Lance Armstrong seized the overall lead of the Dauphine Libere by finishing second on stage three.

Colombian Santiago Botero, winner of the Classic of the Alps last week, came home first in the 41km time trial from Montelimar to Pierrelatte in 52 minutes and 30 seconds.

Armstrong, of the US Postal team, was 42 seconds slower but established an overall lead of one minute and 12 seconds.

"I had a dream of beating Armstrong against the clock," Botero said. "I hope I'll be able to do it again in the Tour de France."

It is the second time in less than a month that Armstrong has failed to win a time trial stage after being pipped by Spaniard Igor Gonzalez de Galdeano in the Grand Prix Midi Libre.

"I'm not disappointed. I knew that Botero took it easy yesterday because he badly wanted to win today," Armstrong said.

"Everything is going according to plan for me and we are going to try to keep the leader's jersey until Sunday."

Russian Denis Menchov, who began the stage wearing the leader's jersey, was 13th on the time trial, three minutes and three seconds behind Botero.

Thursday's 209km fourth stage from L'Isle-sur-la-Sorgue to Digne-Les-Bains will be the longest stage of the race.

Dauphine Libere 41km time trial

1. Santiago Botero (Colombia) Kelme 52 minutes 30 seconds
2. Lance Armstrong (U.S.) U.S. Postal 42 seconds behind
3. Haimar Zubeldia (Spain) Euskaltel 1:49
4. Bradley McGee (Australia) La Francaise des Jeux 2:12
5. Didier Rous (France) Bonjour 2:23
6. David Millar (Britain) Cofidis 2:30
7. Jonathan Vaughters (U.S.) Credit Agricole 2:39
8. Marzio Bruseghin (Italy) Ibanesto.com 2:42
9. Christophe Moreau (France) Credit Agricole 2:44
10. Victor-Hugo Pena (Colombia) U.S. Postal 2:50

Overall standings:

1. Armstrong Nine hours 57 minutes 25 seconds
2. Zubeldia 1:12
3. Denis Menchov (Russia) Ibanesto.com 1:59
4. Moreau 2:18
5. Oscar Sevilla (Spain) Kelme 2:57
6. Aitor Kintana (Spain) BigMat-Auber 93 3:07
7. Millar same time
8. Felix Garcia-Casas (Spain) Bigmat-Auber 93 3:15
9. Andrei Kivilev (Kazakhstan) Cofidis 3:22
10. Bruseghin 3:52