BRISBANE, AUSTRALIA -- (Marketwired) -- 04/24/13 -- 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 March 2013 regarding development and exploration activities, as required under ASX Listing Rules 5.1 and 5.3.
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).
All dollar values are United States Dollars unless otherwise stated.
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 identification and review of additional precious metal projects and exploration assets.
-- Concerted efforts on-going to confirm Intrepid's 80% interest in Tujuh Bukit: -- We are advised that as previously reported the police investigations against PT Indo Multi Niaga ('PT IMN'), the joint venture partner and its associates are ongoing. -- Proceedings instituted in the State Administrative Tribunal in Surabaya, seeking decisions of the Bupati of Banyuwangi to approve the transfer of the IUPs and the subsequent changes in shareholding in BSI, be set aside.-- Law suit initiated against various parties including the Company in the South Jakarta District court in Indonesia, on-going.-- Directors continue to subscribe for shares partly in lieu of fees receivable.-- Subsequent to quarter end a notice was received under Section 249D of the Corporations Act 2001 (Cth) ("Corporations Act") requesting that the Company hold a general meeting of shareholders to consider resolutions to remove five existing directors and appoint four new directors
-- Activity on Tujuh Bukit was suspended on 19 July 2012, when access to the site was denied to the Company by PT IMN.-- Six holes drilled at the Silver Queen Project in British Columbia (manager - New Nadina Explorations Inc.)
-- The technical work to pre-feasibility study status on the Oxide Project will be completed during the coming quarter.-- Measured and Indicated resources currently stand 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 Resource 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).
-- The technical work for the Scoping Study for the porphyry deposit is still expected to be completed in the June quarter 2013.-- Inferred Mineral Resource currently 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.