Intrepid Mines Limited

Intrepid Mines Limited

September 04, 2012 08:00 ET

Intrepid Appoints Executive General Manager for Indonesia

BRISBANE, AUSTRALIA--(Marketwire - Sept. 4, 2012) - Intrepid Mines Limited ("Intrepid", the "Company") (TSX:IAU)(ASX:IAU) is pleased to announce the appointment of Clayton (Tony) Allen Wenas, in the newly-created role of Executive General Manager, Indonesia, effective 1 September, 2012.

Mr Wenas, an Indonesian national, will be responsible for managing the Company's interests in Indonesia with a specific priority to ensure that the Tujuh Bukit project can be developed without delay. He will also play a lead role in building Intrepid's business in Indonesia beyond this world class project.

The appointment of Mr Wenas further strengthens the Intrepid presence in Indonesia and complements the Board appointment of Adrianto Machribie, a previous CEO of Freeport Indonesia, in November 2011, and the issue of shares to Surya Paloh, a prominent Indonesian business and political figure, last month.

Mr Wenas, a specialist in government affairs and external relations, is an experienced senior attorney and business executive. Since 2001, he has held progressively senior positions for PT Freeport Indonesia ("PT FI"), an affiliate of Freeport McMoRan Copper & Gold Inc. In his last role at PT FI, he was Director and Executive Vice President - Legal, Tax and External Affairs, where he was responsible for overall external relations activities, legal matters and taxation. He is a past President & CEO of PT INCO, TBK (now PT Vale Indonesia Tbk.), part of the Vale mining group, where he was responsible for overall operation with emphasis on government relations, investor relations and external stakeholder relations. Until recently, he was the President Commissioner of PT Riau Andalan Pulp & Paper, a subsidiary of Asia Pacific Resources International Limited (APRIL); as well as the Head of APRIL Indonesia, a large private company, which deals with fiber plantation, pulp and paper.

Mr. Wenas also currently serves as Vice Chairman of the Indonesian Mining Association, the Chairman of the Brazil Committee of the Indonesian Chamber of Commerce and Industry, a member of the Advisory Board of the Indonesian Mining Expert Association, and the Vice Chairman of the Indonesian Public Listed Companies Association.

Intrepid CEO, Brad Gordon, said: "We are extremely pleased to have another very experienced Indonesian executive and attorney join our Company at this time as we continue to address the numerous commercial, regulatory, legal and stakeholder issues that are always crucial with any world-class project, such as Tujuh Bukit.

His experience at both Freeport and Vale will be invaluable in the coming months as we address the recent actions taken by our Indonesian joint venture partner, PT Indo Multi Niaga, relating to the suspension of operations at Tujuh Bukit and as Intrepid develops additional business interests in Indonesia."

Forward-looking statements

This announcement contains certain forward-looking statements, relating to, but not limited to Intrepid's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future outcomes, or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects, and timing of commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied.

Shareholders and potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Intrepid undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Colin G. Jackson (Chairman)
Ian McMaster (Deputy Chairman)
Brad A. Gordon (Managing Director)
Laurence W. Curtis (Non-executive Director)
Robert J. McDonald (Non-executive Director)
Alan Roberts (Non-executive Director)
Adrianto Machribie (Non-executive Director)
Nyla Bacon (Company Secretary)
Stock Exchange Listing
ASX and TSX symbol: IAU
Substantial Shareholders
Taurus Funds Management 8.7%
Acorn Capital 8.2%
Van Eck Associates 6.6%
Surya Paloh 5.0%
Issued Capital
5,922,608 unlisted options
4,620,450 unlisted share rights
25,604,016 unlisted restricted performance rights
Shareholder Enquiries
Matters related to shares held,
change of address and tax file
numbers should be directed to:
Computershare Investor Services
GPO Box 2975, Melbourne, Victoria 3001, Australia
Telephone: 1300 805 505
+61 3 9415 4000

Contact Information

  • Intrepid Mines Limited
    Brad Gordon
    Managing Director, Chief Executive Officer
    Brisbane, Australia
    (office) +61 7 3007 8000 or (mobile) +61 400 036 636

    Intrepid Mines Limited
    Greg Taylor
    Investor Relations
    Toronto, Canada
    (office) +1 905 337 7673 or (mobile) +1 416 605 5120