AUREKA LIMITED — Capital/Financing Update 2011

Aug 22, 2011

23 August 2011

ASX Release

Navarre completes entitlement offer and begins fresh exploration campaign at Tandarra

Following the closure of an entitlement offer which raised $3.2 million before costs, Victorian gold exploration company, Navarre Minerals (ASX:NML), will kick off the next stage of a drilling and geophysical testing program at its Bendigo North Gold Project later this week. (Refer Figure 1)

An air-core rig will start drilling on the Tandarra prospect, 40km north of Bendigo, on Wednesday August 24[th] with a preliminary 20 hole program ahead of a larger $4.2 million 50,000 metre drill program scheduled for October through to May 2012. This larger program will also involve 110 line kilometers of geophysical survey as follow-up to significant gold intercepts drilled during May.

In May this year the Company recorded a 10 metre intercept of gold assaying 34.4 grams per tonne, starting at shallow depth of 37m below surface (ASX announcement on June 3, 2011). A geophysical survey of the target zone conducted in July has delineated further drill sites, which will form the basis of the 20 hole preliminary stage starting this week.

“The key feature of our exploration strategy is an ability to target quartz reefs buried beneath the Murray Basin sediments. These reefs are known to start from only 30m below the surface at Tandarra,” commented Navarre Minerals Managing Director, Mr Geoff McDermott.

“We have completed a great deal of preparatory work on this program. Our early drilling is highly promising and our theories on an analogy with the Bendigo Goldfield to the south, are now to be fully tested,” he said.

The main targets of the extended program are the quartz reefs, potentially containing gold, which have formed at repetitive intervals within the anticlinal folds of the basement rocks below the Murray Basin sediments.

“The reefs are like tunnels of quartz that extend for several hundreds of metres, running largely north-south, parallel to the controlling fault structure of the region, the Whitelaw Fault (refer Figure 1),” Mr McDermott said. “Our proposition is that the same fault is integral to the control of the gold accumulations in the Bendigo Goldfield to the south, a field which has produced around 22 million ounces of gold since its discovery in the 1850s.”

“These prospects have lain hidden by sands and clays of the Murray Basin cover for millions of years. It is highly likely that if they had outcropped, as they did at Bendigo, the old timers would have discovered them.”

“Navarre looks forward to reporting the results of our drilling over the coming months.”

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 Managing Director E: gmcdermott@navarre.com.au T: +61 3 5358 8623

Trevor Shard Company Secretary E: tshard@navarre.com.au 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.

Figure 1. Bendigo North Project

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