www.navigatorresources.com.au
Navigator Resources Limited (ASX:NAV) is an emerging Perth-based gold producer with an objective of building value for shareholders and establishing a pipeline of advanced projects. The Company acquired the Bronzewing Gold Project in late 2009, and this Project recommenced production in April 2010. Navigator also continues to pursue development opportunities at the Leonora Gold Project by initially carrying out a trial mining program. The Company’s medium term objective is to target 150,000oz pa of gold production from these two open pit projects. The Company also maintains an interest in assets in the East Kimberley region, including the 100% owned Cummins Range Rare Earth Project.
Navigator Resources plans Cummins Range rare earths drill program, dispatches IPO prospectus
Navigator Resources (ASX: NAV) has appointed XServ Consultants to manage the Cummins Range Rare Earth Project drill program design, obtain permitting approvals and seek to engage a drill contractor for the 2011 drill program.
XServ Pty Ltd is a Perth based geological and mineral exploration consultancy with previous rare earth exploration experience at Cummins Range.
The 2011 drill program will aim to increase the confidence level in the JORC-compliant inferred resource at Cummins Range and increase overall resource tonnage.
It will also provide additional samples for metallurgical analyses and test high-grade rare earth oxide exploration targets beyond the extent of existing drill coverage.
Navigator Resources has moved another step closer to spinning off the Cummins Range Rare Earth Project into a new ASX listed company, by dispatching the prospectus for the initial public offering (IPO) of Kimberley Rare Earths Limited (KRE) to Navigator shareholders on 5 April 2011.
The new company aims to raise around $14.3 million through the IPO. Navigator shareholders are eligible for one Kimberley Rare Earths share for every ten Navigator shares. Kimberley Rare Earths will be issued at $0.20.
BGF Equities will act as lead manager to the KRE IPO. The priority offer to Navigator shareholder closes on 21 April 2011.
The new company has been incorporated to be a specialist rare earths vehicle with an initial 25% direct interest in Navigator’s Cummins Range Rare Earth Project in the Kimberley region of Western Australia.
Kimberley Rare Earths will also have the right to earn up to an 80% interest in the project through funding exploration and development activities through to production of a Bankable Feasibility Study.
Cummins Range is one of only a few Australian rare earths projects that has a Resource reported under the JORC Code of; 4.17 million tonnes at 1.72% total rare earth oxide for 71,700 tonnes total rare earth oxide, 11.0% P2O5 and 187ppm U3O8.
