Intrepid Mines Limited (TSX:IAU)(ASX:IAU) ("the Company") announces
that a report entitled "Tujuh Bukit Project Report on Mineral
Resources Located in East Java, Indonesia, Technical Report"
effective 22 November 2012, has been filed on SEDAR (www.sedar.com)
as well as with the ASX, following the announcement of an increase
to the porphyry copper-gold resource at Tumpangpitu (see news
release dated 9 October 2012). The report, prepared by independent
consultants H&S Consulting Pty Ltd in accordance with NI 43-101
and the JORC Code, now consolidates both the Oxide and Porphyry
Resources and activities within the Tumpangpitu area of the Tujuh
Bukit Project.
Qualified Person
The Mineral Resource Estimates were prepared by Rob Spiers
(MAIG) who is a Director and full time employee of H&S
Consultants Pty Ltd. All resource work was reviewed by Dr Phillip
Hellman FAIG, who is a consultant to H&S Consultants Pty Ltd.
Both Mr. Spiers and Dr. Hellman have sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to
qualify as Competent Persons as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves" and as Independent Qualified Persons as
defined in the Canadian National Instrument 43-101 (standards of
Disclosure for Mineral Projects). Mr. Spiers and Dr. Hellman
consent to the inclusion of these estimates in the form and context
in which they appear.
The information in this announcement that relates to exploration
results is based on information compiled by or under the
supervision of Mr. Gary Snow, who is a full-time employee of
Intrepid Mines Limited. Mr. Snow 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" and a Qualified Person as defined in
the Canadian National Instrument 43-101 (standards of Disclosure
for Mineral Projects). Mr. Snow consents to the inclusion in the
report of the matters based on his information in the form and
context in which it appears.
Sample Analysis
Intrepid exercises a strict chain of sample custody in its
drilling program at Tujuh Bukit. Joint Venture personnel remove
core from the drill rig and deliver it to a project geologist who
logs the core and marks the core into two metre sample intervals.
Intrepid and Joint Venture personnel supervise the immediate
splitting, sawing and bagging of samples, and packaging of groups
of samples for dispatch to the laboratory. The remainder of the
split core is securely stored on site.
Samples are securely packaged, batched, and then transported
under supervision to the Intertek laboratory facility in Jakarta.
At the laboratory, the samples are prepared by crushing and
pulverizing and a 30 gram charge is assayed for gold by
conventional fire assay and/or atomic absorption methods.
Multi-element ICP analysis is carried out using a multi-acid
digestion process. All samples that contain silver and/or copper,
lead, and zinc values that exceed the upper detection limits for
ICP are re-analysed by conventional atomic absorption methods to
determine the absolute values of these metals.
Nature of data
A total of 125,295 metres in 392 drill holes were available to
contribute to the resource estimate and comprise entirely diamond
core (DD) drilling. Of these, nominally 55 holes for 53,736 metres
are deep holes that contribute significantly to the porphyry and
high sulphidation resources. Other holes, drilled generally to test
the oxide resources, have contributed to the high sulphidation part
of the resource, where they have intersected sulphide
mineralisation below the base of oxidation.
Drill holes were almost all sampled in two-metre intervals for
PQ, HQ or NQ sized core. For estimation purposes the assay data was
composited into two-metre intervals. The block model consists of
blocks of 40 metre x 40 metre x 10 metre (XYZ).
Block Classification
Ordinary Kriging was used for the estimation with the search and
data acceptance parameters used for the domains being; pass 1
(Measured) a search ellipse of 70 metres x 90 metres x 55 metres
using a minimum of 12 and a maximum of 32 two-metre composites and
4 octants; pass 2 (Indicated) with a search ellipse of 140 metres x
180 metres x 110 metres and using a minimum of 12 and a maximum of
32 two-metre composites and 4 octants; and a pass 3 (Inferred) with
a search ellipse of 140 metres x 180 metres x 110 metres and using
a minimum of 6 and a maximum of 32 two-metre composites and 2
octants. Searches were aligned consistent with the orientations
defined during the geometry modelling for each individual
mineralised domain.
