Intrepid Mines Limited ACTIVITIES REPORT OVERVIEW. All dollar values are United States Dollars unless otherwise stated.

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1 Intrepid Mines Limited ACTIVITIES REPORT Q4 THREE MONTHS TO 31 DECEMBER This report on the mining production, development and exploration activities for the quarter ended 31 December is provided as required under ASX listing Rule Numbers in brackets generally describe performance for the quarter ended 30 September. All dollar values are United States Dollars unless otherwise stated. OVERVIEW Finance Paulsens earnings of $3.9 million and $31.0 million (unaudited) before interest, taxes, depreciation and amortisation (EBITDA) for the three and twelve months ended 31 December respectively. Exploration expenditure on the Tujuh Bukit project and Paulsens near mine regional exploration for the three and twelve months ended 31 December was $5.5 million and $15.2 million respectively. Administration expenditure, non-cash exchange rate losses, depreciation and amortisation expenditure of $6.4 million for the three months and $26.5 million for the twelve months ended 31 December has led to an accounting group loss after tax of $8.1 million and $9.9 million (unaudited) for the three and twelve months ended 31 December respectively. Cash balance at quarter end was $36.5 million and $39 million at the date of this report. Paulsens Operations Gold production of 15,810 and 75,089 fine ounces for the three and twelve months ended 31 December respectively. During this period, Paulsens continued to mine from outside existing resource categories.

2 OVERVIEW (continued) Deep drill testing of the Paulsens down plunge extent has identified a high grade component to the Voyager mineralisation. The latest exploration results (announced 8 December ) provide positive indications that the Company is now in a position to resume gold production post the production hiatus earlier than previously expected. The Paulsens Decline development to access this new structure commenced in January 2010 and ore production from development will continue through the period of the mill shutdown. A new Paulsens resource statement was announced with 89,700 ounces at 13.7 grams per tonne gold in Indicated and 39,000 ounces at 11.0 grams per tonne gold in Inferred categories. The Company expects to produce approximately 8,000 ounces with production ceasing part way through the March 2010 quarter. While production beyond this date is dependent upon mine planning and ore reserve calculations it is expected to continue through to at least the first quarter of Extensions of Paulsens mine life beyond this date will ultimately be dependent on further success from the ongoing resource and exploration drilling programs and converting the resources to reserves. Cash costs were higher for the December quarter at $775 per ounce (prior quarter $607 per ounce) primarily as a result of: Fewer ounces produced (15,810 ounces in December vs. 19,107 ounces during September quarter) negative impact of $127 per ounce. Recognising Paulsens employee termination entitlements-negative impact of $31 per ounce. Translating the Australian denominated cash costs into United States dollars at a much stronger exchange rate (December quarter A$/US$ vs. September quarter A$/US$0.8329) -negative impact of $56 per ounce; Partially offset by reduction in mining costs. Cash costs for the twelve months to 31 December at $534 per ounce.

3 OVERVIEW (continued) Tujuh Bukit As announced on 15 December, the Company was unable to reach agreement on several key elements of the formal option documentation with Vale S.A. ( Vale ) and the negotiations were terminated. The inaugural resource at Zone B was announced on 16 December and reported an Inferred Resource of 0.69 million ounces gold equivalent at a cut-off of 0.5 grams per tonne gold equivalent. This resource, together with those previously announced for Zones A and C raised the aggregate oxide Inferred resource to approximately 3.3 million ounces gold equivalent from 100 million tonnes at 1.0 grams per tonne gold equivalent at 0.5 grams per tonne gold equivalent cut-off. Work continued on the Scoping Study for the oxide resource during the quarter. This study is expected to be completed during the second quarter. Follow-up drilling of the deeper copper-gold porphyry system commenced during the quarter. Previously announced intersections include GTD-35 (627.2 metres at 0.45 grams per tonne gold and 0.44% copper) and GTD-56 (226 metres at 0.72 grams per tonne gold and 0.44% copper). This drilling will contribute to the inaugural copper-gold sulphide resource later in the year. A new discovery called Katak was made in a production forest area. Katak is a coincident copper-goldmolybdenum soil anomaly covering an area of 650 x 500 metres, with a peak copper value in soils of 0.235% the highest copper-in-soils response from the project. Drilling of this new discovery has commenced. It is important to note that open cut mining is allowed in production forest, so the results of this drilling will be critical to the Company s short to medium term development plans. Brad Gordon Chief Executive Officer 29 January 2010

