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Applied Minerals Provides Updated Resource Statement Of Its Dragon Mine Property

SAMPLE COLLECTION AND EVALUATION BY VARIOUS LABORATORIES

A number of laboratories have been commissioned to carry out the detailed study made at Dragon Mine. The first important step was to establish an XRD (X-Ray Diffraction) technique to give accurate percentages of all mineral phases present. This work was carried out by Dr Stephen Hillier of the Macaulay Institute in Scotland along with Dr. Ian Phillips, Evelyne Delbos, Helen Pendlowski and others utilising not only XRD but XRF, ICP-MS, Scanning Electron Microscopy, Infra-Red analysis, porosity, surface area, particle size distribution and brightness/colour measurements. Exploration activity was planned by Ian Wilson, who logged all boreholes and arranged sampling by the Dragon Mine staff under the leadership of Jim Enyeart, Mine Manager. Rick Lyman, Lyman Exploration & Surveying Outfit of Clinton, Utah, has carried out all surveying in the area. Geological data and results are entered into PCCORES system by George Swindle of Mentor Consultants, Chicago for resource evaluation.

Detailed evaluation of boreholes was mainly carried out in UK by Goonvean Ltd, a leading kaolin producer under the direction of Frank Hart, Technical Manager and Robert Canning (now retired and a Consultant). Other evaluation work of boreholes and some processing trials on various bulk samples was carried out by Grinding Solutions in Truro, UK by Nick Wilshaw (Managing Director). Over the last year or so KaMin Performance Minerals LLC, a leading kaolin producer in Georgia, USA has carried out processing trials and prepared detailed results and reports on their findings. XRF analysis on iron ore samples was organised through Tom Needs, Director, USA Operations and carried out by ALS Minerals Division.

MINERALISATION IN THE DRAGON MINE AREA

Precious Metals and other metals potential

In the late 1870s, mining at the Dragon concentrated on the iron ore present within and lateral to the Dragon vein system. The iron ore was in demand for use as a fluxing agent for lead smelting. A study carried out by Centurion Mines demonstrated there was great interest in gold present in the iron ore. Pre-1900 production data from the Dragon shows approximately 315,000 tons of gold-bearing iron was mined with values of gold from 0.1 to 0.3 ounce to the ton. U.S. Bureau of Mines Metral Production Records show that between 1904 and 1920 the Dragon Mine was credited with 18,000 ounces of gold and 928,000 ounces of siliver from around 305,000 tons of iron ore shipped - the figures for gold and silver being based on credits paid by the smelter.

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