Intrepid Mines Limited

Intrepid Mines Limited

November 07, 2011 08:00 ET

Intrepid Mines Limited Appoints Executive General Manager, Exploration and New Business

BRISBANE, AUSTRALIA--(Marketwire - Nov. 7, 2011) - Intrepid Mines Limited (TSX:IAU)(ASX:IAU) (the 'Company') is pleased to announce the appointment of Gary Snow as Executive General Manager, Exploration and New Business.

Mr. Snow, who was most recently Early Stage Operations Manager with BHP Billiton, has held progressively senior management roles with a number of mining and exploration companies including Placer Dome and Consolidated Minerals. A widely-recognized exploration geologist, he has worked extensively on projects in Australia, Africa, Asia and Canada.

While Mr. Snow's principal role will be to advance and develop the Tujuh Bukit copper-gold project on Java in Indonesia, he will also be active in evaluating new exploration and development projects for the Company.

"I am particularly pleased to have someone with Gary's extensive exploration and project management experience joining our team in this incredibly exciting development period at Tujuh Bukit, where our technical team is focused on expanding and building perhaps the largest known, independently held, undeveloped copper-gold project in the world," said Brad Gordon, Managing Director and Chief Executive Officer. "Like many on our team, he brings both the "big company" background that will help to bring this world class project to fruition and the "small company" entrepreneurial spirit that is driving our growth and development."

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.

Statements relating to gold resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as gold prices, cut-off grades and operating costs, which may prove to be inaccurate.

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