Dragon Energy Limited announced an Exploration Target of 140 to 190 million tonnes at a grade of 48% to 52% Fe (54 to 56% calcined Fe) at the Company's 100% owned Nameless tenement in central Pilbara.

Dragon has undertaken 2D and 3D modeling of the tenement. Channel Iron Deposit mineralization has been identified within a 17 kilometer long channel, of which 13 kilometres has previously been RC drill tested by AusQuest and Rio Tinto on wide traverse spacings, providing a high level of confidence in the forthcoming drilling program.

An Exploration Target of the CID mineralization of 120 to 160 million tonnes at a grade of 48% to 50% has been estimated. In the south eastern area of the tenement in addition to CID mineralized Marra Mamba Iron Formation has also been intersected in RC drillholes. An exploration target of 20 million tonnes to 30 million tonnes of Marra Mamba mineralization at 49% to 52% Fe has been estimated.

Geological software package MapInfo Discover 3D was utilized to interpret the mineralized zone from previous exploratory RC holes. A wireframe model was generated from which the volume of mineralized CID and Marra Mamba Iron Formation was calculated.

Dragon will proceed with a staged drilling campaign to infill previous drilling in order to define a JORC resource. This drilling program is fully funded from cash reserves.

Nameless is expected to provide a resource that will complement Dragon's 100% owned Rocklea tenement which lies 24km to the south west and which has an Inferred JORC Resource of 63.1 million tonne @ 53.4% Fe (60.4% calcined Fe) at 50% Fe cut off grade (AusQuest ASX release 17 August 2009).