Thursday, July 16, 2009

Higher gold-silver zones in Tujuh Bukit

Intrepid Mines Limited (ASX: IAU) claimed that ongoing drilling in Zone B of the Tumpangpitu prospect, Tujuh Bukit, Banyuwangi, East Java has continued to define some higher grade gold-silver zones within a broad lower grade envelope. 
Intrepid secured US$40 million financing from Vale, the world's giant mining company, last week. Brad Gordon, Intrepid Mines CEO said, "Zone B is developing as the largest area of mineralization and has returned some of the highest grade defined to date in the upper oxide zone and separately from Zones A and C where we have already defined a combined resource of 2.57 million ounces of gold-equivalent."
Intrepid said its local partner, PT Indo Multi Niaga, is working with relevant Indonesian authorities to allow for a review of forest land status. Forestry Law restricts non forestry activities within protection forests and prohibits mining using an open pit method in the area.

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