Monday, July 16, 2007

Dragon Mining Releases Quarterly Activities Report (DRA.AX, 00739085, 20070716)
Original Announcement: Quarterly Activities Report

Dragon Mining has released its quarterly activities report for Q2 2007. Highlights include Svartliden gold production of 13,184 oz at an average cash cost of US$385 per oz, development work at Sarvisuo continuing with a total development advance of 569m and a reverse circulation drilling program completed at Svartliden to test the down-dip extensions of the Svartliden lode system in the western part of the deposit returning a number of favourable results such as 24.00m @ 8.34 g/t gold from 1.00m, 8.00m at 14.16 g/t gold from 20.00m and 17.00m at 6.03 g/t gold from 36m. In relation to corporate affairs, group cash and bullion at the end of the quarter was A$2.8m, 6,700 oz of gold production was delivered into the hedge book. The average cash price received per oz of all gold sold was US$540 and opportunities to restructure the hedge book to increase exposure to current high spot price of gold are currently being assessed.

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