4 Intrepid Mines Limited (TSX & ASX : IAU) ( Intrepid or the Company ) is an international precious metals producer, developer and explorer operating in Australia, Indonesia and Mexico. During the quarter ended 31 December, the principal activities of Intrepid and its controlled subsidiaries (collectively referred to as the Consolidated Entity ) were the operation of the Paulsens Gold Mine, the exploration on the tenement portfolio and the pursuit of precious metal projects and exploration assets. Intrepid s presentation currency is United States dollars (US$), and all comparative information has been translated into that currency. Values are translated from currencies used including Australian dollars (A$) into presentation currency. Assets and liabilities are translated at the rate of exchange in effect at the quarter end. At 31 December, the rate applied in this report was A$ to US$ Income, expenditure and cash flow items are translated at the exchange rates prevailing on the day of the transaction or where administratively efficient at the average exchange rates prevailing during the quarter. The following average rates were applied in the report below: 3 months to 31 March 3 months to 30 June 3 months to 30 September 3 months to 31 December 12 months to 31 December A$ to US$ C$ to US$ Intrepid is an international precious metals producer, developer and explorer operating in Australia and Indonesia. Additional information including press releases have been filed electronically in Canada through the System for Electronic Document Analysis and Retrieval ( SEDAR ) and on the Australian Stock Exchange online lodgement system. These releases are available online at and

5 OPERATIONS PAULSENS GOLD MINE Mining Mining performance in the December quarter was down on the previous quarter with 16,737 contained ounces mined and hauled to the surface due to continued mining of lower grade Upper Zone stopes early in the quarter. Mine development for the quarter was 112 metres, (728 metres), a quarter-over-quarter decrease of 85%. There was little development due to the main decline being placed on hold with 42% of the development being capital. The main decline was not advanced and remained at a total distance of 2,661 metres from the portal by quarter end and is 431 vertical metres below surface (431 metres). Mine Development 3 months to 3 months to 3 months to 3 months to 12 months to 31 March 30 June 30 September 31 December 31 December Decline 208 m 265 m 65 m 0 m 538 m Level 164 m 239 m 156 m 47 m 606 m Strike driving 297 m 413 m 315 m 44 m 1,069 m Total (metres)* 669 m 917 m 536 m 91 m 2,213 m *excludes waste development metres. Stope production during the quarter was 77,734 tonnes at 6.5 grams per tonne Ore development was carried out in the: Zone Z 820 mrl; Lower Zone West 873 mrl; and Gemini 1161 mrl level Development yielded 2,337 tonnes of ore at an average reconciled grade of 6.3 grams per tonne. Stope production was 77,734 tonnes at 6.51 grams per tonne.

