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Intrepid
Mines Limited (TSX:IAU
- News; ASX:IAU - News; the
"Company") announces that the technical report entitled "Tujuh Bukit Project Report on Mineral Resources"
dated January 2011, has been filed on SEDAR (www.sedar.com)
as well as with the ASX (www.asx.com;
see the Company's news release of 14 December 2010 for a summary of the oxide
resource update).
The
report was prepared by independent consultants Hellman and Schofield Pty.
Ltd. in accordance with the JORC Code and Canadian NI 43-101. It details an
updated Inferred Resource estimate of 130 million tonnes
at 0.55 g/t gold and 18 g/t silver above a 0.2 g/t gold cut-off, for 2.4
million ounces of contained gold and 80 million ounces of contained silver
within the combined oxide zones of the Tumpangpitu
area of the Tujuh Bukit Project in Indonesia.
The
updated oxide resource estimate follows on the Company's announcement of the
initial Inferred Resource of 500 million tonnes at
0.4% copper and 0.5 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 (see the Company's
news release of 30 September 2010).
Exploration
Drill program
The
Company currently has 6 diamond drills testing the Tumpangpitu
area, five of which are located south of the main porphyry zone. Two of these
drills - all of which have a depth capacity of 1,200 metres
- are located between 100 and 450 metres south of
the area used for the latest porphyry inferred resource estimate. The other
two drills are set approximately 160 metres to the
north and south of GTD 10-137, located 1.2 kilometres
south of the main porphyry resource area, which intercepted porphyry mineralisation including 85.85 m at 1.11 g/t gold and
0.54% copper. It has not yet been determined whether this represents an
extension of the already large main porphyry zone or if it is a separate
porphyry zone.
Assay
results for this latest drilling are expected in approximately one month.
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.
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.
Forestry
Activities
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 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.
Qualified
Person
The
information in this announcement that relates to mineral resources is based on
information compiled by or under the supervision of Dr. Phillip Hellman, who
is an independent consultant to Intrepid Mines Limited, a Director of Hellman
and Schofield Pty Ltd and a Fellow of The Australian Institute of
Geoscientists. 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 a 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.
The
information in this announcement that relates to exploration results is based
on information compiled by or under the supervision of Malcolm Norris, who is
a full-time employee of Intrepid Mines Limited. Mr. Norris 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 a Competent Person as defined in the 2004 Edition
of the "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves" and a Qualified Person as defined in the
Canadian National Instrument 43-101 (standards of Disclosure for Mineral
Projects). Mr. Norris consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.
Sample
Analysis
Intrepid
exercises a strict chain of sample custody in its drilling program at Tujuh Bukit. Joint Venture personnel remove core from the
drill rig and deliver it to a project geologist who logs the core and marks
the core into two metre sample intervals. Intrepid
and Joint Venture personnel supervise the immediate splitting, sawing and
bagging of samples, and packaging of groups of samples for dispatch to the
laboratory. The remainder of the split core remains on site.
Samples
are securely packaged, batched, and then transported under supervision to Intertek's laboratory facility in Jakarta. At the
laboratory, the samples are prepared by crushing and pulverizing and a 30
gram charge is assayed for gold by conventional fire assay and/or atomic
absorption methods. Multi-element ICP analysis is carried out using a
multi-acid digestion process. All samples that contain silver and/or copper,
lead, and zinc values that exceed the upper detection limits for ICP are re-analysed by conventional atomic absorption methods to
determine the absolute values of these metals.
ABN:
11 060 156 452
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