AUREKA LIMITED — Capital/Financing Update 2011

Jul 24, 2011

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25 July 2011 DRAFT ONLY – NOT TO BE RELEASED

ASX Release 1 for 3 Entitlement Offer to raise $3.2M

Navarre Minerals Limited (ASX:NML) is pleased to announce a fully underwritten 1 for 3 nonrenounceable entitlement offer at $0.23 per share to raise $3,210,204 (before costs). Following completion of the offer, Navarre’s net cash position is expected to be $5.6M.

Use of Proceeds

The funds will be used to accelerate the Company’s exploration program at its Bendigo North Project where there has been significant exploration success in recent months.

In June, the Company announced significant drill intercepts at Bendigo North, including an outstanding gold intercept starting at 37m down-hole in ACT015 which featured a weighted average result of 10m @ 34.4g Au/t within an assay range of 17.9g Au/t to 44.3g Au/t determined by duplicate sampling. This intercept included a weighted average 2m @161.2g Au/t from 37m down-hole within an assay range of 78.1g Au/t to 211.3 g Au/t as determined by duplicate sampling.

The Company’s considers this to be one of the best gold intercepts in recent Victorian exploration history and now links high grade gold hits over a 2km zone.

Entitlement Offer

The entitlement offer gives all eligible shareholders the opportunity to subscribe for 1 new NML share for every 3 existing NML shares held on the Record Date (7.00pm, Wednesday 3 August) at the issue price of $0.23 per share. The issue price of $0.23 represents a 10% discount to the Company’s closing share price on 20 July and a 15% discount to the Company’s 5 day volume weighted average price.

All shareholders are encouraged to take part in the entitlement offer. The offer is fully underwritten by Taylor Collison Limited and Directors and Management are all participating.

The timetable for the placement and entitlement offer is set out overleaf.

Navarre Minerals Limited ACN 125 140 105 Level 4, 448 St Kilda Road, Melbourne VIC 3004 PO Box 7693, St Kilda Road VIC 8004 Navarre Operations: PO Box 385, Stawell VIC 3380 Ph: 61 3 9820 5509 Fax: 61 3 9820 2586 www.navarre.com.au

	Event	Date
	Announcement of Entitlement Offer, Offer Document, ASX	Monday, 25 July 2011
	Appendix 3B and Cleansing Notice lodged with ASX	(Pre-open)
	Notice sent to Shareholders containing ASX Appendix 3B details,	Tuesday, 26 July 2011
	indicative timetable
	Shares commence trading ex-Entitlement	Wednesday, 27 July 2011
	Record Date for the Entitlement Offer	Wednesday, 3 August 2011
		(7.00 pm)
	Mailing of Entitlement and Acceptance Form to Eligible	Thursday, 4 August 2011
	Shareholders
	Opening Date for the Entitlement Offer	Thursday, 4 August 2011
	Closing Date for the Entitlement Offer	Thursday, 18 August 2011
		(5.00 pm)
	Shares quoted on a deferred settlement basis	Friday, 19 August 2011
	ASX notified of under-subscriptions	Tuesday, 23 August 2011
	Issue and allotment of the New Shares for which valid applications	Friday, 26 August 2011
	have been received and accepted by Navarre
	Despatch of holding statements	Friday, 26 August 2011
	Last day of deferred settlement trading of New Shares under the	Friday, 26 August 2011
	Entitlement Offer
	Normal trading of New Shares on ASX expected to commence	Monday, 29 August 2011

Details of the Entitlement Offer will be contained in a letter to shareholders to be mailed on 26 July 2011. Offer documentation is expected to be mailed to shareholders on 4 August 2011.

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.

Navarre Minerals Limited ACN 125 140 105 Level 4, 448 St Kilda Road, Melbourne VIC 3004 PO Box 7693, St Kilda Road VIC 8004 Navarre Operations: PO Box 385, Stawell VIC 3380 Ph: 61 3 9820 5509 Fax: 61 3 9820 2586 www.navarre.com.au