AUREKA LIMITED — Interim / Quarterly Report 2012

Jul 25, 2012

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ASX Release: 26 July 2012 June 2012 Quarter

Navarre Minerals Limited

ABN 66 125 140 105

ASX Code: NML

Corporate Details

Issued capital: 55.8M ordinary shares 2.37M 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)

Contact Details

Geoff McDermott Managing Director

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

Report to Shareholders

Highlights

• Multiple high-grade gold intercepts recorded in first diamond hole, DDT001. New results, including 0.4m @ 13.7g Au/t from 40.3m, upgrade entire intercept in DDT001 to 29.1m @ 1.6g Au/t from 20.1m. Previously reported best intercepts of 1.3m @ 18.1g Au/t from 20.1m down-hole includes 0.7m @ 28.6g Au/t and 0.5m @ 10.5g Au/t from 36.9m.

• RC drilling confirms further near surface high-grade gold within expansive envelopes of broad gold mineralisation. Best intercepts of 7m @ 3.0g Au/t from 54m downhole in RCT097 including 1m @ 14.9g Au/t, 26m @ 1.0g Au/t from 20m in RCT051 and 23m @ 1.0g Au/t from 58m in RCT096 including 1m @ 5.7g Au/t.

• Resource evaluation RC drill results demonstrate shallow gold mineralisation over a strike length of 850m at Tandarra within a 2.5km zone previously established by aircore drilling. Mineralisation is open north and south.

• 3D geological modelling has commenced which is helping to unlock Tandarra fold and fault geometries and mineralisation trends, and shows multiple targets for follow-up drilling.

• Bulk sample treatment plant acquired to test gold grades in residual drill cuttings from Tandarra to assist mineral resource estimation.

• Management team strengthened by the addition of Mr Wessley Edgar as Exploration Manager.

Summary

Navarre’s major exploration program of drilling and geophysics over the Tandarra Gold prospect is one of the largest greenfields gold exploration projects in Victoria. Tandarra is at the centre of the Company’s Bendigo North Gold Project, 40 kilometres north of Bendigo, in Victoria, Australia.

Exploration at Tandarra continues to outline further near surface extensions of moderate to high grade mineralisation on the Tomorrow and the Macnaughtan lines, underlining the potential for Tandarra to deliver the Company a maiden mineral resource. Gold mineralisation within these lines of quartz reef remains open to the north and south.

Finance

• Cash in bank was $1.5 million at 30 June 2012.

PO Box 385 Stawell VIC 3380 Australia

Tel: +61 (0)3 5358 8625

Corporate

• Announced appointment of Wessley Edgar as new Exploration Manager effective 13 August 2012.

Outlook

• Relocate, rebuild and commission bulk sample treatment plant.

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

• Receive outstanding drill assays.

• Collate, review and model extensive data from drill program for plan and budget.

• Recommence drilling at Tandarra in Q4.

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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1. BACKGROUND

Navarre Minerals Limited (ASX Code: NML) is an Australian gold and base metals exploration company with projects located in central and western Victoria with the potential for large gold and copper-gold-zinc deposits.

Navarre’s goal is to define a maiden mineral resource and to become a low-cost Victorian gold producer through exploration success.

2. EXPLORATION

2.1. BENDIGO NORTH GOLD PROJECT (Tandarra prospect, EL 4897 & EL 5364)

The Tandarra prospect, part of the Bendigo North Gold Project, is a recent greenfields gold discovery under shallow cover, 40 kilometres north of the 22 million ounce Bendigo Goldfield (Figures 1 & 2). The Company believes that Tandarra is part of a potential new goldfield in central Victoria with opportunities for open pit mining.

Resource evaluation drilling at Tandarra in the June quarter has outlined further near surface extensions of highgrade gold mineralisation contained within an expansive envelope of gold-bearing quartz stockwork veining. Reverse circulation (RC) drilling on the Tomorrow line of reef has now delivered significant results indicating shallow and potentially economic gold mineralisation over a strike length of 850 metres from within a 2.5km zone previously established by air-core drilling. The Company is working towards demonstrating the economic potential of an open pit mine at this location. Importantly, the Tomorrow line, as well as the Macnaughtan and Reynolds lines, remains open to both the north and south of the current RC drilling.

