Welcome!

Apache Authors: William Schmarzo, Christopher Harrold, Elizabeth White, Talend Inc., Adrian Bridgwater

News Feed Item

Intrepid Mines Releases Activities Report and Appendix 5B

Three Months ended 31 December 2012

BRISBANE, AUSTRALIA -- (Marketwire) -- 01/31/13 -- Intrepid Mines Limited (TSX:IAU)(ASX:IAU) (the "Company" or "Intrepid") is pleased to announce the release of its report for the quarter ended 31 December 2012 regarding development and exploration activities, as required under ASX Listing Rules 5.1 and 5.3.

The document is available on SEDAR (www.sedar.com) and the ASX website (www.asx.com.au), as well as on the Company's website (www.intrepidmines.com).

Intrepid Mines Limited's ('Intrepid' or the 'Company') principal activity is the technical advancement of studies related to the Tujuh Bukit Project in Indonesia ('Tujuh Bukit' or the 'Project'), the pursuit of legal remedies to protect and enforce the Company's rights in the Project, and the pursuit of additional precious metal projects and exploration assets.

Overview

CORPORATE


--  Concerted efforts ongoing to confirm Intrepid's 80% interest in Tujuh
    Bukit. 
    --  Criminal complaints against the parties associated with joint
        venture partner, PT IMN, commence 
    --  Other legal remedies being prepared or actioned. 
--  Law suit initiated against various parties, including the Company, in
    the South Jakarta District Court in Indonesia. 
--  Prominent Indonesian businessman, Surya Paloh, issued with the second
    and final tranche of 25,604,016 unlisted restricted Performance Rights
    following Toronto Stock Exchange approval. 
--  C$1 million Private Placement in New Nadina Explorations Limited
    completed. 
--  Notice issued to Cornerstone that Intrepid is exiting the Shyri Project
    in Ecuador. 
--  The Company is removed from the S&P/ASX200 Index. 
--  Directors continue to subscribe for shares from fees receivable. 

EXPLORATION


--  Activity on the Tujuh Bukit Project was suspended on 19 July 2012, when
    access to the site was denied to the Company. 

OXIDE PROJECT STUDY


--  The technical work required for a pre-feasibility study on the oxide
    project will be completed during the coming quarter. 
    --  Resource upgraded by 76% in Measured and Indicated categories 
    --  Measured and Indicated stands at 70 million tonnes at 0.71g/t gold
        and 27 g/t silver 
        (1.6 million ounces contained gold and 60 million ounces of
        contained silver); 
--  Inferred stands at 19 million tonnes at 0.75 g/t gold and 21 g/t silver
    (0.5 million ounces contained gold and 13 million ounces contained
    silver). 

PORPHYRY PROJECT STUDY


--  Resource updated 
    --  Inferred Mineral Resource stands at 1.9 billion tonnes at 0.45%
        copper and 0.45 g/t gold 
        (19 billion pounds of contained copper and 28 million ounces of
        contained gold) at a 0.2% copper cut-off. 
    --  Contained copper and gold increased by 34% and 23% respectively at
        the 0.4% copper cut-off. 
--  The technical work for the Scoping Study for the porphyry deposit is
    still expected to be completed in the June quarter 2013. 

FINANCE


--  Exploration expenditure for the Project for the three and twelve month
    periods to 31 December 2012 was $3.1 million and $29.5 million
    respectively (on a 100% basis), for a Project total to $105.8 million. 
--  Expenditure principally relates to development studies since the 19 July
    2012 shutdown. No further payments have been made to PT IMN since that
    date. 
--  Treasury cash and term deposits - $108.9 million at 31 December 2012. 

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.

Statements relating to gold resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as gold prices, cut-off grades and operating costs, which may prove to be inaccurate.

Competent Person and 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. Mr Spiers 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 as an Independent Qualified Person as defined in the Canadian National Instrument 43-101 (standards of Disclosure for Mineral Projects). Mr Spiers consents 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 remains on site.

Samples are securely packaged, batched, and then transported under supervision to Intertek's 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.


                                                                            
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 9.0%                                                
Acorn Capital 7.9%                                                          
Van Eck Associates 6.5%                                                     
Surya Paloh 5.0%                                                            
                                                                            
Issued Capital                                                              
                                                                            
555,519,374 shares                                                          
8,910,588 unlisted options                                                  
3,145,126 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:  1300 805 505                                                    
            +61 3 9415 4000                                                 

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...