OTCPK:IAUFF - Post by User
Comment by
rockresearcheron Mar 21, 2011 4:28pm
369 Views
Post# 18317982
RE: Whats Up
RE: Whats UpI spent a fair amount of time with Intrepid's management around the PDAC and I remain absolutely convinced that this may be the best exploration and development story in Indonesia. The forestry issue remains as an overhang, but I beleive that's actually more good news than bad, simply because it is a deterrent that has helped to keep the company from being taken out already. Also, they apparently have a number of confidential and standstill agreements with majors, which is part of their strategy to have potential white knights in case of a hostile run. In other words, they do not want to be taken out now because they beleive they can generate a lot more value without help from a major.
Meanwhile, they are drilling around and south of the main porphyry system, which may hook up with that porphyry hole that hit 85 m of good grades 1.2 kms to the south, which would add huge tonnage. All of this should lead to an update on the resource that takes it somewhere close to a billion tonnes, which would double what they have now in the main porphyry. (Current inground inferred resources 8 mm oz Au & 4.4 billion pounds Cu (main porphyry) PLUS 2 mm oz Au and 80 mm oz Ag (oxide) )
Also, they have recently started to drill a third porhpyry (they'd released some results last year from a second one called Katak) that they have not previously drilled. (They have seven drills turning now, and expect to grow to 11 later this year, and then, depending on results, adding still more.) They're also expecting the oxide PFS soon and they hope to drill the next two or three porphyries in the norther half of the property later this year.
$180 million in the bank.
A lot of news coming over the next two months.