Highlights of drill results received during the June quarter, as announced previously, include:

• 12m @ 1.8g Au/t from 73m in RCT028, including 5m @ 3.9g Au/t (Tomorrow line)

• 26m @ 1.0g Au/t from 20m in RCT051, including 14m @ 1.5g Au/t (Tomorrow line)

• 11m @ 2.0g Au/t from 35m in RCT062, including 4m @ 4.5g Au/t (Tomorrow line)

• 17m @ 1.2g Au/t from 76m in RCT062, including 7m @ 2.2g Au/t (Tomorrow line)

• 10m @ 1.0g Au/t from 103m in RCT062, including 5m @ 1.6g Au/t (Tomorrow line)

• 4m @ 9.2g Au/t from 18m in RCT063, including 1m @ 30.9g Au/t (Tomorrow line)

• 4m @ 2.4g Au/t from 103m in RCT063 (Tomorrow line)

• 2m @ 5.5g Au/t from 77m in RCT069, including 1m @ 10.3g Au/t (Tomorrow line)

• 8m @ 1.1g Au/t from 37m in RCT073, including 1m @ 7.3g Au/t (Macnaughtan line)

• 17m @ 1.0g Au/t from 83m in RCT095, including 1m @ 8.6g Au/t (Tomorrow line)

• 23m @ 1.0g Au/t from 58m in RCT096, including 1m @ 5.7g Au/t (Tomorrow line)

• 7m @ 3.0g Au/t from 54m in RCT097, including 1m @ 14.9g Au/t (Tomorrow line)

*All results are reported as down-hole lengths. A full suite of results is provided in Table 1 & significant assays shown on map Figure 3. Also see ASX releases dated 12 April 2012 and 12 July 2012.

Assay results have now been received from a program of eight holes for 2,273 metres of diamond drilling at Tandarra. The diamond drill program was designed to provide geometry, rock type and structural geology information to assist building the geological model to support a mineral resource estimate. Results from this program are tabulated in Table 2.

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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In addition to geometry information, diamond hole DDT001 returned encouraging results over a 29.1m interval averaging 1.6g Au/t from only 20.1m down-hole on the Tomorrow Line. This broad zone of mineralisation contains multiple high-grade gold intercepts interrupted by several zones of core loss as a result of drilling action through soft, weathered, near surface rock. High-grade results recorded from DDT001 include:

• 1.3m @ 18.1g Au/t from 20.1m, including 0.7m @ 28.6g Au/t

• 0.1m @ 1.7g Au/t from 27.9m

• 0.2m @ 6.1g Au/t from 29.7m

• 0.8m @ 5.6g Au/t from 35.7m

• 0.5m @ 10.5g Au/t from 36.9m

• 0.3m @ 6.9g Au/t from 39.4m

• 0.4m @ 13.7g Au/t from 40.3m

• 0.7m @ 3.6g Au/t from 45.1m

• 0.6m @ 1.4g Au/t from 46.2m

*All results are reported as down-hole lengths. A full suite of results is provided in Table 2 & significant assays shown on map Figure 3.

“Although the diamond drilling program was designed to confirm structure for the geological model, the intersection in DDT001 is pleasing as it not only confirms the local structures, but also demonstrates strong gold mineralisation within shallow distance from the surface,” commented Managing Director, Mr Geoff McDermott.

Reconnaissance air-core (AC) drill testing during the quarter over geophysical targets saw 4,685 metres in 39 drill holes being completed. Table 3 contains results for anomalous gold detected by AC drilling during the quarter. Significant quartz and gold mineralisation intersected on the Macnaughtan line confirms two possible reef systems which remain open north and south and will be tested further in the next drilling campaign. In addition to basement testing, AC drilling has outlined several anomalous gold intervals within the Murray Basin cover. During the next drilling program, the Company intends to also target the Murray Basin cover for potential highgrade buried alluvial gold deposits.

With the onset of wet winter conditions and the start of landholder cropping activities, all drilling has now been completed for this field season. Activities completed in the season included 67 line kilometres of CSAMT geophysics and 21,420 metres of drilling, including 111 air-core holes, 100 RC holes and 8 diamond holes. Geological models generated from this extensive exploration data set will assist with drill hole planning and targeting for the new field season commencing in October 2012.

Approximately 140 outstanding diamond and RC duplicate results remain to be received during the September quarter.

 Bulk Sample Treatment Plant

During the quarter, the Company acquired a bulk sample treatment plant (“Plant”) for the purpose of testing larger samples for contained gold at Tandarra (Photograph 1). The Company believes that the current sampling method, which analyses 2,000 grams from each metre of RC drill intercept, may not always capture erratically distributed gold nuggets and may therefore under-represent the true gold grade.

