Navigator Resources Limited Releases Quarterly Report: September 2010
Friday, October 29th, 2010
Navigator Resources Limited continues to consolidate as a midtier gold producer during the September 2010 quarter. Gold production of 18,609oz was a 63% increase compared to the June 2010 quarter, but 17% less than the budgeted 22,500oz.
Operational activities for the September 2010 quarter were focussed on the BGP. Following successful project commissioning during the June 2010 quarter, the Company achieved good progress in a number of areas, especially in ore processing.
Open pit mining performance was below expectation, with lower grade ore being mined and presented to the mill, resulting in a shortfall in gold production. Harder rock and higher than anticipated ore and waste material specific gravity resulted in higher than budgeted mining costs for
the September 2010 quarter.
The Company recognises that the September quarter business unit performance was below budget and does not accept this as normal. By the end of the quarter, the mining issues had been clearly identified and appropriate steps were taken to accommodate the different circumstances to those forecast in the budget.
The Company provides guidance that production for the December quarter is tracking towards higher gold production at lower unit cost than reported for the September quarter.
A full report is available on the company website.