BRISBANE, AUSTRALIA -- (Marketwire) -- 12/19/12 -- Intrepid Mines Limited (TSX: IAU)(ASX: IAU) (the "Company") comments that on Monday 17 December 2012 the Australian Securities Exchange ("ASX") asked the Company to respond to a media article in the Sydney Morning Herald ("SMH") regarding the reported transfer of the Tujuh Bukit IUPs, held by joint venture partner PT IMN, to a third party.
The Company responded to ASX on 17 December noting that it was making enquiries and would lodge an announcement later in the day. The Company lodged on the ASX platform for pre-market open on 18 December the announcement set out below.
However, pre-market open on 18 December, ASX requested that the Company amend the proposed announcement, before it would be released on the ASX platform. In particular the ASX required a response only to the matters raised in the SMH publication and, further, the deletion of all historical background.
The Company responded that the information in the proposed announcement was to place the SMH article in context and to provide an update on all related matters including other market rumours about the Company and the Tujuh Bukit project recently brought to the attention of the Company by its shareholders.
In compliance with ASX direction, a substantially limited announcement was eventually released to the market late on 18 December 2012.
The Company believes shareholders should have the benefit of the full text of the original announcement and has made this available to shareholders on the Company's website www.intrepidmines.com.
Full text of the announcement follows:
Campaign Against Intrepid Continues Unabated
BRISBANE, 18 DECEMBER 2012: Intrepid Mines Limited (TSX: IAU)(ASX: IAU) (the "Company") comments on the reported transfer of Tujuh Bukit IUPs held by joint venture partner PT IMN to a third party, and progress on two complaints lodged against the original shareholders of PT IMN and other parties associated with PT IMN with the police in Jakarta regarding fraud and embezzlement of funds and unlawful denial of access.
Reported transfer of Tujuh Bukit IUPs
Information purportedly provided to the Australian media by Mr Paul Willis, who has recently served a statement of claim on the Company, implies a transfer of IUPs to a company called PT Bumi Sukses Indo (BSI), and a subsequent transfer of shareholding in BSI. This company now has several corporate shareholders, whose ultimate holding have informally been traced back to Mr Edwin Soeryadjaya, Provident Capital and Mr Garibaldi Thohir, another influential Indonesian businessman and associate of Mr Soeryadjaya.
As far as Intrepid is able to tell, the document signed by the Banyuwangi regent appears to be genuine and suggests that IUPs in Banyuwangi were issued to BSI in July 2012, but it is noted that the most recent formal lists of certified "clean and clear" IUPs issued by the Indonesian Energy and Minerals Department, does not reflect this holding.
Refer: Appendix for detailed background.
Complaints against original shareholders and other parties associated with PT IMN
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