IAU-September-2012-DENVER-and-Singapore-FINAL.pdf

7/28/2019 IAU-September-2012-DENVER-and-Singapore-FINAL.pdf

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Tujuh Bukit Indonesia452 holes 145,219 metres US$95 million


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Company snapshot (1 September 2012)

Broker coverageCanaccordCitibankCormarkEvans and PartnersMerrill Lynch

National Bank of CanadaRBCRBS MorganShaw Stockbroking

Wilson HTM

Stock exchange symbol ASX/TSX: IAU

Shares outstanding 553.7 millionOptions/rights unlisted 36.1 millionCurrent price C$0.3552 week high / low C$1.72 / C$0.23Market capitalisation $200 millionCash (no debt) $120 million

Major shareholders

Taurus Funds (Australia) 8.7%

Acorn Capital(Australia) 8.2%

Van Eck Global(USA) 6.6%

Surya Paloh (Indonesia) 5.0%

First Eagle; Independent Asset Management;BT IM; Geologic; Fidelity; Northcape; Colonial;Kinetic; AMP Capital Investors;


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The story so far

C$0.00

C$0.50

C$1.00

C$1.50

C$2.00

C$2.50

A$0.00

A$0.50

A$1.00

A$1.50

A$2.00

A$2.50

Jan 2010 Jan 2011 Jan 2012

IAU - ASX

IAU - TSX

1st PorphyryResour ce

Equityraising

Oxide PEA 2nd PorphyryResource

3rd PorphyryResource

Explorationhalted

New Indonesianinvestor

New JVpartner share-holders

Indonesiandivestment

rules changed

1

2 3 4

5

6

78 9

1 2 3 4

5

6 7 8 9


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Resource growthOne of the worlds fastest growinglargest undeveloped copper-gold-silver resources - not owned by a major

Porphyry - 25 million ounces goldand 15 billion pounds copper Oxide - 2.4 million ounces goldand 80 million ounces silver Multiple porphyries identified

0

20

40

60

80

100

0

1

2

3

4

5

Jul.2008"

Dec.2008"

Dec.2009"

Dec.2010^

May2011^

Dec.2011^

2012

A g

( M o z

)

A u

( M o z

)Oxide Resources*

Gold (million oz) Silver (million oz)* = Inferred resources; = 0.5g/t Au equivalent cut-off; ^ = 0.2g/t Au cut-off; # = 0.2% Cu cut-off;

0

2.5

5

7.5

10

12.5

15

0

5

10

15

20

25

30

Jul.2008

Dec.2008

Dec.2009

Sept.2010#

May2011#

Dec.2011#

2012

C u

( B l b s

)

A u

( M o z

)

Porphyry Resources*

Gold (million oz) Copper (billion lbs)

U p d a

t e i m m

i n e n

t

U p

d a t e

i m m

i n e n

t


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Recent events28 June 2012 Learned an Indonesian group had acquired 80% of PT IMN(Intrepids 20% Indonesian JV partner)

24 July 2012 Activities at Tujuh Bukit suspended without warning- all personnel stood down31 July 2012

Placement of 5% of Intrepid capital to prominent Indonesianbusinessman, Surya Paloh(plus performance rights based on 12 month share price)3 August 2012

Formal notice delivered to PT IMN for non-performance under contract1 September 2012 Tony Wenas, Indonesian national and former Freeport and PT Incoexecutive appointed Executive General Manager, Indonesia


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Recent events (continued)

Why Surya Paloh?

A prominent political andbusiness figure in Indonesia

Significant commercial interests(media, real estate, oil & gas, catering)

Political leader well known locally and nationally

Priority to build an Indonesian mining partnership

Assisting engagement with key Indonesian stakeholdersInterests fully aligned with existing Intrepid shareholders


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The delivery score cardDiscovered & advanced Tumpangpitu Porphyry rapid resource growth four additional porphyry systems identified

Completed positive PEA on gold-silver oxide resourcesRaised significant financing to rapidly advance the project

Senior Indonesian national appointed to the Board of Directors

Senior Indonesian national appointed to manage/grow business

Established and strengthening community presence & support

Earned 80% economic interest in the projectInvestment to date of US$95 million


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116km2 project area

Tumpangpitu main Cu-Auporphyry system

Au-Ag oxidecap overliesTumpangpitu

Four other porphyry systemsidentified withinthe project area

Tujuh Bukit (80% interest)


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Oxide Project (100% basis)A substantial near-term stepping stone

Inferred Resourceof 130Mt at 0.55g/t Auand 18g/t Ag

2.4Mozs goldand 80Mozs silver

Preliminary Economic

Assessment completedApril 2011

Gold / Silver Price (US$/oz) Post-tax cash flowUS$M (undiscounted)

NPV (post-tax) (10%)(US$M)

IRR%

1,050 / 16.50 445 180 311,450 / 38.00 942 446 54

Rezoning and permitting (ongoing)

Complete InfillDrill Program(June 2012)

ResourceUpdate

imminent

PrefeasibilityStudy(2013)

BankableFeasibility Study

(2013)


