I mean - really nearby. That's where we ended the session, right after the slaying of the dark elves and before the planning of the Dragon Slaying. Of course, the slaying of the dark elves did cause a ruckus, and the steady rumble of what is believed to be the dragon's breathing has ceased. Yeah, they don't the last part yet, but they will when the session kicks off tonight (before they track down their dragon)
They are hell bent on engaging the dragon. Mind you, in the years I've had this Saturday Night Gaming Group we've never encountered a dragon before, so whether they kill it or get killed in return, it will be a first and one for tall tales to be spoken of.
Of course, we are playing Swords & Wizardry, using the Continual Light rules, and the characters range from second to fourth level. The dragon, although not ancient, is old enough to wipe them without much difficulty unless they truly strategize. They do have two hand crossbows and a number of sleep poisoned bolts they recovered from the dark elves.
Now, do I think its advisable for the characters to attack a dragon? Of course not!
Do I think tonight's session is going to be "fun as shit!" no matter what? Hell yeah! I may just need to kick off a new campaign next week though... Or tonight. Damn. Hard to really prep for a session when you aren't sure if the party will survive the first encounter ;)