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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RC drilling typically generates 25 kilograms of sample for every metre drilled. Under Navarre’s current RC sampling regime, a 2 kilogram sub-sample (8% of the total material available) is extracted and assayed for gold. Using the Plant, the Company proposes to analyse all the RC cuttings from the mineralised zones for gold. Due to the larger size of these samples (23kg vs. 2kg), they are expected to give a better understanding of the gold content from within the quartz reefs, as well as providing an indication of the recovered grade under likely mine processing conditions.

The Company is preparing its treatment protocol and expects to process approximately 20 tonnes of RC drill sample chips remaining as residue from the first RC drilling campaign. By comparing the original reported assays with the bulk sampling results, the Company hopes to quantify likely gold grades under process conditions and incorporate this information into a JORC mineral resource estimate.

It is anticipated that as each drilling campaign is completed, additional batches will be tested through the Plant.

The Plant has been dismantled and will be re-assembled on site at the Stawell Gold Mine, which is located near Stawell in western Victoria. The Plant will be operated by Navarre personnel, but Stawell Gold Mines’ personnel will be made available to provide technical support and maintenance services for the Plant, on a cost recovery basis. “We are delighted by the support of Stawell Gold Mines, which gives Navarre the opportunity to undertake bulk sample testing at a more reasonable cost than would usually be available to a junior explorer”, Mr McDermott said.

Mike Stewart of Quantitative Group has been engaged to assist Navarre with developing an appropriate estimation method for combining bulk sample Plant data with traditional drill results for the estimation of a maiden JORC mineral resource at Tandarra.

The total cost of the Plant, inclusive of acquisition and re-establishment at Stawell Gold Mine, is estimated to be less than $100,000. The Company expects to commence testing RC drill chip residues in the December 2012 quarter.

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Photograph 1: Navarre’s recently acquired pilot bulk sample treatment plant (painted yellow) prior to dismantling.

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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 Tandarra 3D Model

Structural geologist and geological modelling specialist, Dr Jun Cowan of Orefind Pty Ltd, has been working with Navarre geologists to prepare a preliminary working 3D model of Tandarra geology and mineralisation using Leapfrog© software (Figure 4). The model is expected to be modified as more data is obtained.

The current modelling has helped determine the structure of the quartz mineralisation but also shows mineralised trends on the Macnaughtan and Tomorrow lines that have been missed by recent drilling.

Next steps for the Company include completion of the model to provide:

• definition of targets for follow-up drill testing; and

• geometry from which to generate a mineral resource estimate.

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Figure 4: Preliminary working 3D model of Tandarra basement geology and mineralisation viewed looking down from northwest.

2.2. RAYDARRA / SEBASTIAN GOLD PROJECTS (Navarre earning 75%)

On 20 February 2012 Navarre and Castlemaine Goldfields Limited (ASX Code: CGT) announced two farm-in agreements covering the Raydarra and Sebastian Gold Projects, located between Tandarra and Bendigo (Figures 1 & 2). Under the terms of the deal, Navarre may earn up to a 75% interest in the Projects.

 Raydarra (EL 5266)

During the June quarter, the Company completed an 11 hole, 988m AC drill program in April 2012 to test geophysical targets generated in the previous quarter. Drill holes ACR008 and ACR009 (20m east of ACR008) were stopped at blade refusal at depths of 87m and 54m respectively in significant quartz although no anomalous gold assays were returned. The remainder of the 11 air-core program did not record significant quartz or gold assay. The Company plans to further test the quartz reef intersected in ACR008 and ACR009 as well as additional targets detected by a further 3 lines of CSAMT geophysics conducted during the quarter.

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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 Sebastian (ELs 3105, 4536, 4974 & 5335)

Three CSAMT ground geophysical lines were conducted near the historic Frederick the Great mine area and across its projected trend of mineralisation. Several shallow targets have been generated for follow-up drill testing.

2.3. LANDSBOROUGH FAULT GOLD PROJECT (Kingston EL 5280 & Glendhu EL 5380)

The Landsborough Fault is believed to be the major control on gold mineralisation in western Victoria. Navarre has a dominant land position along the Landsborough Fault (Figure 1), a parallel fault system to the nearby Stawell Fault which is considered to be the controlling structure for over 6 million ounces of historic gold production from the Stawell and Ararat Goldfields.