6 Ore mined 3 months to 3 months to 3 months to 3 months to 12 months to 31 March 30 June 30 September 31 December 31 December Development ore (t) 21,689 20,645 13,645 2,337 58,316 Development grade (g/t) Stope ore (t) 68,085 66,405 73,192 77, ,416 Stope grade (g/t) Total ore (t) 89,774 87,050 86,837 80, ,732 Total grade (g/t) Contained gold (oz) 24,318 20,338 18,949 16,737 80,342 t=tonnes, g/t= grams per tonne, oz= ounces Resource drilling for the quarter focused mainly on infilling Voyager high grade hinge zone between 750 and 650 mrl. 2,087 metres of diamond core was drilled from underground in 15 holes. Capital advance decreased by over 78% from the previous quarter. The ratio between operating and capital development decreased from 2.29:1 in the previous quarter to 1.39:1 in the December quarter. Longhole production was predominately in the Upper Zone 803 mrl, Soyuz 1070, Voyager Lower Zone 785, Lower Zone 880 mrl, Zone Z 820 mrl, Gemini 1161 mrl & Lower Zone 1045 mrl levels. Production was also sourced from Lower Zone West 904 mrl, Lower Zone West 928 mrl, Lower Zone West 976 mrl, Lower Zone West 873 mrl and Apollo 1106 mrl levels. The mining fleet continued to perform well during the quarter with availabilities and productivity similar to the previous quarter. Underground diamond drilling was completed this quarter. Resource drilling for the quarter focused mainly on infilling Voyager high grade hinge zone between 750 and 650 mrl. 2,087 metres of diamond core was drilled from underground in 15 holes. This has allowed a new resource to be estimated, results (previously released) are tabled below. One surface diamond hole was drilled to scissor the upper part of PLDD015 (down hole assay 9 metres at grams per tonne), however it indicated that the true thickness is more likely to be less than 1 metre and of limited extent, in accord with the surface mapping. A second diamond hole was drilled at Paulsens East off an earlier diamond hole to test an alternate interpretation. No significant mineralisation was intercepted.

7 Paulsens Resource Estimate: December Tonnes Au g/t Contained Au Oz Voyager Upper Indicated 138, ,400 Inferred 40, ,000 Voyager Lower Indicated 66, ,300 Inferred 70, ,000 Total Indicated 204, ,700 Inferred 110, ,000 The figures in this table are rounded to reflect the accuracy of estimates and exhibit rounding errors. The resource estimates presented represent the remnant Paulsens mineralisation reported above a cut off grade of 4.0 g/t excluding small isolated zones that are not amenable to eventual economic extraction. The current estimates include only the Voyager zones, as virtually all other areas of Paulsens mineralisation have been depleted by mining. Resource extension drilling The Company released a new Paulsens Resource statement with 89,700 ounces in Indicated and 39,000 ounces in inferred category All Paulsens resource drill intercepts received for the quarter are included in the appendices.

8 Processing The processing plant produced 15,810 fine ounces for the December quarter from a lower mill head grade of 6.4 grams per tonne compared to the previous quarter 6.9 grams per tonne. Milled tonnage for the quarter was 85,279 tonnes, down 1.5 percent. Mill recovery decreased marginally, from 94.3 percent in the previous quarter to 93.4 percent in the current quarter. Ore processed 3 months to 3 months to 3 months to 3 months to 12 months to 31 March 30 June 30 September 31 December 31 December Tonnes treated (t) 82,687 84,818 86,532 85, ,316 Head grade (g/t) Recovery (%) Gold produced (oz) 20,141 20,031 19,107 15,810 75,089 Operating costs Gold production during the December quarter was 15,810 ounces. 3 months to 3 months to 3 months to 3 months to 12 months to 31 March 30 June 30 September 31 December 31 December Mining * ($/t) Processing**($/t) Administration**($/t) Total($/t) Site production cash cost ($/oz) Royalties and refining net of silver credits ($/oz) Total cash cost($/oz) *on tonnes mined, ** on tonnes treated Total costs per tonne for the current quarter were higher due to lower ounces produced (15,810 ounces in December vs. 19,107 during September quarter negative impact of $127 per ounce), provision for Paulsens employee redundancy (negative impact of $31 per ounce), exchange rate movements (negative impact of $56 per ounce) and were partially offset by a reduction in operating costs.

9 Exploration Australia Paulsens Regional Intrepid holds eight exploration licenses, and has an interest in an additional nine under joint venture (managed by Intrepid). The tenements cover an area of approximately 600 square kilometres and cover two belts that trend NW-SE over the Paulsens mine and over similar rock types to the south. Regional exploration was active during the quarter. 431 soil samples were collected and 214 rock chip samples taken over various tenements. Minor anomalous results were returned. A gradient array IP survey was completed at Three Corner Bore (E08/854). One Reverse Circulation drill rig was on site during the quarter. Ten RC holes were drilled at Paddy s Well prospect (E08/1166) for a total of 740 metres. The best intercept was from a 4 metre composite sample of 4 metres at 1.1 grams per tonne gold ( Au ) from metres. One RC hole was drilled within M08/196 but did not return any significant assay results. Heritage surveys were completed over 3 tenements E08/1166, E08/1745 and E47/1134. Australian Regional exploration was active during the quarter.

