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levityintxon Feb 11, 2010 11:44am
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Permits and Drill Results
Permits and Drill ResultsIntrepid Mines Limited: Tujuh Bukit KP Converted to IUP Confirms Long Term Tenure
Monday February 8, 2010, 8:30 am EST
BRISBANE, AUSTRALIA--(Marketwire - Feb. 8, 2010) - Intrepid Mines Limited (TSX:IAU - News; ASX:IAU - News; the "Company") is pleased to report important regulatory progress in the advancement of the Tujuh Bukit project in Indonesia.
Indonesian regulatory authorities (the Bupati of Banyuwangi) have granted Intrepid's joint venture partner, PT IMN, two Izin Usaha Pertambangan ("IUP's") for the Tujuh Bukit project, replacing the Kuasa Pertambangan ("KP's) previously held.
The first IUP, an Exploration IUP for an area of 6,623 hectares, is valid until 25 January 2014 thus allowing the joint venture to conduct a broad exploration program at the project. The other, an Operation and Production IUP for an area of 4,998 hectares, covers the multi-million ounce Zones A, B and C deposits, deeper sulphide extensions, and the new Katak discovery and is valid until 25 January 2030. The latter IUP will enable the Company to complete a scoping study and progress to a feasibility study, should exploration results warrant it.
The Exploration IUP may be converted to an Operation and Production IUP in due course, should all relevant conditions be fulfilled and drilling results justify the conversion.
The IUPs have been issued pursuant to Indonesia's new Mining Law, promulgated on 12 January 2009.
Intrepid CEO, Brad Gordon, noted from Jakarta: "We are encouraged by the issue of the IUPs, which is amongst the first demonstrations that Indonesia's new mining regime is being implemented, providing greater certainty within the sector. We look forward to further regulatory action, which will allow for Intrepid to take a direct equity stake in PT IMN and thus enjoy direct ownership participation in the Tujuh Bukit mining rights".
FORESTRY ACTIVITIES
The Indonesian Forestry Law restricts non forestry activities within protection forests and prohibits mining using an open pit method in protection forest areas. Accordingly, Intrepid's Alliance partner, PT IMN, is working with relevant Indonesian authorities to allow for a review of forest land status.
https://finance.yahoo.com/news/.....0&.v=1
Intrepid Mines Limited: Tumpangpitu Porphyry Copper-Gold-Molybdenum Zone Expanded
- 164 metres (m) at 0.46 grams per tonne (g/t) gold, 0.45% copper, and 99 parts per million (ppm) molybdenum (includes 56 m at 0.55 g/t gold, 0.60% copper, and 77 ppm molybdenum) confirms continuity of the porphyry system between drill traverses spaced at 200 m, and over a width of 600 m.
- Drilling finished in mineralisation which, together with evidence from four prior holes remains open in all directions.
- The result is the first of a six hole drilling program designed to define the geometry of the system and allow for initial estimations of the scale of the copper-gold-molybdenum porphyry mineralisation that underlies the extensive high sulphidation gold-silver +/- copper system.
- This continues to support the theory of an extensive porphyry and high-sulphidation system to complement the current 3.3 M oz(i) gold equivalent Inferred Resource estimate in the oxide zone.
Thursday February 11, 2010, 8:30 am EST
https://finance.yahoo.com/news/.....0&.v=1