good news drilling recommences at TB
Intrepid Mines Limited: Drilling Recommences, Additional Rigs Scheduled, Porphyry Resource Estimate Due September 2010
Tue Jul 20, 8:00 AM
BRISBANE, AUSTRALIA--(Marketwire - July 20, 2010) - Intrepid Mines Limited (TSX: IAU.TO)(ASX: IAU.AX) (the "Company") is pleased to announce that drilling at the Tujuh Bukit Project in East Java is to recommence immediately.
The Indonesian Forestry Ministry has granted the Company's joint venture partner, PT IMN, a two-year extension of its permit to conduct exploration activities within forestry areas, effective from 7 July 2010. Exploration activities at the project were temporarily suspended in May, pending a review of the project, along with other resource projects nationally, in accordance with Forestry Department policy.
Speaking from Brisbane, the Company's CEO, Brad Gordon, said: "We are delighted to be able to get the drilling programme back on course and we will now be deploying three additional rigs for a total of seven rigs at Tujuh Bukit in the coming months. We anticipate that the inaugural Porphyry resource estimate will be declared in September 2010.
With the sale of the Paulsens operation due to complete by 30 July, we will be focusing all our energy on forging ahead at Tujuh Bukit."