Intrepid Mines Limited

Intrepid Mines Limited

October 22, 2012 08:00 ET

Intrepid Mines Limited: Board Duty Rotation

BRISBANE, AUSTRALIA--(Marketwire - Oct. 22, 2012) - Mr Ian McMaster succeeds Mr Colin Jackson as Intrepid Mines' (TSX:IAU)(ASX:IAU) chairman effective today. Previously Mr McMaster was deputy chair and the former chairman of Emperor Mines Limited with whom Intrepid merged in 2008.

Mr Jackson, who has chaired the Company for the last eight years, and who was re-elected by shareholders this year, moves to the deputy chair role.

Mr McMaster replaces Mr Jackson as chair of the Remuneration and Nomination committee and relinquishes the chair of the Audit and Risk committee to Mr Jackson.

The Company remains totally committed to the Tujuh Bukit gold-silver and copper-gold project in East Java, Indonesia where Intrepid's current investment totals US$102.7 million. The Company's unencumbered treasury position is US$116.1 million.

As previously reported:

The Company does not have direct rights to the Tujuh Bukit Project tenements and the Tujuh Bukit IUPs (the form of mining licence under which activities are conducted) are held by its Indonesian joint venture partner. The Company, through a number of contractual arrangements with PT IMN, has acquired an entitlement to an 80% interest in the Tujuh Bukit Project. Since the Company has no direct interest in the Tujuh Bukit Project as yet, it is reliant on the observance by PT IMN, and its shareholders, of these contractual arrangements, including an agreement to issue to Intrepid or its subsidiaries 80% of the share capital in PT IMN. PT IMN is currently in breach of the agreements in place with the Company and has excluded the Company's personnel from the Tujuh Bukit site and operations and ceased communications with the Company's management. The Company has issued a notice of dispute to IMN and its shareholders in relation to these events.

Attachment Available:

Contact Information

  • Inquiries regarding this report and Company business may be
    directed to: Intrepid Mines Limited
    Ian McMaster
    (mobile) +61 419 476 980

    Intrepid Mines Limited
    Colin Jackson
    Deputy Chair
    (mobile) +1 417 929 107