BRISBANE, AUSTRALIA -- (Marketwire) -- 02/26/13 -- Intrepid Mines Limited (TSX: IAU)(ASX: IAU) (the "Company" or "Intrepid") is pleased to announce the release of its Annual Financial Report as well as its Management's Discussion and Analysis for the three and twelve months ended 31 December 2012.
The documents will be 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 Indo Multi Niaga ('PT IMN'), commenced. -- Other legal remedies being prepared or actioned.-- Law suit initiated against various parties, including the Company in the South Jakarta District in Indonesia.-- Prominent Indonesian businessman, Mr Surya Paloh, issued with the second and final tranche of 25,604,016 unlisted restricted Performance Rights following Toronto Stock Exchange approval.-- The Company shares were removed from the S&P/ASX 200 Index.-- Mr Ian McMaster succeeds Mr Colin Jackson as Company Chairman.-- Directors continue to subscribe for shares from fees received.
-- Activity on the Tujuh Bukit was suspended on 19 July 2012, when access to the site was denied to the Company.-- $C1.0 million Private Placement in New Nadina Explorations Limited completed.-- Notice issued to Cornerstone Resources that Intrepid is exiting the Shyri Project in Ecuador.
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 with 76% in Measured and Indicated categories. -- Measured and Indicated Resources stands at 70 million tonnes at 0.71 grams per tonne ('g/t') gold and 27 g/t silver (1.6 million ounces contained gold and 60 million ounces of contained silver). -- Inferred Resources 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 resource now 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. -- The high grade core of 1.0 billion tonnes at 0.61% copper and 0.61 g/t gold (at a 0.4% copper cut-off) is the focus of an on-going scoping study. -- The new resource estimate delivers a 9% increase in copper grade (and an increase in contained copper and gold by 34% and 23% respectively) at a 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.