Intrepid says E. Java project contains resources of 2.2m oz of gold

Australian firm Intrepid Mines Limited reported on Wednesday that an Inferred Resource of 0.69 million ounces gold equivalent at a cut-off of 0.5 grams /tonne gold equivalent has been estimated for Zone B in the oxide and partial oxide zones of the Tumpangpitu area of the Tujuh Bukit Project in East Java.

The resource has been estimated by Independent Consultants Heliman and Schofield Pty. Ltd. and reported in accordance with the JORC Code. It is based on drill data from the 60 x 60 metre grid that covers an area of approximately 700 metres x 400 metres, the company said.

Zone B is one of 5 zones of known oxide and sulphide gold-silver mineralisation within the Tumpangpitu Prospect.

The Zone C resource was announced in July 2008 at 1.1 million ounce gold equivalent at a cut-off of 0.5 grams per tonne gold equivalent. The Zone A resource was announced in December 2008 at 1.5 million ounce gold equivalent at a cut-off grade of 0.5 grams per tonne gold equivalent Together, Zones A, B and C Inferred Resource estimates contribute over two million ounces of gold and almost eighty million ounces of silver (3.3 million ounces gold equivalent).

Commenting on the resource addition, Interpid?s CEO Brad Gordon said: ?The Zone B resource adds another 690 thousand ounces to this exceptional project. There is now 3.3 million ounce gold equivalent defined in the Inferred Resource category. There are more zones to drill, and together with the underlying copper-porphyry potential, the latest results confirm our belief that this project will define exploration success in the region for years to come.?(kanti)