Monday, February 08, 2010

Tujuh Bukit KP converted to IUP

Intrepid Mines Limited told ASX this morning that Indonesian regulatory authorities (Banyuwangi Regent in East Java) have granted PT IMN, its partner in the Tujuh Bukit gold project, two Izin Usaha Pertambangan (IUPs), replacing the Kuasa Pertambangan previously held.
The first IUP, an exploration IUP (pursuant to new mining law) for an area of 6623 hectares, is valid until January 25, 2014. The other, an operating and production IUP for an area of 4998 hectares, covers the multi-million ounce Zones A, B, and C deposits, deeper sulphide extensions, and the new Katak discovery and is valid until January 25, 2030. The later IUP will enable Intrepid to complete a scoping study and progress to a feasibility study, should exploration results warrant it.

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