TUJUH BUKIT INDONESIA
NI 43-101 / JORC Compliant Technical Report Filed
• UPDATEDINFERRED RESOURCE,ESTIMATED AT 1.7BILLION TONNES AT 0.41% COPPER AND 0.46G/T GOLD (AT 0.2%COPPER CUT-OFF),REMAINS OPEN AT DEPTH AND LATERALLY
• CONTAINS 15BILLION POUNDS OF COPPER AND 25MILLION OUNCES OF GOLD (AT
0.2%COPPER CUT-OFF)
• GEOLOGICAL POTENTIAL AT TUMPANGPITU STANDS AT AN ADDITIONAL 40%TO 60%
OF THE CURRENT RESOURCE TONNAGE AT A SLIGHTLY REDUCED GRADE
• ACCELERATING DRILL PROGRAM TO FURTHER TESTTUMPANGPITU AND ADDITIONAL PORPHYRY AND EPITHERMAL TARGETS
20 January 2012 - Intrepid Mines Limited (ASX,TSX: "IAU") (the "Company") announces that a report entitled "Tujuh Bukit Project Report on Mineral Resources, Located in East Java, Indonesia, Technical Report," dated 20 January 2012, has been filed on SEDAR (www.sedar.com) as well as with the ASX, following the announcement of an increase to the porphyry copper-gold resource at Tumpangpitu (see news release dated 7 December 2011.) The report, prepared by independent consultants Hellman and Schofield Pty Ltd. in accordance with the JORC Code and NI 43-101, estimated an expanded Inferred Resource at 1.7Billion tonnes at 0.41% copper and 0.46 g/t gold, at a cut-off grade of 0.2% copper, for the known porphyry copper-gold zone within the Tumpangpitu area of the Tujuh Bukit Project, in which the Company has an
80% economic interest.
The above noted resource estimate is in addition to the oxide gold-silver zone Inferred Resource (see news release dated 14 December 2010) on which a Preliminary Economic Assessment for a potential heap leach, open pit gold mine has been independently prepared (see news release dated 20 April 2011).
For further information please contact:
Brad Gordon, Chief Executive Officer, Brisbane, Australia: +61 7 3007 8011 : bgordon@intrepidmines.com
Greg Taylor, Toronto, Canada: +905 337 7673 : gtaylor@intrepidmines.com +416 605 5120
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. The information in this announcement relates
to recoveries which are indicated in the event that the Tujuh
Bukit project proceeds to production, although production is
dependent on and subject to various risks and uncertainties,
as set out herein.
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.
The Indonesian Forestry Law restricts non forestry activities within protected forests and prohibits mining using an open pit method in protected forest areas. The area of the Porphyry copper-gold resource estimate, and the Zone A, Zone B and Zone C oxide resource estimate areas fall within a protected forest area. Intrepid's Alliance partner, PT IMN, is working with relevant Indonesian authorities regarding a potential review of forest land status. There is no assurance that the forestry reclassification will take place in this instance. PT IMN received an extension of the Forestry Exploration Permit dated 7 July 2010, which allows for exploration activities within forestry areas.
Qualified Persons
The information in this announcement that relates to mineral
resources is based on information compiled by or under the
supervision of Dr. Phillip Hellman, FAIG, who is an
independent consultant to Intrepid Mines Limited and a
Director of Hellman
& Schofield Pty Ltd. Dr Hellman 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 an Independent Competent Person as
defined in
the 2004 Edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves" and
an Independent Qualified Person as defined in the Canadian
National Instrument 43-101 (standards of Disclosure for
Mineral Projects). Dr Hellman consents to the inclusion in
the report of the matters based on his information in the
form and context in which it appears. Dr Hellman has
undertaken independent verification sampling and assaying of
drill core with a close agreement of results with those
previously reported. A 40 x 40 x 15 metre block model was
used for the quoted estimates. A detailed description of
geology and resource estimation methodology has been provided
in previous NI43-101 reports (September 2008, February 2009,
and September 2010).
distribué par | Ce noodl a été diffusé par Intrepid Mines Limited et initialement mise en ligne sur le site http://www.intrepidmines.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-20 14:10:18 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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