Our history is part of our success.
The new Intrepid Mines is built on a series of strategic company mergers with complementary strengths and capabilities which have presented strong opportunity for growth and sustainability.
One of the most significant mergers in the Company’s history has been with Australian-based gold mining and exploration company, Emperor Mines Limited (ASX: EMP) in March 2008 (ASX & TSX: IAU).
As a result of these mergers, the new Intrepid Mines has assembled a highly-skilled and internationally-experienced management and technical team of resource sector professionals as well as an exceptional asset package with world-class resource potential in Indonesia.
At the same time, the Company has developed a strong financial position and growing recognition by international equity investors.
THREE YEAR HISTORY
The following is a summary of the general development of the Company’s business over its last three financial years:
Year ended 31 December 2009
- Company announces that further deep drill testing at Paulsens has identified a high grade component to the Voyager mineralisation providing positive indications that gold production will be resumed within six months of the previously announced production hiatus.
- Company announces the discovery of a new porphyry system at the Tujuh Bukit Project named Katak Prospect which is 2.5 kilometres north east of the known Tumpangpitu mineralisation.
- The negotiations with Vale in respect of the option to earn an interest in the Tujuh Bukit sulphide coppergold project were terminated.
- Company announces the inaugural Inferred Resource estimate at the Tujuh Bukit Project’s Zone B. The aggregate results of Zones A, B and C are approximately 100 million tonnes at 1.0 g/t gold equivalent at a 0.5 g/t gold equivalent cut-off.
- Production hiatus determined for Paulsens from April 2010 until results from further drilling are obtained.
- Company signs a Binding Term Sheet outlining the terms of an option/joint venture arrangement with Cornerstone Capital Resources Inc (“Cornerstone”) in relation to Cornerstone’s Shyri property in Ecuador.
- Company signs a Heads of Agreement with Vale Exploration Pty Ltd (a wholly-owned subsidiary of Vale S.A) (“Vale”) in respect of Vale obtaining an option to earn a 60% interest in the Tujuh Bukit sulphide copper-gold project.
- The sale of the Casposo Project, by way of the sale of the shares of IMC to Troy Resources NL for a total consideration of US$22 million cash, is completed subject to satisfaction of the conditions subsequent.
- Original INEC announces that all outstanding exchangeable shares of IMC will be redeemed. Holders of exchangeable shares will receive one Ordinary Share for each exchangeable share held.
- The amalgamation of Original INEC and Callco is completed.
Year ended 31 December 2008
- Company announces inaugural 1.47 million ounce gold equivalent Inferred Resource at the Tujuh Bukit Project Zone A.
- Paulsens’ hedge is retired.
- Company announces completion of additional 1,200 metres of resource extension drilling at Paulsens.
- Company provides an update on mine life extension drilling at Paulsens and announces that an updated Resource and Reserve calculation will be delivered in 2009.
- Company announces an inaugural Inferred Resource for Zone C of the Tumpangpitu area of the Tujuh Bukit Project of 1.1 million ounces gold equivalent.
- Company receives an updated Feasibility Report including an updated NI 43-101 Resource and Reserve on the Casposo Project.
- Company makes the final A$3.95 million principal repayment to Westpac Banking Corporation extinguishing all bank debt associated with Paulsens.
- Company completes the acquisition of all of the issued and outstanding securities of Emperor.
- Intrepid Emperor merger completed
- Intrepid Mines Limited and Emperor Mines Limited merger approved by the Federal Court of Australia
- Emperor Mines announced the sale of Tolukuma Gold Mine, PNG
- Emperor Mines reported highly encouraging gold-silver assays from Tujuh Bukit project, Indonesia
Year ended 31 December 2007
- Company obtains approval for the Environmental Impact Statement for the Casposo Project.
- Emperor Mines announced that DRD had successfully sold its 78.7% shareholding in Emperor to over 20 new domestic and international institutional investors, and a range of high net worth individuals
- Company announces proposed merger with Emperor and provision of loan facility by Emperor to IMC.
- Intrepid Mines and Emperor Mines announced that respective Boards had signed an agreement to merge the two companies
- Company announces six month results including an impairment of the merger acquisition accounting carrying values.
- Emperor entered into an Alliance Agreement with a group of Indonesian and Australian investors to explore a large gold-silver-copper project in Tujuh Bukit, Indonesia
- A delegate of the Indonesian Minister of Forestry granted approval to conduct exploration activities within protected forest areas in East Java
- Company restructures its Paulsens debt facility with Westpac to align with life of mine plan.
- Emperor Mines announced the sale of Porgera Mine in PNG
- Company announces proposed unsecured short term convertible loan of A$5,000,000 net of fees from Claymore Capital Pty Ltd which is subsequently converted into equity in September 2007.
- Company receives Feasibility Study for the Casposo Project in Argentina (the “Casposo Project”).
- Emperor Mines confirmed the sale of all of its Fijian assets, including the foundation Vatukoula Mine
- Company announces an update to the Paulsens resource and reserve calculation.
- Emperor Mines received notification from Barrick managers of Porgera Joint Venture confirming the upgrade to mineral reserves at the Porgera mine.
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