10 Indonesia Tujuh Bukit (Intrepid 80%) Exploration at Tujuh Bukit has been ongoing and has focused on interpretation of regional geochemical and geophysical data, completion of the first pass drilling at Zone B at the Tumpangpitu Prospect and drilling in several areas between and surrounding the defined zones A, B and C. Three diamond drilling rigs were active during the quarter, completing the first pass drilling over the oxide gold-silver target at Zone B and in several areas between and surrounding the defined zones A, B and C. The inaugural resource at Zone B was announced on 16 December and reported an Inferred Resource of 0.69 million ounces gold equivalent at a cut-off of 0.5 grams per tonne gold equivalent. The Zone B resource remains open to the west and south and further drilling in these areas will be undertaken in This resource, together with those previously announced for Zones A and C take the aggregate Inferred Resource to approximately 3.3 million ounces gold equivalent (100 million tonnes at 1.0 grams per tonne gold equivalent at a 0.5 grams per tonne gold equivalent cut-off). Additional first pass drilling (23 holes) adjacent to Zones A, B and C, and new Zones D and E has been completed. Assay results are currently being received. Additional areas of oxide mineralisation have been defined. Deep drilling has resumed, targeting deep copper-gold porphyry mineralisation. The first hole has been collared in the vicinity of holes 35 and 56 to provide information on the geometry of the mineralised system, and to follow-up on the significant intersection from holes GTD-35 (627.2 metres at 0.45 grams per tonne gold and 0.44% copper) and 56 (226 metres at 0.72 grams per tonne gold and 0.44% copper). Five additional holes have been defined in this current phase. Interpretation of the regional geochemical data and recently completed detailed heli-magnetics survey is continuing and has defined several areas of interest. The most significant of these is the Katak area. Details were released to the market on 10 December. Katak is a coincident copper-gold-molybdenum soil anomaly covering an area of 650 x 500 metres, with a peak copper value in soils of 0.235% the highest copper-in-soils response from the project. The copper-in-soils anomaly is coincident with molybdenum and gold-in-soil anomalies. The surface geochemistry is coincident with mapped diorites exhibiting high level porphyry alteration and veining, and with a discrete magnetic response. The coincidence of anomalism from the integrated datasets is striking and provides confidence for the upcoming drill program. The magnetic response has been modelled in 3- D and defines a steeply north plunging body of >500 metres vertical extent. This is considered a significant discovery and it is expected that drilling will commence in early 2010 once drilling rigs have completed the current phase of the oxide drilling program. The prospect is located within Production Forest and so does not carry additional risk of limitations on development but is nevertheless dependent on appropriate forestry exploration licences being obtained.

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12 Location of Katak Prospect relative to the main Tumpangpitu drilling area. Katak is located within Production Forest. The underlying image is from the recently completed detailed helimagnetics (reduction to pole processing) Community and environmental initiatives are advancing through various baseline studies and community development programs. The work is being done in conjunction with various universities, local stakeholders and government groups. The Indonesian Forestry Law restricts non forestry activities within protection forests and prohibits mining using an open pit method in protection forest areas. Intrepid s Alliance partner, PT IMN, is working with relevant Indonesian authorities to allow for a review of forest land classification.

