AUREKA LIMITED — Capital/Financing Update 2013

Mar 11, 2013

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ASX Announcement

12 March 2013

Navarre Minerals Limited

ABN 66 125 140 105

ASX Code: NML

Drilling commences at Eclipse base metals & gold prospect in western Victoria

Corporate Details

Issued capital: 59.6M ordinary shares 5.63M unlisted options

Directors & Management: Kevin Wilson (Non-Executive Chairman)

Geoff McDermott (Managing Director)

John Dorward (Non-Executive Director)

Colin Naylor (Non-Executive Director)

Jane Nosworthy (Company Secretary)

Wessley Edgar (Exploration Manager)

Contact Details

Geoff McDermott Managing Director

Navarre Minerals Limited 40 – 44 Wimmera Street Stawell VIC 3380 Australia

PO Box 385 Stawell VIC 3380 Australia

Tel: +61 (0)3 5358 8625

Email: info@navarre.com.au Website: www.navarre.com.au

• Air-core drilling commences at Eclipse base metals-gold prospect

• New porphyry-style copper-gold model

• New understanding to Navarre’s 2010 diamond hole intercept of 276.1m @ 0.3% Zn and 0.1g Au/t

Navarre Minerals Limited (ASX Code: NML) has commenced drilling at its 100%owned Eclipse copper-gold prospect, part of the Black Range Project located 300 kilometres north-west of Melbourne (Figure 1).

Navarre has planned a 1,000 metre air-core drilling campaign to test its concept of potential large tonnage porphyry-style copper-gold targets at Eclipse. Drilling is expected to assist in characterizing the hydrothermal alteration assemblages typically present in a porphyry system and to use this information to vector towards high grade mineralisation in future drill testing.

Navarre’s compilation of previous exploration data has resulted in the development of a new geological concept for Eclipse based on similarities with the porphyry system at the giant Cadia copper-gold deposit in central NSW.

“Our initial 2010 diamond drill hit at the Eclipse prospect has intrigued us for the past three years. It is not every day you encounter a 276m intersection which ends in mineralisation,” Navarre Managing Director, Mr Geoff McDermott commented. “We have completed a lot of work since then, including background research with experts out of the Centre of Excellence in Ore Deposits (CODES) in Tasmania and with the Geological Survey of Victoria (GSV). We also recognised that zinc is a common accessory mineral in the margins of porphyry copper-gold deposits. What has become apparent is that the geological information we have assembled at Eclipse supports a porphyry-style copper-gold model.”

“A recent program of soil geochemistry completed over a large (2900m by 700m) demagnetized feature co-incident with a gravity low is providing further evidence to support our thesis that Eclipse may represent a large porphyry system,” Mr McDermott said (Figures 2 & 3).

Navarre holds several exploration tenements as part of its Delamerian base metals and gold project in western Victoria, which includes the Black Range Project (Figure 1). These tenements contain extensive under-explored volcanics with several known occurrences of base metals and gold mineralisation of which the Eclipse prospect is the most advanced.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au

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New research by the GSV in collaboration with Geoscience Australia suggests these rocks could be part of a buried Andean-style magmatic arc, where volcanic-hosted massive sulphides, epithermal and porphyry copper mineralisation have been previously discovered.

Previous drilling at Eclipse by the former operator, Rio Tinto plc, resulted in the discovery of a large alteration zone, which Navarre believes is typical of those seen in porphyry systems (Figure 2). Several areas of extensive alteration and mineralisation were intersected by Rio Tinto in their drilling from shallow depths within this zone including:

• 15m @ 0.7% Cu, 1.9% Zn and 0.8g Au/t from 28m down-hole in RC92GM52, including 4.0m @1.8% Cu, 2.3% Zn and 0.4g Au/t ;

• 13m @ 0.7% Cu and 0.2g Au/t from 29m down-hole in RC92GM55, including 2.0m @ 2.2% Cu and 0.5g Au/t and

• 2.0m @ 3.0% Cu and 2.0g Au/t from 37m down-hole in RC93GM65 (see Navarre’s December 2010 prospectus).

Following an Induced Polarization survey completed by Navarre in early 2009, the Company completed four diamond holes from 2010 to 2011 including DD10BR001 which returned an extensive interval of pervasively altered pyrite mineralisation:

• 276.1m @ 0.3% Zn and 0.1g Au/t from 1.3m down-hole in DD10BR001, including 0.7m @ 6.4% Cu, 0.4% Zn and 0.1g Au/t (see Navarre’s December 2010 prospectus). This hole ended in mineralisation.

The current drilling program has been complemented by a recent soil geochemistry program.

- ENDS -

For further information contact:

Geoff McDermott Managing Director E: info@navarre.com.au T: +61 (0)3 5358 8625

Competent Person Declaration

The information in this release that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Wessley Edgar, who is a Member of The Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Edgar 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 Edgar consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forwardlooking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au

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Figure 1: Black Range Project location, interpreted basement geology and targets.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

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Figure 2: Magnetic image of the Eclipse Prospect showing location of potential porphyry target and interpreted sub-surface geological features. The A-B Line represents the location of a cross-section shown in Figure 3.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d A S X A n n o u n c e m e n t P a g e | 5

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Figure 3: Schematic cross-section through the Eclipse Prospect showing conceptual copper-gold porphyry mineralisation model as fitted to existing drill mineralisation, gravity and magnetic geophysics. The Induced Polarisation (IP) anomaly beneath Silurian Grampians Group sandstone cover has never been drill tested and will comprise a prime target in the drill program.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

e info@navarre.com.au | w navarre.com.au