Completes Gold-Silver Acquisition.Intrepid Completes Casposo Gold-Silver Acquisition and Establishes Land Ownership in Argentina
Jul 19, 2005 2:00:00 PM
TORONTO, ONTARIO--(CCNMatthews - July 19, 2005) - Intrepid Minerals Corporation (TSX:IAU) is pleased to report the transfer of the Kamila Mining License to Intrepid Minerals. This milestone is critical to Intrepid's plans moving forward and completes the exploration strategy initiated by Intrepid three years ago.
The Kamila Mining License is the centrepiece of the 100 km2 Casposo Gold-Silver Project in San Juan Province, Argentina. In July 2002 Intrepid Minerals signed a purchase agreement to earn 100% of the Kamila License by July 2005, based on the completion of a pre-feasibility study and payment of a Reserve Royalty of US$450,000 to the former license holders. Please see https://www.intrepidminerals.com/NR05-11Backgrounder.pdf for additional details of this purchase and its significance to the Company's plans.
Intrepid's independent engineers have recommended moving the project directly to feasibility. This recommendation is an endorsement of the quality of the Kamila Resource and the strength of the data in the Preliminary Assessment completed in 2004 and updated in March 2005. Intrepid paid the vendors the maximum amount required under the royalty agreement which was based upon the definition of a minimum of 450,000 ounces of gold equivalent.
Additionally, over the past 8 months, Intrepid Minerals has accumulated a 92.5% ownership in the 200,000-acre parcel of surface land that covers the Kamila Deposit and surrounding areas. Acquisition of these surface rights will provide Intrepid with a greater level of confidence to move development of the Kamila Deposit forward.