AUREKA LIMITED — Capital/Financing Update 2011

Sep 4, 2011

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5 September 2011

ASX Release

Drilling confirms three lines of quartz reef at Tandarra

Victorian gold explorer, Navarre Minerals Ltd (ASX Code: NML), has confirmed the strike extension of three lines of quartz reef structures using air‐core drilling at its Tandarra prospect, 40 km north of Bendigo, Victoria, Australia.

Navarre has completed an 18 hole air‐core drilling program at the Bendigo North Gold Project which had a 90% hit rate targeting three shallow, parallel north‐south trending lines of quartz veins, typical of Victoria anticlinal‐controlled quartz‐hosted mineral deposits, over a 900 metre strike length.

These structures are interpreted to be extensions of the gold‐bearing quartz lodes identified by drilling in May of this year. A highlight of the previous drilling program was a weighted average 10 metre intercept of gold assaying 34.4 grams per tonne within an assay range of 17.9 to 44.3 grams per tonne starting at a shallow depth of 37 metres below surface (ASX announcement on June 3, 2011).

Navarre Minerals Managing Director, Mr. Geoff McDermott, said three potential anticlinal‐hosted lodes, or “tunnels of quartz”, had been identified so far, named the Macnaughtan, the Tomorrow and the Reynolds. Drilling on these features was successfully completed this week.

From the recent program, the Macnaughtan line of quartz has been intersected with 8 holes over 800m of strike, the shallowest depth was at 33 metres below surface. The Tomorrow was intersected 6 times over 600 metres, the shallowest of which was at 24 metres. The Reynolds was intersected 2 times over 100 metres, from as shallow as 77 metres. A table summarising the drill intersections and a map are included below.

“This drill program is extremely important in confirming the methodology of our exploration approach at Tandarra,” Mr. McDermott said. “The drilling encountered potential quartz lode structures in close proximity to our interpretation.”

“What we have seen so far in the drilling supports our view that we are encountering typical Victorian‐ goldfields style quartz saddle reef and associated spur structures sitting within the apexes of the three anticlinal structures. These quartz features have not been closed off by drilling to the north and are expected to repeat at regular intervals with depth.”

“The air‐core samples have been dispatched for assay this week. The results are expected in October and are eagerly awaited.”

Navarre raised $3.2 million in a 1‐3 rights issue, underwritten by Taylor Collison Limited, in August this year. These funds will be allocated to a $4.2 million program, including 110 line kilometres of geophysics and 50,000 metres of drilling which kicks off at Tandarra this week.

Level 4, 448 St Kilda Road, Melbourne VIC 3004 PO Box 7693, St Kilda Road VIC 8004 Navarre Operations: 40 ‐44 Wimmera Street PO Box 385, Stawell VIC 3380 Ph: 61 3 9820 5509 Fax: 61 3 9820 2586 www.navarre.com.au

For further information contact:

Geoff McDermott Trevor Shard Managing Director Company Secretary E: gmcdermott@navarre.com.au E: tshard@navarre.com.au T: +61 3 5358 8623 T: +61 3 9820 5509

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Geoff McDermott, who is a Member of The Australian Institute of Geoscientists and who is Managing Director of the company. Mr McDermott has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McDermott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Navarre Minerals : Navarre is a Victorian based explorer with four main exploration projects in central and western Victoria with the potential for large gold and copper ‐ gold ‐ zinc deposits.

SUMMARY TABLE OF AUGUST 2011 AIR –CORE DRILLING PROGRAM (assays due in October 2011)

		Northing	Easting		Hole Depth	Depth of Cover	Reef Quartz intersected
Hole ID	Anticline	(GDA 94)	(GDA 94)	Dip	(m)	(m)	(metres below surface)
ACT022	Tomorrow	5972824	246799	‐90	66.0	21	Nil
ACT023	Tomorrow	5972824	246822	‐90	69.0	21	44‐45
ACT024	Macnaughtan	5972930	246605	‐90	120.0	40	53‐66,71‐119
ACT025	Macnaughtan	5972933	246625	‐90	90.0	35	61‐64,79‐88
ACT026	Macnaughtan	5972933	246595	‐90	102.0	39	81‐91
ACT027	Tomorrow	5972930	246825	‐90	96.0	20	24‐36,72‐90
ACT028	Tomorrow	5972930	246845	‐90	83.0	19	54‐58
ACT029	Tomorrow	5972930	246805	‐90	78.0	23	Nil
ACT030	Tomorrow	5973350	246725	‐90	117.0	48	69‐71,77,91‐94,102‐111
ACT031	Macnaughtan	5973350	246480	‐90	92.0	29	30,35‐36,75‐91
ACT032	Macnaughtan	5973570	246465	‐90	43.8	35	37‐43.8+
ACT033	Reynolds	5973350	246910	‐90	117.0	37	100‐117+
ACT034	Tomorrow	5973350	246745	‐90	105.0	45	84‐94
ACT035	Macnaughtan	5973350	246495	‐90	58.0	29	33‐43,53‐58+
ACT036	Macnaughtan	5973695	246450	‐90	50.5	41	50‐50.5+
ACT037	Reynolds	5973460	246880	‐90	99.0	39	77‐78,97‐99+
ACT038	Tomorrow	5973460	246695	‐90	96.0	51	67‐74,88‐94
ACT039	Macnaughtan	5973460	246465	‐90	59.5	43	56‐59.5+
					1,541.8

+ Air‐core drill hole terminated in quartz at “refusal point” due to hardness of rock

Level 4, 448 St Kilda Road, Melbourne VIC 3004 PO Box 7693, St Kilda Road VIC 8004 Navarre Operations: 40 ‐44 Wimmera Street PO Box 385, Stawell VIC 3380 Ph: 61 3 9820 5509 Fax: 61 3 9820 2586 www.navarre.com.au

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Plan showing location of August drilling program and the three confirmed lines of quartz reef

Level 4, 448 St Kilda Road, Melbourne VIC 3004 PO Box 7693, St Kilda Road VIC 8004 Navarre Operations: 40 ‐44 Wimmera Street PO Box 385, Stawell VIC 3380 Ph: 61 3 9820 5509 Fax: 61 3 9820 2586 www.navarre.com.au