 Kingston

The Kingston Gold Project is 30 kilometres northeast of the 5 million ounce Stawell Gold Mine operation in western Victoria (Figure 1). Kingston contains an historic gold mine and the Company is following up several previous high-grade gold intercepts.

During the quarter the Company analysed airborne magnetic survey data, flown earlier in the year, to identify controlling structures on the Kingston gold mineralisation and for repetitions of this style of mineralisation for follow-up drill testing. Several targets have been identified for reconnaissance mapping and sampling prior to drill testing.

 Glendhu

In April 2012, the Company was granted exploration licence EL 5380 (Glendhu), covering 185 square kilometres of the Landsborough Fault adjoining the southern end of the Kingston Gold Project (Figure 1). The Company is now reviewing previous exploration data.

2.4. BLACK RANGE BASE METALS PROJECT (EL 4973, EL 4590 & EL 5164)

The Black Range Project incorporates a former Rio Tinto base metals and gold exploration prospect in the Grampians – Stavely region of western Victoria (Figure 1). The project area contains about 60 kilometres of Cambrian age volcanics that show geological similarities to the Mount Read Volcanics of northwest Tasmania, which are host to a number of volcanic massive sulphide deposits such as Rosebery, Hellyer and Que River and the large Mt Lyell copper-gold deposit.

A report reviewing the geology and exploration conducted on the Black Range Project has been received from the Centre of Excellence in Ore Deposits (“CODES”) at the University of Tasmania. The report, which synthesizes previous exploration data, will be used to identify new exploration targets. The Company has commenced planning for a soil sampling program over epithermal and porphyry copper style targets.

3. ACTIVITIES PLANNED FOR SEPTEMBER 2012 QUARTER

• Continued modelling of Tandarra.

• Commencement of works for the bulk sample treatment plant.

• Reconnaissance mapping and sampling at Landsborough Fault.

• Soil sampling at Black Range.

• Preparation for drilling in Q4.

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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4. CORPORATE

The Company held $1.5 million cash as at 30 June 2012.

The Company appointed Mr. Wessley Edgar as Exploration Manager, effective 13 August 2012. Wess, who holds a Bachelor of Science (Honours in Geology) degree and a Masters of Minerals Economics degree, will be a key member of the executive team and will oversee all aspects of exploration for the Company. Wess has over 20 years’ experience in the resources industry, predominantly in gold mining and exploration, and also in base metals exploration. During the past decade Wess has worked extensively with various styles of Victorian gold deposits. His knowledge and expertise of exploration and evaluation techniques in Victoria will complement Navarre’s current technical expertise.

There are 55.8 million ordinary shares and 2.37 million unlisted options on issue.

- ENDS -

For further information contact:

Geoff McDermott Managing Director

info@navarre.com.au + 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 Geoff McDermott, who is a Member of The Australian Institute of Geoscientists and who is Managing Director of Navarre Minerals Limited. 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 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. Forward-looking 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: Location of Navarre’s mineral projects, interpreted major mineral corridors, sub-surface exposure of basement rocks and extent of cover rock sequences.

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Figure 2: Location map of the Bendigo North, Raydarra and Sebastian Gold Projects .

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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TABLE 1: Bendigo North, Tandarra prospect, 2012 RC Drill Results

