Proactiveinvestors recommends
Additional Information
Market: TSX ASX
Sector: Gold Mining
EPIC: IAU
Latest Price: 0.22  (-5.32% Descending)
52-week High: 0.62
52-week Low: 0.20
Market Cap: 123.70M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Intrepid Mines
www.intrepidmines.com

Intrepid Mines is an international gold and copper development and exploration company operating primarily in Indonesia.

Full Intrepid Mines profile here
Pdf

Intrepid sells Paulsens Gold Mine to Northern Star

5th May 2010, 1:24 pm
Intrepid sells Paulsens Gold Mine to Northern Star

Intrepid Mines (TSX & ASX:IAU) is divesting of its Paulsens Gold Mine in Western Australia, which is currently on a production hiatus while a additional resources are developed underground.


The Australian and Canadian listed gold junior is selling the mine to Northern Star Resources (ASX:NST) for A$27 million, of which $15 million be paid on completion of the agreement, with a further A$1 million due for every 5,000 ounces produced to a maximum of 60,000 ounces.


 is pleased to report the signing of a Letter Agreement with Northern Star Resources Limited ("Northern Star") for the sale of Paulsens gold mine in Western Australia for a consideration totalling A$27.0 million.


The mine, which has produced over 340,000 ounces over a five year period, is expected to recommence production in June 2010.


"We are extremely pleased to have entered into this agreement with Northern Star for a number of reasons, but primarily because it will allow us to focus on our Tujuh Bukit Project in East Java, Indonesia where we will soon have six drills turning," said Intrepid's CEO, Brad Gordon. "At the same time, we are delighted to see someone else carrying on with operations at Paulsens, which has served our Company very well over the past four years but which no longer fits into our plan to develop a world class mining company."


Tujuh Bukit is a copper-gold-silver project is located in East Java, Indonesia which hosts a near-surface gold-silver oxide Inferred Resource of 3.3 million ounces gold equivalent, and an underlying porphyry copper-gold-molybdenum system.

No investment advice


Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".


You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.


You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.


From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.


You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here