THE focus was on gold exploration as Corryong-based Dart Mining held its annual meeting in Melbourne on Friday.
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The shareholder gathering followed Dart Mining recently announcing it was halting work on its molybdenum mine near Corryong.
A slide in the price of molybdenum, from $45,000 a tonne in 2010 to $10,000 currently, drove the decision.
Dart Mining managing director James Chirnside told the meeting there would be an increased emphasis on gold exploration.
Sites being examined include various fields around the Upper Murray near Mount Elliott and Mount View.
Dart has also entered a 50-50 arrangement with Northern Mine Ventures involving locations near Rushworth and Beechworth.
The latter encompasses goldfields across Stanley, Hurdle Flat and Hillsborough.
Mr Chirnside said the mining leases involved relatively small areas which made them more cost efficient.
They were also seen as offering an opportunity because their size, less than 300,000 ounces, made them unappealing for large development companies.
Mr Chirnside said the change in focus reflected Dart returning to its heritage in gold exploration.
Friday's annual meeting was Dart's first since a mid-year board shake-up saw a new team, headed by Mr Chirnside, installed to lead the company.
At that time Mr Chirnside flagged the likelihood of the molybdenum Unicorn mine near Corryong being mothballed because of a poor price outlook.
"We’re talking a possible 300 per cent increase in price for the mine to be viable," Mr Chirnside said.
“That number is an estimate but the consensus is we need a price significantly higher than where it is now to make it worthwhile."
Shares in Dart remain at a cent, with the firm having market capitalisation of $2.7 million.
Shareholder briefings on the results will be given in Wodonga and Corryong next week.