AUREKA LIMITED — Capital/Financing Update 2011

Mar 29, 2011

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Statement of Commitments

Black Ranges ‐ Minimum Subscription

	Year 1
Use of funds	$	Year 2$	Total$
Data collection and management	80	80	160
Geophysical surveys	200	60	260
Drilling (Air core and Diamond)	369	363	732
TOTAL	649	503	1152

Bendigo North ‐ Minimum Subscription

	Year 1
Use of funds	$	Year 2$	Total$
Data collection and management	45	45	90
Geophysical surveys	60		60
Drilling (Air core and Diamond)	114	107	221
TOTAL	219	152	371

Kingston ‐ Minimum Subscription

Kingston ‐ Minimum Subscription
	Year 1
Use of funds	$	Year 2$	Total$
Data collection and management	45	45	90
Geophysical surveys	50	50	100
Drilling (Air core and Diamond)	65	202	267
TOTAL	160	297	457

Ballarat South ‐ Minimum Subscription

Ballarat South ‐ Minimum Subscription	Ballarat South ‐ Minimum Subscription
Use of fundsYear 1$		Year 2$	Total$
Data collection and management	20	25	45
Geophysical surveys	40		40
Drilling (Air core and Diamond)		30	30
TOTAL	60	55	115
TOTAL all projects108810072095

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