13 Mexico Taviche JV (Intrepid earning 35%) The Taviche silver-gold project is located in the state of Oaxaca, Mexico. Intrepid is exploring the project in joint venture with Aura Silver (TSX:AUU) and Pan American Silver (TSX:PAA). The phase 2 drilling program was completed during the quarter. A total of 4,018.6 metres of diamond drilling has now been completed at the Higo Blanco prospect. The prospect covers a NW trending belt of limestone, silicified limestone, and volcanic rocks and extends from the historic San Geronimo Taviche gold-silver district to the SW for several kilometres. As shown in the assay table in the appendices, anomalous mineralisation was encountered in 17 of the 22 holes drilled with the most significant values occurring in holes 2, 3, 16 and 22. The drill program shows that silver/gold mineralisation is shallow (less than 135 metres in most cases) and widespread. The objective of the drill program was to test several of the mineralised zones as prioritised by rock sampling, geophysics and logistics. Results for holes 1 through 16 were reported last quarter. The program to date has shown that silver contents in excess of 10 ounce per tonne or 312 grams per tonne were encountered in 9 of the 22 holes, and gold contents in excess of 0.5 grams per tonne were encountered in 14 of these holes. The potential quality and grade at Taviche is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource at Taviche. Ecuador Shyri Project (Binding Term Sheet signed with Cornerstone Resources) During the quarter, Intrepid and Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) ( Cornerstone ) announced that they had signed a binding Term Sheet in respect of Cornerstone s Shyri Project in Ecuador. The 300 square kilometre Shyri Project is located in Azuay province, southern Ecuador, about 25 kilometres west of the city of Cuenca. The property encompasses three gold prospects, Gama, Vetas Grandes, and Cañaribamba. It is strategically located between IAMGOLD s 3.5 million ounce Quimsacocha gold project to the east and International Minerals Rio Blanco gold project to the northwest. The Term Sheet allows for Intrepid to earn a 60% interest, and a further 20% interest in specific project areas within the broader Shyri Project. The Gama prospect comprises an extensive, sub-horizontal zone of high sulphidation alteration measuring a minimum of 8.5 kilometres by 3 kilometres. The alteration is strongly zoned and centred over two high level, porphyry-type intrusions at the 3,500 metres to 3,800 metres elevations, the same elevation as the nearby Quimsacocha deposit. An interpreted post-mineralisation auriferous breccia zone, the Ermitas breccias, contains vuggy silica fragments in a sulphide matrix and a broad northwest trending gold-in-soil anomaly is associated with the alteration zone.

14 Ecuador Shyri Project (continued) The Vetas Grandes gold mineralisation, 20 kilometres south of Gama, was discovered by Cornerstone in The prospect comprises multiple, ENE trending epithermal quartz veins and vein breccias measuring from 1 to 7 metres in width within a zone at least 2 kilometres long and 1.5 kilometres wide. Veins containing gold and silver are exposed over a vertical relief of 300 metres with the highest gold values localised at vein intersections and where veins outcrop around the 3,220 metres elevation. The Cañaribamba prospect is an intermediate sulphidation, disseminated and vein-type gold system situated in a large, multi-phase diatreme breccia complex. The area has a history of artisanal mining of high grade veins over at least 300 metres of vertical relief and in the 1970 s four short drill holes were completed on one of the four recognised vein systems. Work by Cornerstone expanded known gold mineralisation another 500 metres east with the discovery of the Guabisay structure. Cornerstone has completed extensive geological, geochemical and geophysical (magnetic and IP) surveys over the prospects and has outlined several high priority drill targets in each area. Gold revenue for the quarter at $17.0 million from the sale of 15,269 ounces realising an average price for the quarter of $1,112 per ounce. Finance Gold revenue for the quarter was $17.0 million ($16.7 million) from the sale of 15,269 ounces (17,494 ounces) realising an average price for the quarter of $1,112 per ounce ($959 per ounce). Group loss (unaudited) after tax for the three and twelve months ended 31 December of $8.1 million and $9.9 million respectively. Cash balance at quarter end was $36.5 million and $39 million at the date of this report. For further information please contact: Corporate As at 31 December, issued securities consisted of: issued capital of 427,902,350 ordinary shares. 19,084,008 unlisted options to acquire ordinary shares. 4,500,000 share rights to acquire ordinary shares. Brad Gordon, Chief Executive Officer Brisbane, Australia : : bgordon@intrepidmines.com Greg Taylor Toronto, Canada : : gtaylor@intrepidmines.com

