Intrepid Mines principal activities for the June quarter were the technical advancement of studies related to the Tujuh Bukit Project, the pursuit of legal remedies to protect and enforce the company’s rights in the project, and the identification and review of additional precious metal projects and exploration assets.
At a corporate level concerted efforts continue to be made to protect and enforce Intrepid’s rights to an 80% interest in Tujuh Bukit:
- The police investigation of parties associated with PT Indo Multi Niaga (PT IMN), the company’s Indonesian joint venture partner, in relation to allegations of fraud only, are ongoing.
- Proceedings have been instituted in the State Administrative Tribunal in Surabaya, seeking to set aside decisions of the Bupati of Banyuwangi to approve the transfer of the Tujuh Bukit IUPs, and the subsequent changes in shareholding in the new IUP holding company, PT Bumi SuksesIndo (BSI).
- The company is finalizing a Notice of Arbitration, which will allow for arbitration proceedings to commence under the rules of the Singapore International Arbitration Centre
- A law suit initiated against various parties, including the company, in the South Jakarta District court in Indonesia, is ongoing.
- Directors continue to subscribe for shares partly in lieu of fees receivable.
- A notice was received under Section 249D of the Corporations Act 2001 (Cth) requesting that the company hold a general meeting of shareholders to consider resolutions to remove five existing directors and appoint four new directors. The meeting was held on June 20 and the resolutions were defeated.
There has been no exploration undertaken by Intrepid at the project since activity was suspended on July 19, 2012, when access to the site was denied to the company by PT IMN.
The technical work as a precursor to a pre-feasibility study on the Tujuh Bukit Oxide Project was progressed during the June quarter. A draft report was completed but all further work has been suspended.
The measured and indicated resource currently stands at 70 million tonnes @ 0.71 grams/tonne gold and 27 grams/tonne silver for 1.6 million ounces of contained gold and 60 million ounces of contained silver. The inferred resource stands at 19 million tonnes @ 0.75 grams/tonne gold and 21 grams/tonne silver for 500,000 ounces of contained gold and 13 million ounces of contained silver.
Technical work for the scoping study for the porphyry deposit was also progressed during the quarter but all further work has been suspended. The inferred resource stands at 1.9 billion tonnes @ 0.45% copper and 0.45 grams/tonne gold for 19 billion pounds of contained copper and 28 million ounces of contained gold at a 0.2% copper cut-off.