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.
-- 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.
-- 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.
-- 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.