3rd mine possible
Intrepid Mines Limited: Inaugural Resource at Tujuh Bukit Confirms Multi-Million Oz Potential
Sun Jul 27, 8:18 PM
BRISBANE, AUSTRALIA--(Marketwire - July 27, 2008) - Intrepid Mines Limited (ASX: IAU.AX)(TSX: IAU.TO)(TSX: IXN.TO) reports that the inaugural Inferred Resource has been estimated for Zone C of the Tumpangpitu area of the Tujuh Bukit Project in Indonesia.
The resource has been estimated by Independent Consultants Hellman and Scho-eld Pty Ltd and reported in accordance with the JORC Code. It is based on drill data from the 80m x 80m grid that covers an area of approximately 400m x 300m over Zone C.
Zone C is one of three zones of known oxide and sulphide gold-silver mineralisation within the Tumpangpitu Prospect and remains open to the north and the south.
Zone A is currently being drilled with results expected in October, 2008 whilst drilling at Zone B is scheduled to commence in September.
Intrepid's Managing Director, Brad Gordon, said: "Delivery of the Zone C Inferred Resource completes one of the stated goals of the project - delineation of a resource estimate by mid 2008. Intrepid will continue to advance this project and is active in several areas including project technical work, community development, environmental and land status issues.
"The combination of good potential for increased mine life at Paulsens, the decision to proceed with construction of the 2 low cost Casposo project in Argentina and this potential company maker at Tujuh Bukit in Indonesia, sets us well on the path to becoming a signi-cant international producer.
"Zone C alone doubles Intrepid's precious metals resource base with Tujuh Bukit representing the potential for a third mine in the portfolio."