13/01/2012 - 14:59

Navigator Resources secures $4.5m funding

13/01/2012 - 14:59

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Navigator Resources secures $4.5m funding

Navigator Resources has secured $4.5 million in extra funding by negotiating a royalties deal with Canadian group Franco-Nevada, as it continues efforts to ramp-up gold production.

In its latest production and corporate update, Navigator said December ore production from the Cockburn pit matched Bronzewing mill capacity with run-of-mine for the first time in 12 months.

Gold production was 5,467 ozs for December, confirming production ramp-up and the best month since April 2011.

Navigator also said it had expected to increase gold production faster than has occured over the past 2-3 months. This was as a result of the depletion zone where the ore grade defined by grade control drilling was less than predicted by the mine plan.

The funding deal with Franco-Nevada involves Navigator agreeing to an additional one per cent royalty on ore milled through the Bronzewing plant, in return for the cash injection.

The company has also annoucned the appointment of former St Ives operations manager Craig Bradshaw as its new chief operating officer.

 

 

 

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