Campaign against Intrepid continues unabated

(18 December 2012)--Intrepid Mines Limited comments on the reported transfer of Tujuh Bukit IUPs held by joint venture partner PT Indo Multi Niaga (PT IMN) to a third party.

Documentation provided to the Australian media, of which Intrepid has obtained a copy, implies a transfer of IUPs in Banyuwangi regency to a company called PT Bumi Sukses Indo (BSI), and a subsequent transfer of shareholding in BSI, The Company is aware of rumours that the Tujuh Bukit IUPs had been transferred to BSI, and was in the process of verifying this information prior to the provision of the documentation to the media by third parties.

As far as Intrepid is able to tell, the document signed by the Banyuwangi regent appears to be genuine and suggests that IUPs in Banyuwangi were issued to BSI in July 2012, but it is noted that the most recent formal lists of certified clean and clear IUPs issued by the Indonesian Energy and Minerals Department, does not reflect this holding.(ends)