drilling difficulties interpretation of the drill sections is incomplete however outstanding assay results for holes MVD40 to MVD46 has provided sufficient information for planning the upcoming deep RC drill program.

Table 1. Significant Assay Intersections – Mountain View Prospect.

Hole No.	Hole Dip	Hole Azimuth (MGA Grid)	MGA East (m)	MGA North (m)	Sample Interval (m)	mRL AHD (m)	From (m)	Significant Intersections Cutoffs: 1.0g/t Au	Total Depth (m)	Comments
MVD29 MVD30 MVD31 MVD32 MVD33 MVD34 MVD35 MVD36 MVD37 MVD38 MVD39	-90 -90 -90 -82 -90 -70 -70 -35 -45 -60 -38	270 270 270 276 270 270 265 250 262 273 300	567451.5 567451.5 567454.6 567467.1 567446.5 567453.5 567457.7 567445.2 467432.94 567443.61 567436.62	5960921 5960917.8 5960913.8 5960858 5960858 5960857.4 5960855.9 5960797.7 5960757.79 5960756.75 5960719.71	967.9 967.7 967.1 959.6 959.6 959.6 959.6 940.2 921.1 920.5 903.3	1 1 1 1 1 1 1 1 1 1 1	6 6 5 6 10 51 1 5 12 13 20 28 11 34 2	9m @ 10.02g/t Au Including 3m @ 21.02g/t Au 14m @ 5.62g/t Au Including 1m @ 26.5g/t Au 9m @2.82g/t Au <0.60gt Au 13m @6.08g/t Au Including 3m @ 19.97g/t Au <0.19g/t Au 5m @1.78g/t Au Including 1m @4.33g/t Au 1m @ 2.15g/t Au <0.54g/t Au 1m @2.09g/t Au 5m @3.11g/t Au Including 1m @3.29g/t Aud 2m @2.55g/t Au	27 25 26 60 18 8 27 47 27 39 30	Hole abandoned before main target Within 16m @ 5.00g/t Au Alteration Envelope Hole abandoned near upper adit drive (no sample return) Within 10m @ 1.32g/t Au Alteration Envelope 5m @ 0.36g/t Au (Alteration Envelope Only) Within 11m @ 0.76g/t Au Alteration Envelope Hole abandoned with mineralisation Within 5m @1.41g/t Au Alteration Envelope

Note: the collar co-ordinates are only approximate and require final survey

Summary

Sufficient data has been obtained from exploration to date to geologically model the Mountain View lode system, this includes interpreting the detailed geometry of the very high grade zones that can significantly affect the potential economics of the Mountain View system. Careful planning of resource estimation drilling will now be possible to ensure their impact is recognised.

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Report for the Quarter ended 31 December, 2007

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MT ELLIOTT PROSPECT

Dart has undertaken the first ever reported drilling at the historic Mount Elliott goldfield, located adjacent to the Murray Valley highway, just 5 kilometres from Corryong in NE Victoria.

The purpose of the program was to provide bedrock geochemistry and orientation information in an area where very little historical geological information was available (Figure 3). Drilling comprised approximately 245 metres in 7 RAB drill holes using an Atlas Copco 434 track mounted drill rig.

Summary of results

The results show a low order gold signature up to some 6m in width between historic stoping along the Mt Elliott lodes. Drilling into the Hope line shows low grade mineralisation up to 2.5m in true width as a halo to the lode.

The results support the interpretation that the lode is continuous over many hundreds of metres but requires dilation to create economic grade mineralisation. The dilation zones are interpreted to have a southerly pitch as represented by the high grade shoots that were mined historically down to the water table.

The information gained has allowed final design of the deep RC drill program to target these dilation structures below previously mined areas. That drill program is scheduled for later in the year.

Hole locations are shown in Figure 3 and results in Table 2.

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Figure 3 . Mount Elliott Goldfield – Bedrock Geochemistry Drilling

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Report for the Quarter ended 31 December, 2007

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Table 2 . Drilling information – Mount Elliott Prospect.

