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Dragon Mining intercepts more significant gold at Svartliden


Dragon Mining (ASX: DRA) has reported encouraging diamond core drill intercepts from the Svartliden Gold Mine in Sweden, with the receipt of assays from the eastern zone open cut extension drilling campaign.

A total of 30 holes (4,291.60 metres) from the 32 hole campaign have now been drilled with the remaining holes scheduled to be completed by the end of June.

Results have been received from 7 holes to date, which have returned a number of promising intercepts including 9.0m @ 2.04 g/t gold and 7.0m @ 2.40 g/t gold. These results are all located below the base of the current mine design.

Dragon sad this campaign represents a portion of the extensive drilling program at Svartliden that will result in 22,000 metres being completed over the next twelve months.

The results from the final 2 holes of the 12 hole campaign of in-pit drilling, which targeted a higher grade zone of mineralisation at the southern edge of the open pit, have also been received.

The new results have returned intercepts from each hole, including 2.0 metres @ 7.04 g/t gold and 3.0 metres @ 4.84 g/t gold.

Peter Cordin, executive chairman, said a second diamond core drill rig will commence activities on a new 25 hole, 4,645 metre campaign.

The company said the campaign has been designed to further examine the western portion of the deposit below and adjacent to the existing Indicated and Inferred Resource of 312,000 tonnes grading 7.1 g/t gold.

The Svartliden Gold Project is located 700km north of Stockholm and west of the world class Skelleftea Mining District, in an area that is developing into a gold rich mineral province, referred to as the "Gold Line".

Svartliden ore is processed through a conventional comminution and leach (CIL) plant, with the design capacity of 300,000 tonnes per annum, which operates continuously.

Svartliden has produced 220,270 ounces of gold in total as at 31 March 2010.

The company expects production in 2010 to be 39,000 ounces of gold from 353,000 tonnes of ore at a head grade of 3.8 g/t and recovery of 91%. All ore will be sourced from the open pit.

An internal study has confirmed the viability of an underground mine operation, the objective to commence the portal and decline in mid-2010 and allow for a seamless transition from open pit mining to underground mining during early 2011.

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