15 Competent Person The information in this report that relates to exploration results at Taviche and Tujuh Bukit is based on information compiled by or under the supervision of Malcolm Norris, who is a member of The Australasian Institute of Mining and Metallurgy. Malcolm Norris is a full-time employee of Intrepid Mines Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results), Mineral Resources and Ore Reserves and is a Qualified Person as defined in the Canadian National Instrument (standards of Disclosure for Mineral Projects). Malcolm Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to mineral resources at Tujuh Bukit is based on information compiled by or under the supervision of Dr. Phillip Hellman, who is an independent consultant to Intrepid Mines Limited. Dr Hellman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as an Independent Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and an Independent Qualified Person as defined in the Canadian National Instrument (standards of Disclosure for Mineral Projects). Dr Hellman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Dr Hellman has undertaken independent verification sampling and assaying of drill core with a close agreement of results with those previously reported. A 40 x 40 x 6 metre block model was used for the quoted estimates. The information in this report that relates to exploration results at Paulsens is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Intrepid Mines Limited. Mr. Ekers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a Qualified Person as defined in the Canadian National Instrument (standards of Disclosure for Mineral Projects). Brook Ekers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to mineral resource estimation at Paulsens is based on work completed by Mr Jonathon Abbott who is a full time employee of Hellman and Schofield Pty Ltd and a member of the Australasian Institute of Mining and Metallurgy. For the current study, Hellman & Schofield were not required to review the quality of the sampling data, or geological interpretation as Intrepid are accepting responsibility for these aspects of the estimates. Mr Abbott has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and is a Qualified Person as defined in the Canadian National Instrument (standards of Disclosure for Mineral Projects). Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to exploration results at the Shyri Project is based on information compiled by or under the supervision of Terry Brace, P. Geo, Cornerstone s VP Exploration. Mr Brace has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person as defined in the Canadian National Instrument (standards of Disclosure for Mineral Projects). Mr Brace consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

16 Tujuh Bukit Gold Equivalent Statement The gold equivalent ratio for silver at Tujuh Bukit has been set at 65:1 based on $650 per ounce gold and $10 per ounce silver. Historical bottle roll tests have shown recoveries of 83% gold and 84.5% silver, supporting a 65:1 ratio. Recently received CIL metallurgical testing results from Zone C achieved recoveries of approximately 90% for both gold and silver at a grind of 80% passing 75 um. Comparable recoveries for both gold and silver in the recent tests from 4 composite samples from Zone C oxide material also support the 65:1 gold equivalence ratio. It is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered. Taviche Project Equivalent Statement Silver and gold equivalent calculations for the purposes of the Taviche drilling program use metal prices of $600 per ounce for gold and $10 per ounce for silver. Silver and gold equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries. The silver equivalent ratio is 60:1 (Ag:Au). It is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered. Quality Control Tujuh Bukit Intrepid exercises a strict chain of sample custody in its drilling program at Tujuh Bukit (Indonesia). Joint Venture personnel remove the core from the drill rig and deliver it to a project geologist who logs the core and marks the core into two metre sample intervals. Intrepid and Joint Venture personnel supervise the immediate splitting, sawing and bagging of samples, and packaging of groups of samples for dispatch to the laboratory. The remainder of the split core remains on site. Samples are securely packaged, batched, and then transported under supervision to Intertek s laboratory facility in Jakarta. At the laboratory, the samples are prepared by crushing and pulverizing and a 30-gram charge is assayed for gold by conventional fire assay and/or atomic absorption methods. Multi-element ICP analysis is carried out using a multi-acid digestion process. All samples that contain silver and/or copper, lead, and zinc values that exceed the upper detection limits for ICP are re-analysed by conventional atomic absorption methods to determine the absolute values of these metals. Paulsens All core is logged and whole core samples (if LTK48 size, NQ2 sized core is cut and half cored) are marked and prepared for shipping at the Paulsens Mine Property and sent to an independent Laboratory for assay. The remaining half core is stored on site. All samples from which information in this document is derived were received by ALS Chemex Australian Laboratory Services Pty ( ALS ) Limited in Karratha, Western Australia. Samples are weighed and crushed to 70% passing -6mm mesh. The crushed material is split and a portion is pulverised. A 100-gram pulp is sent to ALS Perth, Western Australia for assay. A 30-gram portion of the pulp is treated by fire assay method with atomic absorption finish (Au-AA25). A second pulp sample split ( g) is kept in Karratha. Sample rejects are discarded after 90 days. Limit samples ( >100 grams per tonne gold) are re-analysed using ALS dilution method (Au-DIL). Intrepid inserts one standard in each hole, and one blank is now inserted in each ore zone, although this practice has only recently been