HOLE ID	EASTING (MGA94)	NORTHING (MGA94)	DIP	AZIMUTH (MGA94)	FINAL DEPTH (m)	FROM (m)	TO (m)	DOWN- HOLE INTERVAL (m)	GOLD (g Au/t)	COMMENTS
RCT001	246882	5972742	-70	090	104 includes includes	29 29	31 30	2 1	1.6 2.9	Tomorrow Line
						42	44	2	0.5
						71 75	87 78	16 3	1.1 4.3
RCT002	246851	5972739	-70	090	102				NSR	Tomorrow Line
RCT003	246871	5972741	-70	090	102				NSR	Tomorrow Line
RCT004	246842	5972740	-70	090	120	45	48	3	0.6	Tomorrow Line
RCT005	246860	5972740	-70	090	102	54	55	1	0.5	Tomorrow Line
RCT006	246893	5972731	-60	090	159 includes and and includes	35 45 45 50	59 57 46 53	24 12 1 3	2.5 4.9 15.3 10.9	Tomorrow Line
						63 63	68 64	5 1	1.2 4.1
						135	154	19	0.2
RCT007	246914	5972728	-60	090	159 includes	63 64	66 65	3 1	0.5 1.1	Tomorrow Line
RCT008	246935	5972733	-60	090	87	36	37	1	0.5	Tomorrow Line
RCT009	246955	5972741	-60	090	75	46	47	1	0.5	Tomorrow Line
RCT010	246852	5972828	-70	090	171 includes includes includes includes includes	30 32	38 33	8 1	0.4 1.1	Tomorrow Line hole ends in mineralisation
						42	43	1	1.2
						53 57	58 58	5 1	0.4 1.2
						65 66	72 67	7 1	0.7 2.1
						85 85	92 86	7 1	0.5 1.5
						123	124	1	1.4
						153	154	1	0.9
						163 169	171 170	8 1	3.4 24.0
RCT011	246871	5972825	-70	090	123 includes and	20	23	3	0.6	Tomorrow Line
						65 66 66	82 76 67	17 10 1	0.8 1.2 6.0
						111	113	2	0.6
RCT012	246894	5972828	-70	090	171				NSR	Tomorrow Line
RCT013	246801	5972946	-70	090	111 includes	27 29	36 30	9 1	1.0 3.0	Tomorrow Line
						40	41	1	0.5
RCT014	246820	5972945	-70	090	105	45 69	47 71	2 2	1.5 0.6	Tomorrow Line
RCT015	246846	5972936	-70	090	99				NSR	Tomorrow Line
RCT016	246794	5973031	-70	090	105	34	35	1	0.6	Tomorrow Line
						68	69	1	2.5
						79	80	1	1.0
RCT017	246813	5973031	-70	090	99				NSR	Tomorrow Line
RCT018	246834	5973031	-70	090	141				NSR	Tomorrow Line
RCT019	246769	5973243	-70	090	138	134	135	1	0.6	Tomorrow Line
RCT020	246789	5973244	-70	090	102				NSR	Tomorrow Line
RCT021	246809	5973244	-70	090	102				NSR	Tomorrow Line
RCT022	246749	5973244	-70	090	96				NSR	Tomorrow Line

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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HOLE ID	EASTING (MGA94)	NORTHING (MGA94)	DIP	AZIMUTH (MGA94)	FINAL DEPTH (m)	FROM (m)	TO (m)	DOWN- HOLE INTERVAL (m)	GOLD (g Au/t)	COMMENTS
RCT023	246584	5972939	-70	090	90	66	67	1	0.8	Macnaughtan Line
RCT024	246602	5972939	-70	090	102				NSR	Macnaughtan Line
RCT025	246984	5972622	-70	090	108 includes	24 41	49 47	25 6	0.8 1.9	Tomorrow Line
RCT026	247003	5972622	-70	090	102				NSR	Tomorrow Line
RCT027	247023	5972623	-70	090	156				NSR	Tomorrow Line
RCT028	247018	5972419	-70	090	102 includes and	73 79 82	85 84 83	12 5 1	1.8 3.9 14.8	Tomorrow Line
RCT029	247038	5972420	-70	090	108	78	80	2	0.5	Tomorrow Line
RCT030	247058	5972421	-70	090	108	59	63	4	1.0	Tomorrow Line
						69	75	6	1.0
						79	81	2	0.5
RCT031	246701	5973879	-70	090	66				NSR	Reynolds Line
RCT032	246686	5974080	-70	090	72				NSR	Reynolds Line
RCT033	246579	5973029	-70	090	102				NSR	Macnaughtan Line
RCT034	246595	5973028	-70	090	102				NSR	Macnaughtan Line
RCT035	246616	5973028	-70	090	96				NSR	Macnaughtan Line
RCT036	246850	5973120	-60	270	96				NSR	Tomorrow Line
RCT037	246784	5973032	-70	090	85				NSR	Tomorrow Line
RCT038	246878	5973121	-60	270	102				NSR	Tomorrow Line
RCT039	246939	5973030	-60	090	108				NSR	Reynolds Line
RCT040	247092	5972218	-60	090	96	72	73	1	2.4	Tomorrow Line
RCT041	247111	5972219	-70	090	96				NSR	Tomorrow Line
RCT042	246928	5972751	-80	270	90 includes	60 66	79 67	19 1	1.1 7.5	Tomorrow Line
RCT043	246916	5972749	-80	270	84 includes and includes and	31 34 34	45 43 35	14 9 1	0.6 0.8 3.0	Tomorrow Line
						53 53 58	71 62 62	18 9 4	1.0 1.8 2.5
RCT044	246847	5973042	-80	270	72				NSR	Tomorrow Line
RCT045	246903	5972754	-80	270	66 includes includes includes includes	27 35 42	44 43 43	17 8 1	1.1 2.0 10.8	Tomorrow Line
						54 55 55	60 59 56	6 4 1	1.8 2.7 5.6
RCT046	246965	5972750	-62	270	102 includes includes	87 88 88	94 92 89	7 4 1	1.9 3.1 7.2	Tomorrow Line
RCT047	246856	5972929	-80	270	72 includes	52	53	1	0.7	Tomorrow Line
						63 66	67 67	4 1	1.2 4.2
RCT048	246832	5973043	-80	270	80				NSR	Tomorrow Line
RCT049	246822	5973042	-80	270	90	62	63	1	0.5
RCT050	246843	5972929	-80	270	102 includes includes includes	44 44 44	48 46 45	4 2 1	9.4 18.4 33.6	Tomorrow Line
						56 57	61 58	5 1	0.8 2.6
RCT051	246830	5972929	-80	270	60 includes includes includes	20 22 29 35	46 36 30 36	26 14 1 1	1.0 1.5 4.4 4.1	Tomorrow Line

