Intrepid Files Technical Report on Tujuh Bukit Gold-Copper Project

Mining News

Saturday, 21 January 2012 09:43

Written by Patrick Chang

Intrepid Files Technical Report on Tujuh Bukit Gold-Copper

BRISBANE, Theindonesiatoday.com - Intrepid Mines Limited has filed technical report of Tujuh Bukit gold-copper project in Banyuwangi, East Java to stock market authorities, including the Australia Stock Exchange Friday (Jan 20).

According to Intrepid, the report, prepared by independent consultants Hellman and Schofield Pty Ltd. in accordance with the JORC Code and NI 43-101, estimated an expanded Inferred Resource at 1.7 Billion tonnes at 0.41% copper and 0.46 g/t gold, at a cut-off grade of 0.2% copper, for the known porphyry copper-gold zone within the Tumpangpitu area of the Tujuh Bukit Project, in which Intrepid has an 80% economic interest.

The above noted resource estimate is in addition to the oxide gold-silver zone Inferred Resource on which a Preliminary Economic Assessment for a potential heap leach, open pit gold mine has been independently prepared.

Development of Tujuh Bukit project, however, is pending forestry approvals. The Indonesian Forestry Law restricts non forestry activities within protected forests and prohibits mining using an open pit method in protected forest areas.

The area of the Porphyry copper-gold resource estimate, and the Zone A, Zone B and Zone C oxide resource estimate areas fall within a protected forest area. Intrepid's partner, PT Indo Multi Niaga, is working with relevant Indonesian authorities regarding a potential review of forest land status.

"There is no assurance that the forestry reclassification will take place in this instance. PT IMN received an extension of the Forestry Exploration Permit dated 7 July 2010, which allows for exploration activities within forestry areas," Intrepid said. (Indonesia Today)

» IDX Ends Morning Session Down 0.82%

Theindonesiatoday.com - Composite Index of Indonesia Stock Exchange closed Thursday's morning session down 0.82% to 3,831.83 to tracking negative sentiment in regional market and huge losses on Wall Street last night.

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