17 adopted. Laboratory standards and blanks are inserted by ALS and several pulp duplicates are also assayed as a determinant of mineralisation variability. ALS has AS/NZS ISO 9001:2000 certification in Perth. This does not cover the sample preparation facilities; however these preparation laboratories follow the same quality management system. They are not audited by NCSI but are audited internally. Taviche At the Taviche project samples are prepared and sent to the SGS Minerales facility in Durango, Mexico. The drill core samples are dried, crushed to 75% passing 2mm mesh and a 250-gram split is pulverized to 85% passing 75µm mesh. Prepared pulps were analysed for gold and silver by fire assay with a gravimetric finish (SGS method FAG323) in Durango. Pulps are shipped to SGS Minerals Services in Toronto, Canada for multi-element analysis using an ICP40 element package. For both the surface and drilling programs, blanks and certified reference standards were inserted into the sample stream to control the quality of sample preparation and analysis. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This release 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. Shareholders and potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Intrepid undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. 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. Information provided relating to projected costs, capital expenditure, production profiles and timelines are expressions of judgment only and no assurances can be given that actual costs, production profiles or timelines will not differ materially from the estimates contained in this announcement.

18 CORPORATE INFORMATION (at 29 January 2010) Directors and Executive Management C. Jackson Chairman B. Gordon Managing Director, Chief Executive Officer L. Curtis Non-Executive Director R. McDonald Non-Executive Director I. Mc Master Non-Executive Director A. Roberts Non-Executive Director V. Chidrawi Company Secretary & General Counsel S. Smith Chief Financial Officer D. Russell General Manager Paulsens M. Norris Executive General Manager Exploration & New Business B.Hewitt Project Director, Tujuh Bukit Issued Capital The issued capital as at 31 December was 427,902,350 shares. Stock Exchange Listings Australian and Toronto Stock Exchanges ASX and TSX Ticker symbol: IAU Shareholder Enquiries Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009 Telephone Facsimile Equity Transfer & Trust Company 120 Adelaide St W, Suite 420 Toronto, Ontario M5H 4C3 Canada Telephone: ext 274 Facsimile: Corporate and Registered Office Level 1, 490 Upper Edward Street Brisbane QLD 4004 Telephone Facsimile Toronto Contact Greg Taylor Telephone Mobile gtaylor@intrepidmines.com Website

19 Appendices Paulsens Resource Drilling Results Hole # Downhole Intersection (m) Est. True Thickness (m) Grade (g/t) cut to (100g/t) Grade x Thickness (gram metres) Ore zone and comments RL of intersection PDU Gemini 1170mRL PDU1084 NSR Gemini 1171m RL PDU LZW 999m RL PDU LZW 994m RL PDU LZW 996m RL PDU LZW 991m RL PDU LZW 995m RL PDU LZW 987m RL PLDD Unkown 1103m RL PDU925 NSR VOY LZ 760mRL PDU1055A NSR VOY LZ 730m RL PDU VOY LZ 757mRL PDU VOY LZ 750m RL PDU1092 NSR VOY LZ 725m RL PDU VOY LZ 734mRL PDU1094 NSR VOY LZ 714m RL PDU1095 NSR VOY LZ 727m RL PDU1096 NSR VOY LZ 711m RL PDU VOY LZ 703m RL PDU1102 NSR VOY LZ 693m RL PDU VOY LZ 680m RL PDU VOY LZ 630m RL PDU VOY LZ 752m RL PDU1107 NSR VOY LZ 723m RL PDU VOY LZ 730m RL PDU VOY LZ 710m RL PDU VOY LZ 734m RL PDU VOY LZ 710m RL PDU1108 NSR VOY LZ 684m RL PDU VOY LZ 680m RL PDU VOY LZ 820mRL PDU VOY LZ 819mRL PDU937 NSR VOY LZ 790m RL PDU1107 NSR VOY LZ (cut by dyke) 705m RL PDU VOY LZ 715m RL