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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HOLE ID	EASTING (MGA94)	NORTHING (MGA94)	DIP	AZIMUTH (MGA94)	FINAL DEPTH (m)	FROM (m)	TO (m)	DOWN- HOLE INTERVAL (m)	GOLD (g Au/t)	COMMENTS
RCT052	246817	5972928	-80	270	60 includes and	21 27 27	31 31 28	10 4 1	0.9 1.8 4.3	Tomorrow Line
RCT053	246636	5972950	-80	270	126				NSR	Macnaughtan Line
RCT054	246621	5972949	-80	270	135 includes and	101	102	1	1.7	Macnaughtan Line
						118 124 124	133 130 125	15 6 1	0.7 1.0 2.0
RCT055	246604	5972948	-80	270	114	54	55	1	0.8	Macnaughtan Line
						100	102	2	1.6
RCT056	246651	5972952	-80	270	138	33	34	1	0.8	Macnaughtan Line
RCT057	246591	5972956	-80	270	120	66	68	2	1.1	Macnaughtan Line
RCT058	246794	5973043	-80	270	78	37	38	1	1.3	Tomorrow Line
RCT059	246819	5973250	-80	270	102				NSR	Tomorrow Line
RCT060	246803	5973249	-80	270	96				NSR	Tomorrow Line
RCT061	246838	5972822	-80	270	102				NSR	Tomorrow Line
RCT062	246994	5972629	-80	270	150 includes includes includes includes	29	31	2	1.0	Tomorrow Line
						35 41	46 45	11 4	2.0 4.5
						76 81	93 88	17 7	1.2 2.2
						103 108 112	113 113 113	10 5 1	1.0 1.6 3.6
						131	148	17	0.3
RCT063	246978	5972629	-80	270	120 includes includes	18 19 20	22 21 21	4 2 1	9.2 17.3 30.9	Tomorrow Line
						70	71	1	1.2
						76	77	1	4.0
						83	84	1	0.6
						85	86	1	0.6
						97	98	1	1.1
						103	107	4	2.4
RCT064	246956	5972632	-80	270	108	58	59	1	1.1	Tomorrow Line
RCT065	247008	5972631	-80	270	120				NSR	Tomorrow Line
RCT066	247143	5972830	-55	270	70				NSR	Reynolds Line - Pre- collar for DDT003
RCT067	247103	5972419	-80	270	108	34	37	3	0.5	Tomorrow Line
						46	47	1	0.5
						49	50	1	0.5
						69	70	1	4.5
						89	90	1	0.7
RCT068	247085	5972418	-80	270	102 includes and and and	37	38	1	0.8	Tomorrow Line
						58 58 61 73 84	90 59 62 74 85	32 1 1 1 1	0.4 3.6 1.0 2.0 1.0
RCT069	247068	5972416	-80	270	84 includes	38	40	2	0.5	Tomorrow Line
						77 77	79 78	2 1	5.5 10.3
RCT070	247126	5972410	-80	270	96				NSR	Tomorrow Line
RCT071	247065	5971819	-55	270	68				NSR	Target depth not reached
RCT072	247042	5972020	-80	270	96				NSR	Tomorrow Line

