Project Overview

Navigator's main focus is gold at Leonora, WA where the objective is to rapidly expand the current 870,000 oz gold resource and commence a high-margin mining operation.

Navigator plans to continue accelerating the level of drilling activity at Leonora to fully realize the multi-million ounce exploration potential evident from consistent exploration success. As a result, further discoveries and resource upgrades are anticipated during 2007 on the back of a $5M exploration budget that will expand Navigator's development options.

Scoping study results to date at Leonora provide strong encouragement for a multiple open pit mining scenario. The initial focus is on shallow open pitable ounces to hasten early cash flow and the underground potential is largely untapped. The modelling of several potential underground mining targets at a higher cut-off grade has commenced and is likely to be followed by deeper drilling in a number of areas including Tonto and Merton's Reward. This drilling will run concurrently with the continued delineation of near-surface ounces to accelerate Navigator's production objectives.

Navigator plans to deliver a strategic rare earth metal resource in the coming months at its Cummins Range project in the East Kimberley, WA, following a recently completed program of 9,300m program of reverse circulation drilling. A preliminary budget of $1.3 million is in place at Cummins Range to establish the initial resource and undertake metallurgical assessment.

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. An initial resource of 1.5mt grading 3.2% Zn equivalent was announced in January 2007. Nickel and zinc focused drilling is planned in the 2007 field season.