Intrepid Extinguishes Westpac Project Debt Facility Six Months Ahead of Schedule
Intrepid Mines Limited (TSX: IAU)(TSX: IXN)(ASX: IAU), an international gold and silver production, development and exploration company, today made an A$3.95 million principal repayment to Westpac extinguishing all bank debt associated with the Paulsens Gold Mine.
The early repayment, by a full six months, was facilitated by a continuance of strong operating results at Paulsens in April and early May 2008, following the turnaround achieved and reported in the financial results for the six months to March 2008.
Brad Gordon, Chief Executive Officer of Intrepid Mines Limited commented, “With strong production performance at our Paulsens Gold Mine continuing to exceed plan, we were able to use our operating cash flow to make the final debt payment a full six months ahead of schedule. This is a significant accomplishment for our Company as we now operate debt free.
Our balance sheet strength will allow the Company to aggressively pursue drill programmes at Paulsens to extend mine life, add to resources and commence construction at the Casposo gold and silver project in Argentina, and declare an inaugural resource, advance forestry approvals and identify copper porphyry potential below the gold/silver cap at the Tujuh Bukit gold-silver-copper project in Indonesia.”
About Intrepid Mines:
Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company’s producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company’s advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company’s exploration properties are located in Argentina, Australia, Canada, El Salvador, Indonesia and Mexico. The issued capital is 427,902,350 shares comprised of 413,086,497 ordinary shares of Intrepid Mines Limited on the TSX (TSX: IAU) and ASX (ASX: IAU) and 14,815,853 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX (TSX: IXN).
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This release contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections. The TSX & ASX has neither approved nor disapproved the information contained in this press release. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes “forward-looking statements”. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Statements relating to gold reserve and resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as gold prices, cut-off grades and operating costs, which may prove to be inaccurate. The drill programme is insufficiently advanced to define a revised reserve and resource estimate for Paulsens and it is uncertain if further drilling will result in the determination of a revised reserve and resource statement at Paulsens, and therefore an extension of the mine life. Circumstances or management’s estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
CUSIP: Q4968A
ABN: 11 060 156 452
Contacts: Intrepid Mines Limited – Toronto, Canada Ann Candelario VP Investor Relations (416) 368-4525 Email: acandelario@intrepidmines.com Intrepid Mines Limited – Brisbane, Australia Brad Gordon Chief Executive Officer +61 7 3007 8000 Email: brisbane@intrepidmines.com.au Website: www.intrepidmines.com
SOURCE: Intrepid Mines Limited