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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HOLE ID	EASTING (MGA94)	NORTHING (MGA94)	DIP	AZIMUTH (MGA94)	FINAL DEPTH (m)	FROM (m)	TO (m)	DOWN- HOLE INTERVAL (m)	GOLD (g Au/t)	COMMENTS
RCT073	247003	5971822	-76	270	142 includes includes	37 40 41	45 42 42	8 2 1	1.1 3.9 7.3	Macnaughtan Line
RCT074	246986	5971821	-76	270	120 includes	35	36	1	3.1	Macnaughtan Line
						86 88	90 90	4 2	1.1 2.1
RCT075	247088	5971618	-80	270	50				NSR	Target depth not reached
RCT076	247258	5971413	-80	270	108	96	97	1	1.7	Macnaughtan Line
RCT077	246719	5973458	-80	270	105				NSR	Macnaughtan Line
RCT078	246699	5973458	-80	270	50				NSR	Target depth not reached
RCT079	246630	5973681	-80	270	102				NSR	Macnaughtan Line
RCT080	246612	5973681	-80	270	40				NSR	Macnaughtan Line - Target depth not reached
RCT081	246498	5973464	-80	270	120				NSR	Macnaughtan Line
RCT082	246477	5973462	-80	270	90				NSR	Macnaughtan Line
RCT083	246458	5973462	-80	270	40				NSR	Target depth not reached
RCT084	246460	5973679	-80	270	96	65	70	5	0.5	Tomorrow Line
RCT085	246480	5973680	-80	270	40				NSR	Target depth not reached
RCT086	247253	5971825	-80	270	42				NSR	Target depth not reached
RCT087	247251	5972220	-80	270	96				NSR	Reynolds Line
RCT088	247236	5972219	-80	270	102	74	75	1	0.5	Reynolds Line
RCT089	247117	5972201	-80	270	96				NSR	Tomorrow Line
RCT090	247102	5972199	-80	270	102				NSR	Tomorrow Line
RCT091	247180	5972220	-80	270	102				NSR	Tomorrow Line
RCT092	247160	5972219	-80	270	101				NSR	Tomorrow Line
RCT093	246908	5972041	-80	270	42				NSR	Target depth not reached
RCT094	246914	5972021	-80	270	36				NSR	Target depth not reached
RCT095	246919	5972826	-80	270	113 includes and includes and	66 68 73	78 69 74	12 1 1	0.5 1.7 1.8	Tomorrow Line
						83 89 95	100 90 96	17 1 1	1.0 2.1 8.6
RCT096	246894	5972846	-80	270	108 includes and and and and includes	58 58 62 67 70 77 78	81 59 63 68 71 80 79	23 1 1 1 1 3 1	1.0 2.1 5.2 3.4 1.1 2.5 5.7	Tomorrow Line
RCT097	246879	5972833	-80	270	101 includes and	21	23	2	0.5	Tomorrow Line
						54 54 54	61 57 55	7 3 1	3.0 6.4 14.9
RCT098	246862	5972807	-80	270	90				NSR	Tomorrow Line
RCT099	246638	5972799	-80	270	66				NSR	Macnaughtan Line
RCT100	246621	5972799	-80	270	102				NSR	Macnaughtan Line

All assay results have been determined by Leachwell[©] (24 hour) cyanide leach 2,000g analysis. A series of external standards and blanks are used to assess laboratory assay quality control. All samples intervals are 1m in length. All reverse circulation samples have been recorded as dry and samples are split using an on-board rotary splitter. Intervals are length weighted grade average. True widths are yet to be determined. NSR refers to no significant results. There has been insufficient drilling undertaken on the Tandarra prospect to define a Mineral Resource and it is uncertain if further exploration will result in determination of a Mineral Resource.

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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TABLE 2: Bendigo North, Tandarra prospect, Diamond Drill Results

