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Abstract
This announcement contains certain forward-looking statements, relating to, but not limited to Intrepid's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future outcomes, or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects, and timing of commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied.
Intrepid's principal asset is known as Tujuh Bukit, a gold/silver and gold/copper project located in Indonesia on the island of Java, approximately 205 kilometres south east of Surabaya, capital of the province of East Java, and 60 kilometres south-west of Banyuwangi. The Tujuh Bukit Project area covers 11,621 hectares under two Izin Usaha Pertambangan ("IUP's"), the form of exploration/mining title introduced under the new Indonesian Mining Law, enacted in January 2009. The property contains a potentially large, high sulphidation epithermal gold-silver-copper system with areas of near surface oxidised gold-silver mineralisation and multiple copper-gold-molybdenum porphyries. Through a series of joint venture agreements, and having satisfied certain related expenditure commitments, Intrepid has acquired an 80% indirect economic interest in Tujuh Bukit. The IUPs are held by the Company's joint venture partner, an Indonesian company, PT Indo Multi Niaga ("PT IMN") which has a 20% participation right in the project.