Corporate Overview

Navigator Resources is an emerging West Australian mid-tier resource company. The main focus is gold at Leonora, WA where the plan is to rapidly expand the current 950,000 oz gold resource and commence a high-margin mining operation. In the East Kimberley, WA, Navigator plans to build on its initialy rare earth metal resource (1.1Mt @ 3.5% REO) at its Cummins Range project.

Navigator has two nickel, zinc and uranium joint ventures in the East Kimberley with Magma Metals Ltd and retains a 30% interest free-carried to a decision to mine. Drilling is ongoing at these projects.

Navigator is managed by a team of well regarded mining industry professionals with extensive production and exploration experience and a very clear focus on creating shareholder wealth. Navigators' modus operandi is "aggressive drilling with managed risk".

Navigator has a relatively tight capital structure and is well cashed up to aggressively pursue its objectives. In managing its exploration risk, the primary yardsticks are near term resource potential, and potential for resource growth. Excessive exploration risk in non-core areas is farmed out to third parties via joint venture arrangements.

Since acquiring the Leonora gold project in September 2004, the Company:-

• Drilled over 275,000m (100,000m in 2007/08);
• Quadrupled the gold resource to 950,000 oz; and,
• Identified three 2km-long gold systems within the Company's 35km Mertondale-Cardinia zone with obvious potential for further discovery.

The 950,000 gold resource at Leonora has been established at a cost of approximately A$10 per ounce, or approximately a fifth of the industry average. A feasibility study is currently underway where the initial focus is on shallow open pitable ounces to hasten early cash flow although the underground potential is very real and largely untapped.

The 100%-owned Cummins Range project in WA's East Kimberley is similar in nature to the Mt Weld rare earth oxide deposit, currently being developed as Australia's first rare earth metal mine.

The Cummins Range carbonatite was discovered in 1978 by CRA Exploration Pty Ltd (CRA) who subsequently estimated a non-JORC resource of 3 to 4 million tonnes grading 2% to 4% REO based on wide-spaced, shallow aircore drilling to an average depth of 30m (best intercept of 2m at 17.4% REO, 8.7% phosphate). Deeper drilling was limited to two diamond drill holes which confirmed the presence of significant rare earth mineralisation over the full extent of the 80m deep oxide zone. Several metals, including uranium, niobium, tantalum and scandium were not fully assessed at the time and commodity prices have since increased significantly for a large range of metals.

The Cummins Range project, for which an initial JORC-compliant resource of 1.1Mt at 3.5% REO was announced in March 2008, has the potential to deliver substantial value to shareholders given the geological scarcity, tight supply and high price market conditions affecting the rare earth metals.