daytrades august 18 morning ..., page-81

BRONZEWING GOLD PROJECT ORE RESERVE UPGRADE
Emerging Perth-based gold production company Navigator Resources Limited (ASX: NAV) is pleased to announce a 25% increase in the Ore Reserves for the Bronzewing Gold Project (BGP).
Highlights

Bronzewing Ore Reserves increased by 25% (net of depletion)

Initial Ore Reserve for the Corboys deposit of 82,300 ounces gold

Upgraded Ore Reserve for Cockburn and Challenger deposits
An initial Probable Ore Reserve of 1.54Mt @ 1.7g/t Au for 82,300oz of contained gold has been estimated for the Corboys gold deposit.
Following completion of the recent Mineral Resource estimate (announced to the market on 1 June 2010), the Corboys block model has been utilised for pit optimisation and design work which takes into account mining design parameters determined from previous geotechnical studies.
The additional new Ore Reserves at Corboys combined with the revised Ore Reserves at Cockburn and Challenger, which are based on new pit designs around optimised shells at a A$1,250/oz gold price, have increased the total Probable Ore Reserves for the BGP by 25% from 385,000oz gold to 480,500oz gold as at 30 June 2010. This updated Ore Reserve figure takes into account gold mined from the Central and Success pits up to 30 June 2010.
The Company will continue exploration activities at its highest ranked targets with the objective of building the Mineral Resource base to extend mine life beyond the existing five years at the BGP.