NAVIGATOR RESOURCES LIMITED - ASX: NAV

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Description

Navigator Resources Limited has established itself as a mid-tier Western Australian gold producer following the commencement of gold production at its flagship 100%-owned Bronzewing operations in April 2010. Targeted gold production at Bronzewing is 100,000oz per annum over an initial mine life of 5 years. The Company's objective is to build value for shareholders by establishing a reputation as a highly regarded and profitable gold producer with a pipeline of advanced projects.

Navigator is exploring development opportunities at its 100%-owned Leonora Gold Project where a low capital mining plan is well advanced. The Company's medium term objective is to raise production levels to 150,000oz pa from these two open pit projects. Navigator holds gold Mineral Resources of 1.70Moz comprising 26Mt at 2.0g/t across its asset portfolio.

The Company also maintains an interest in assets in the East Kimberley region, including the 100% owned Cummins Range Rare Earth Project, which is being advanced with the planned ASX-listing of Navigator spin-off company Kimberley Rare Earths Limited (KRE). Cummins Range contains a rare earth oxide (REO) Mineral Resource of 4.17Mt at 1.72% REO, 11.0% P2O5 and 187ppm U3O8.

Bronzewing Gold Project

Start-up: April 2010
Full Production: 100,000oz Au per annum
Mine Life: 5 years open pit mining
EBITDA (A$1,250/oz Au): A$185 million
JORC Reserve: 8.16Mt @ 1.8g/t Au (480,500oz)
JORC Resource: 13.65Mt @ 2.1g/t Au (946,000oz)

Leonora Gold Project

Trial Mining & Milling: Feb-June 2010
Trial Production: 5,000oz Au
Full Start-up: To be determined
Mine Life: Up to 6 years
JORC Resource: 12.2Mt @ 1.9g/t Au (750,000oz)

Cummins Range Rare Earth Element Project

JORC Resource: 4.17Mt @ 1.72% REO, 11.0% P2O5 & 187ppm U3O8
Total Rare Earth Oxide: 71,700 tonnes
Total Phosphate: 458,700 tonnes
Total Uranium Oxide: 780 tonnes
Rare Earth Oxide Mix: 95.6% Light, 4.1% Medium & 0.3% Heavy
Value of Unit REO: US$9,050 per tonne
Independently assessed value of Cummins Range: A$10-20 million

Eastman – 30% Navigator (free carried), 70% Magma Metals

The 260km2 Eastman Project is located 115km southwest of Halls Creek, in the East Kimberley region of Western Australia. Eastman is prospective for both nickel-copper-platinum group metal mineralisation, associated with the 17km long Eastman Bore mafic-ultramafic intrusion; and for volcanogenic mass sulphide copper-zinc-lead-silver-gold mineralisation, associated with the Koongie Park Formation which is a sequence of felsic volcanic rocks and sediments including banded iron-formation, chert and carbonate rocks. In January 2007, Magma announced a maiden inferred JORC compliant resource at Eastman, consisting of 1.5 million tonnes of ore grading 1.8% Zn and 0.7% Cu, 0.7% Pb and 15.7g/t Ag.

Laura River – 30% Navigator (free carried), 70% Magma Metals

The 160km2 Laura River Project is just 35km southwest of Halls Creek on the Great Northern Highway in the East Kimberley of Western Australia. Laura River is prospective for several different types of mineralisation including: Ni-Cu-PGM mineralisation associated with the mafic-ultramafic intrusions; Cu-Zn-Pb-Ag-Au mineralisation associated with the Koongie Park Formation; and Cu-Au mineralisation associated with the Tickalara Metamorphics. Within the Project area, the structural fabric is dominated by the northeast trending Laura River, Mary River and Lamboo Faults and east-west trending link faults; these structures are prospective for high grade gold mineralisation. A recently completed diamond drill hole at the Amphitheatre prospect at Laura River has indicated that both Laura River and Eastman are also prospective for iron ore associated with iron-formations.

Mine For

gold, uranium, rare earths, phosphate, platinum group elements, copper, zinc, nickel

Location of operation(s)

Western Australia

Address

Ground floor, 45 Richardson St
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9226 5311

Email

Website

http://www.navigatorresources.com.au/

Last Updated

11/5/2011