HOLE ID	EASTING	NORTHING	DRILL HOLE ANGLE	AZIMUTH	FROM	TO	DOWN- HOLE INTERVAL	GOLD	COMMENTS
	(MGA94)	(MGA94)			(m)	(m)	(m)	(g Au/t)
DDT001	246889	5972825.4	-55 includes includes includes includes includes includes includes includes includes includes	270	20.1 35.7 20.1 20.7 29.7 35.7 36.9 39.4 40.3 45.1 46.2	49.2 40.7 21.4 21.4 29.9 36.5 37.4 39.7 40.7 45.8 46.8	29.1 5.0 1.3 0.7 0.2 0.8 0.5 0.3 0.4 0.7 0.6	1.6 3.5 18.1 28.6 6.1 5.6 10.5 6.9 13.7 3.6 1.4	Drilled for structure - Tomorrow Line
DDT002	246722	5972820	-55	270				NSV	Drilled for structure - Macnaughtan Line
DDT003	247270	5971820	-55	270				NSV	Drilled for structure - Tomorrow Line
DDT004	247352	5971820	-50 includes	90	78.5 78.5	83.0 78.8	4.5 0.3	0.2 1.1	Drilled for structure - Reynolds Line
					120.3	120.5	0.2	0.2
DDT005	247405	5971800	-50 and and and and	270	184.6 193.3 228.5	184.8 193.5 228.7	0.2 0.2 0.2	0.2 0.3 0.2 0.2 0.2	Drilled for structure - Tomorrow Line
					236.4	237.1	0.7
					242.1	242.3	0.3
DDT006	246360	5974520	-55	270				NSV	Drilled for structure - Reynolds Line
DRCT066	247145	5972820	-55	270				NSV	Drilled for structure - Tomorrow Syncline
DRCT071	247064	5971820	-55	270				NSV	Drilled for structure - Macnaughtan Line
DRCT071A	247064	5971820	-54	270				NSV	Failed wedge originating from parent hole DRCT071
DRCT071B	247064	5971820	-54	270	157.4	157.9	0.5	0.3	Wedge originating from parent hole DRCT071
					162.0	162.3	0.3	0.1

Samples are cut halved HQ, NQ or BQ (wedge holes DRCT071A & DRCT071B only) sized diamond core of varying lengths based on geological intervals. Assays determined by Leachwell[©] cyanide leach (24 hour) 2,000g analysis followed by routine 50g fire assay of washed sample tails for all original samples recording greater than 5g Au/t. A series of external standards and blanks are used to assess laboratory assay quality control. Minimum sample interval is 0.1m. Core recovery for reported intervals ranges from poor to very high. Reported Intercepts are length weighted grade averages. Lost core intervals are ascribed a zero gold grade. Intercepts are down-hole lengths and true widths are not known.

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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TABLE 3: Bendigo North, Tandarra prospect, Anomalous AC Drill Results

HOLE ID	EASTING (MGA94)	NORTHING (MGA94)	DRILL HOLE ANGLE	AZIMUTH	FROM (m)	TO (m)	DOWN- HOLE INTERVAL (m)	GOLD (g Au/t)	COMMENTS
ACT089	247244	5971820	-90	0	52.5	54.0	1.5	0.2	Tomorrow Line
ACT092	247245	5971420	-90	0	61.5	64.5	3.0	0.6	Macnaughtan Line
ACT100	246900	5971620	-90	0	49.5	51.0	1.5	0.1	Possible alluvial target 0.4km west of Tomorrow Line
ACT101	247081	5971630	-90 includes includes	0	54.0	55.5	1.5	0.2	Macnaughtan Line
					64.5 64.5 70.5	88.5 66.0 73.5	24.0 1.5 3.0	0.2 1.0 0.3
ACT102	246989	5971820	-90	0	36.0	39.0	3.0	0.5	Macnaughtan Line
					61.5	78.0	16.5	0.4
ACT103	247098	5971420	-90 includes	0	64.5	66.0	1.5	0.8	Macnaughtan Line
					67.5	70.5	3.0	1.0
					79.5 84.0	87.0 87.0	7.5 3.0	0.2 0.3
ACT116	248329	5972290	-90	0	22.5	24.0	1.5	0.1	Possible alluvial target and mineralised basement zone 1.3km east of Tomorrow Line
					43.5	46.5	3.0	0.2
ACT117	248170	5972245	-90	0	21.0	22.5	1.5	0.1	Possible alluvial target 1.1km east of Tomorrow Line
DACT088	246723	5972818	-55	0	36.0	40.0	4.0	0.1	Pre-collar for DDT002

All assay results have been determined by Leachwell[©] (24 hour) cyanide leach 2,000g analysis. A series of external standards and blanks are used to assess laboratory assay quality control. Samples intervals are 1m or 1.5m in length. All samples have been taken from variably dry to wet air-core drilling using spear sampling. Intervals are length weighted grade average. True widths are yet to be determined.

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 3: Satellite image of the Tandarra prospect showing location of significant drill intercepts.

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