Intrepid obtains additional forestry permit at E. Java gold project

Australian miner Intrepid Mines Limited announced Tuesday that exploration activity will be started at the Salakan prospect, and that a drilling program will be initiated at the Gunung Manis prospect at the Tujuh Bukit gold project in East Java within the next two months.

The Indonesian Forestry Ministry has recently granted the Company?s joint venture partner, PT IMN, a ?borrow and use? permit, which allows for the conduct of exploration activities for gold and associated minerals within an additional 2,682.22 hectares of forestry land within the existing Tujuh Bukit mining tease.

The permit is valid for two years, commencing 31 March 2011, and is renewable. This latest permit, together with the earlier forestry borrow and use permit renewed last year, allows for exploration activities to be undertaken over the entire area of the IUP Operation and Production.

The Forestry Ministry issued the permit after conducting a review of relevant technical data and receiving a recommendation from the Governor of East Java in relation to PT Indo Multi Niaga (IMN)?s continued exploration activities at Tujuh Bukit. The permit application was further supported by the Director-General of Minerals and Coal within the Department of Energy and Mineral Resources.

Speaking from Brisbane, the Company?s CEO, Brad Gordon, said: ?We are excited to be extending exploration to an additional two known mineralised areas, with a view to delivering further discoveries. I would like to express our appreciation to our partners, PT IMN, who have worked closely with us and several government officials in managing the application process. We are particularly pleased by the ongoing support of the Ministry of Energy and Mineral Resources and the Governor of East Java, whose cooperation was key to the successful grant of the permit.? (romel)