Forward-looking statements
This announcement contains certain forward-looking statements,
relating to, but not limited to Intrepid's expectations,
intentions, plans and beliefs. Forward-looking information can
often be identified by forward-looking words such as 'anticipate',
'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may'
and 'will' or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future outcomes, or statements about future
events or performance. Forward-looking information may include
reserve and resource estimates, estimates of future production,
unit costs, costs of capital projects, and timing of commencement
of operations and is based on current expectations that involve a
number of business risks and uncertainties. Factors that could
cause actual results to differ materially from any forward-looking
statement include, but are not limited to, failure to establish
estimated resources and reserves, the grade and recovery of ore
which is mined varying from estimates, capital and operating costs
varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and other factors. Forward-looking statements are subject
to a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ
materially from those expressed or implied.
Shareholders and potential investors are cautioned not to place
undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, inherent
risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecasts, projections and
various future events will not occur. Intrepid undertakes no
obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
Forestry Activities
The Indonesian Forestry Law restricts non forestry activities
within protected forests and prohibits mining using an open pit
method in protected forest areas. The area of the Porphyry
copper-gold resource estimate and the oxide resource estimate areas
fall within a protected forest area. There is no assurance that the
forestry reclassification will take place in this instance, to
allow for development of the project.
PT IMN received an extension of the Forestry Exploration Permit
I July 2012, which allows for exploration activities within the
forestry areas at Tujuh Bukit.
Title
Intrepid does not have direct rights to the Tujuh Bukit Project
tenements and the Tujuh Bukit IUPs (the form of mining licence
under which activities are conducted) are held by its Indonesian
joint venture partner, PT IMN. Intrepid, through a number of
contractual arrangements with PT IMN, has acquired an entitlement
to an 80% interest in the Tujuh Bukit Project. Since Intrepid has
no direct interest in the Tujuh Bukit Project as yet, it is reliant
on the observance by PT IMN, and its shareholders, of these
contractual arrangements, including an agreement to issue to
Intrepid or its subsidiaries 80% of the share capital in PT IMN. PT
IMN is currently in breach of the agreements in place with Intrepid
and has excluded Intrepid's personnel from the Tujuh Bukit site and
operations and ceased communications with Intrepid's management.
Intrepid's wholly-owned subsidiary, Emperor Mines Pty Limited, has
issued a notice of dispute to IMN and its shareholders in relation
to these events. An inability to enforce its rights under the
existing agreements will impact on Intrepid's ability to
participate in the development of the Tujuh Bukit project.
Directors
Ian McMaster (Chairman)
Colin G. Jackson (Deputy Chairman)
Brad A. Gordon (Managing Director)
Laurence W. Curtis (Non-executive Director)
Robert J. McDonald (Non-executive Director)
Alan Roberts (Non-executive Director)
Adrianto Machribie (Non-executive Director)
Nyla Bacon (Company Secretary)
Stock Exchange Listing
ASX and TSX symbol: IAU
Substantial Shareholders
Taurus Funds Management 8.5%
Acorn Capital 8.2%
Van Eck Associates 7.8%
Surya Paloh 5.0%
Issued Capital
555,352,556 shares
6,941,961 unlisted options
4,645,106 unlisted share rights
51,208,032 unlisted restricted performance rights
Shareholder Enquiries
Matters related to shares held, change of address and tax file numbers
should be directed to:
Computershare Investor Services
GPO Box 2975, Melbourne, Victoria 3001, Australia
Telephone: 1 800 805 505
+61 3 9415 4000
ABN: 11 060 156 452
Contacts: Intrepid Mines Limited Brad Gordon Chief Executive
Officer Brisbane, Australia +61 7 3007 8011 or Cell: +61 400 036
636bgordon@intrepidmines.com Intrepid Mines Limited Greg Taylor
Toronto, Canada +905 337 7673 or Cell: +416 605
5120gtaylor@intrepidmines.com
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