Table	2. Dri	lling info	rmation	–Moun	t Elliott	Prospe	ct.
Hole No.	Hole Dip	Hole Azimuth (MGA Grid)	MGA East (m)	MGA North (m)	mRL AHD (m)	Sample Interval (m)	Frm (m)	Significant Intersections Cutoffs: 0.1g/t Au	Total Depth (m)	Comments
MEG001 MEG002 MEG003 MEG004 MEG005 MEG006 MEG007	-45 -60 -90 -50 -85 -37 -35	270 270 266 234 237 330 88	586772 586775 586765 586762 586764 586834 586755	5995754 5995754 5995620 5995616 5995618 5995796 5995480	405 405 455 455 455 411 511	1 1 1 1 1 1 1	62 69 79 38 50 51 11 24 32	<0.27 g/t Au <0.04 g/t u 2m @ 0.4 g/t Au 3m @ 0.85 g/t Au 2m @ 0.21 g/t Au <0.26 g/t Au 1m @ 0.52 g/t Au 3m @ 1.66g/t Au Including 1m @ 2.50 g/t Au <0.32 g/t Au 1m @ 0.87 g/t Au 1m @ 0.25 g/t Au 2m @ 0.57 g/t Au	19.0 14.0 84.0 13.5 54.0 16.0 45.0	Hope Line Hope Line Zone 1 - Hope Line. Within 4m @ 0.28 g/t Au Zone 2 - Hope Line. Within 7m @ 0.49 g/t Au Zone 3 - Hope Line. Intersected Hope stope at 12.5m. 0.11 g/t in Hanging Wall. Zone 1 - Hope Line. Within 5m @ 0.24 g/t Au Zone 2 - Hope Line. Within 5m @ 1.14 g/t Au Hole abandoned at 54m in water. Hole abandoned at 16m before Target (collar blow out). Zone 1 - Hope / Just In Time Lines. Within 4m @ 0.35 g/t Au Zone 2 - Hope / Just In Time Lines. Zone 3 - Hope / Just In Time Lines. Within 8m @ 0.37 g/t Au

N ote: Hole collar coordinates only approximate and await final survey.

DART PROJECT AREA BACKGROUND

The Dart Goldfield is located some 45km south of Corryong in NE Victoria. It comprises a number of shallow mines from the 1890s where the gold is associated with sulphide rich lode structures. Dart Mining has commenced evaluation of this goldfield by drilling at Mountain View and Mount Elliott. Other mines in the goldfield will be mapped and sampled in order to prioritise further drilling opportunities.

BUCKLAND EL 4724

FAIRLEY ’ S PROSPECT

The soil geochemistry grid established at the Fairley ’ s Prospect in the Buckland EL is being extended to the south and to the east to follow up open soil gold anomalies. This work is ongoing and drilling is planned to commence as a matter of priority.

Buckland Regional Exploration

Evaluation of the Buckland EL by mapping and sampling is ongoing. To date several prospects have been subject to detailed soil and rock chip sampling programs (previously reported in the September 2007 Quarterly Report). The results show consistently that mineralisation identified in historical reports as “ large ” or of a “ stockwork nature ” exhibit broad surface gold anomalism on a 310 degree mineralisation trend.

Dart ’ s soil grid sampling confirms that the mineralised systems are extensive and warrant drill testing. These new prospects will be taken through to the design of a drill program and a Work Plan submitted for approval by the DPI.

TOOMA EL 6172

At Tooma, first pass drilling of 9 RAB holes for a total of 47m was completed across the alluvial flats. The aim was to firstly confirm the grades and depths to wash detailed by Great Northern Mining Pty Ltd in the mid 1990 ’ s. The secondary aim was to define the potential for high grade channels by carrying out a close spaced drill section across the flats. Assay results are awaited.

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Report for the Quarter ended 31 December, 2007

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PORPHYRY EXPLORATION

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 Intrusive Related Gold mineralisation). A generic cross section through such a system is shown in Figure 5 and illustrates the way in which ground water analysis is able to help locate buried 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 has been proven overseas to be a very useful and well proven tool to determine the occurrence of mineralisation.

The very sensitive analysis method used by the Company is able to detect these metals and will focus exploration as sample density increases. Over 400 samples have been collected and analysed to date with the companies PVD6000 unit.

The program has uncovered anomalous drainages within all ELs, including highly anomalous drainages about the Unicorn Porphyry within the Dart EL, and some gold reef trends in the Buckland EL. The program has both confirmed and highlighted the mineralised environment around the Empress and Zulu Corridor intersection zone, an area which also hosts the Mt Unicorn and Mt Morgan porphyry prospects within the Dart EL (Figure 1).

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Figure 5. Generic Cross Section through an Intrusive Related System.

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, 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.

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

John Quayle, CEO Ph: +61 (0) 3 9621 1322 Info@dartmining.com.au

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