20 Hole # Downhole Intersection (m) Est. True Thickness (m) Grade (g/t) cut to (100g/t) Grade x Thickness (gram metres) Ore zone and comments RL of intersection PDU1055A VOY UZ 718m RL PDU1055A NSR VOY UZ 699m RL PDU1055A VOY UZ 672m RL PDU VOY UZ 760mRL PDU VOY UZ 772mRL PDU VOY UZ 767m RL PDU VOY UZ 757mRL PDU VOY UZ 746m RL PDU VOY UZ 740mRL PDU VOY UZ 755m RL PDU VOY UZ 742mRL PDU VOY UZ 742m RL PDU VOY UZ 744mRL PDU VOY UZ 740m RL PDU VOY UZ 710mRL PDU VOY UZ 720mRL PDU VOY UZ 720m RL PDU VOY UZ 716m RL PDU VOY UZ 707m RL PDU VOY UZ 702m RL PDU1105A VOY UZ 720m RL PDU VOY UZ 702m RL PDU1107 NSR VOY UZ 699m RL PDU VOY UZ 675m RL PDU VOY UZ 675m RL PDU VOY UZ 710m RL PDU925 NSR VOY UZ 780mRL PDU937 NSR VOY UZ 830m RL PLDD VOY UZ 705m RL PLDD VOY UZ 658m RL PDU VOY UZ SPLAY 714m RL PDU VOY UZ SPLAY 852mRL PDU VOY UZ2 751m RL PDU VOY UZ2 715m RL PDU VOY UZ2 690mRL PDU VQ in Gabbro 731m RL

21 Mexico Taviche- Drilling Results at the Higo Blanco The following table presents selected assay data obtained from drilling at the Higo Blanco trend (results for holes 1 through 16 were previously reported). Hole Sample From (m) To (m) Length* (m) Au (g/t) Ag (g/t) AgEq** (g/t) HBET-01 Gold zone Including HBET-02 Silver zone Including Gold zone HBET-03 Silver zone Including , , , , , ,466.5 Gold zone HBAD-06 Silver zone Including Gold zone Including HBAD-07 Silver zone Including Silver zone

22 Hole Sample From (m) To (m) Length* (m) Au (g/t) Ag (g/t) AgEq** (g/t) HBAD-08 Silver zone , ,143.4 HBET-10 Silver zone Gold zone Including HBET-11 Silver zone Silver zone Gold zone HBAD HBAD , , HBET HBET Gold zone HBET-16 Silver zone Including , ,860.4 HBET-17 Gold zone HBET-18 Gold zone

23 Hole Sample From (m) To (m) Length* (m) Au (g/t) Ag (g/t) AgEq** (g/t) HBET HBET Silver zone Including Gold zone Including Including * Intervals shown are down-hole intervals. True widths are not yet known in the initial phases of drilling. ** Silver equivalent for the purposes of this drilling program is defined as silver grade plus 60 times gold grade. Metallurgical recoveries and net smelter returns are assumed to be 100 per cent for the silver equivalent value. Base metal values are not included in the silver equivalent. Numbers have been rounded to one decimal place for presentation. All data are currently being reviewed and additional geological data collected to allow for a full review of results in early March 2010.