Bronzewing (Au)

The Bronzewing Gold Project is located in the Eastern Goldfields of Western Australia in the highly prospective Yandal Greenstone Belt, 83km NE of the town of Leinster and 800km NE of Perth. The Yandal Greenstone Belt has produced approximately 10 million ounces of gold in the last 20 years, mainly from three mining centres – Bronzewing, Jundee and Darlot. Production from the current Bronzewing Project area is approximately 3 million ounces of gold since 1992.

Navigator completed its purchase of the Bronzewing Project in September 2009 with re-commissioning of the processing plant taking place in April 2010. First gold was poured at the Project on 21 April 2010.  Annualised production capacity will be around 100,000oz, operating initially for five years. EBITDA for this operation is A$185 million at an average gold price of A$1,250/oz.

Infrastructure at the mine includes a 2.3Mtpa gold processing plant, airstrip, power station, workshops, offices, assay laboratory and a 280 person accommodation village. Navigator is implementing a simple, low risk, open pit only mine plan at the Bronzewing Project with production being derived from the existing Central, Success and Cockburn pits and from new developments at Challenger South and Corboys.

The acquisition of the Bronzewing Gold Project also included an extensive exploration database, with an estimated replacement value of at least A$100 million. The database is undergoing extensive interrogation with numerous follow up opportunities already identified and Navigator has now made it a clear objective to expand resources sufficiently at Bronzewing to extend mine life out to 2020.  In so doing, Navigator will seek to improve the quality of resource ounces and thereby the operating cash margin of ore reserve ounces.