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Oxide ProjectPreliminary Economic Assessment results

Life of Mine Production: 57Mt at 0.86g/t gold and 23g/t silver

Annual average gold

production:

143,000 ounces per year

Life of mine processing rate: 20,000 tonnes per day

Mining cost: US$5.76 / processed tonne(US$2.74 / tonne mined)

G&A cost: US$0.80 per processed tonneTotal operating cost: US$10.82 per processed tonne

US$376 per ounce gold(after silver credits)

Pre-production capital cost: US$204M (incl. working capital, VAT)Company Tax: 25%

Royalties: 3.75% on sale price


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Porphyry ProjectOne of the worlds largest undeveloped Cu-Au-Mo resource

Inferred resourcesof 1,700Mt at 0.46g/t Au,

0.41% Cu and 100ppm Mo25Moz gold,15 billion lbs copper and 170,000t molybdenum

Resource update in 2012Resource footprint ~3km2and growing / open at depth Golden Gate Bridge(2000 m)

ExplorationProgram

(2012)

ResourceUpdate

(Sept 2012)

ScopingStudy/PEA

(1st half 2013)

PrefeasibilityStudy

(1st half 2015)

NW View

Rezoning and permitting (ongoing)


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Tumpangpitu schematic section

Deserves

to be drilleddeeper

GOLD OXIDE(Zone A)

GOLD OXIDE(Zone C)

0m

-500m

1 7 4 0 0 0 m

E

Tujuh Bukit ProjectTumpangpitu Porphyry ProspectSchematic Cross Section 10980mN

(not all mineralisation illustrated)

0

m etres

200

1 7 3 5 0 0 m

E

Hydrothermal breccia

Sediments

Diatreme Breccia Coarse-grained Tonalite

Fine-grained Tonalite

High Sulphidation zone

Zone of higher grademineralisation

Quartz Diorite

Diorite

226m @

0.72g/t Au &0.44% Cu164m @

0.46g/t Au &0.45% Cu

492m @0.49g/t Au &

0.41% Cu

284m @0.1g/t Au &0.52% Cu

268m @0.47g/t Au &

0.8% Cu

605m @0.34g/t Au &

0.34% Cu


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500m

Golden Gate Bridge2000m

CN Tower

Tumpangpitu the dimensions


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Where does Tujuh Bukit rank?


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Where does Tujuh Bukit rank?


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Recent precedents:

Newmont Straits Resources (rezoning) Asia One (rezoning) Finders Resources

NW View

Permitting

TumpangpituLooking South-East

Protection forest:areas whose slopemay raise concernsabout soil erosionduring occasional

heavy rains.

IUP Production approved for 20 years valid to 25/1/2030, renewable

IUP Exploration approved for 4 years valid to 25/1/2014

Forestry land classificationsConservation no miningProtection underground mining only

Production open pit or undergroundReviewing reclassification vs. spatiallayout plan (Rezoning) approaches:


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The Indonesian Ministry of Energy and Mineral Resourceshas confirmed that the two IUPs held by PT IMN in respect

of the Tujuh Bukit project have been reviewed and are consideredclean and clear.

Intrepids 80% economic interest in the Tujuh Bukit IUPsis derived through contractual arrangements with PT IMN.

The Company is working to finalise a shareholders agreement toallow Intrepid to acquire an 80% direct equity interest in PT IMN.

Direct equity precedents incl. Robust Resources, Arc Resources,Sumatra Copper & Gold & Rio

Title and ownership status


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Robert McDonaldNon-Executive Director Mr McDonald has more than 35 years broad mining industryexperience. He is currently the Principal of the Minera GroupPty Ltd, a Non-executive Director of Sedgman Limited andalso a Non-executive Director of Kimberley Metals Limited.He was previously Managing Director of NM Rothschild &Sons (Australia) Limited and a Principal of ResourceFinance Corporation Limited, and prior to that held variousroles within the Rio Tinto Group.Mr McDonald is a Non-executive Director, and a member of both the Audit and Risk Committee and the Remunerationand Nomination Committee.

Alan RobertsNon-Executive Director Mr Roberts served as Managing Director of Indophil NL from 2003 until 2004, and prior to that was Chief Executive Officer of Lihir Gold Limited, from 1999 to 2002.Mr Roberts is currently a Director of Ok Tedi Mining Limitedand a member of the Investment Committee of TaurusInvestment Fund. He is a Fellow of the Australian Instituteof Mining and Metallurgy.Mr Roberts is a Non-executive Director and Chairman of theSafety and Social Responsibility Committee.

Adrianto MachribieNon-Executive Director Mr Machribie became a member of the ANJ Board of Commissioners in July 1996 and the PresidentCommissioner in September 2003. He wasCommissioner of PT Freeport Indonesia and also thekey Senior Advisor to the Office of the Chairman of theparent company of PT Freeport Indonesia, FreeportMcMoRan Copper & Gold. He is currently thePresident Director of PT Media Televisi Indonesia(Metro TV). He is also a member of many professionalorganizations including Board of Governor of INA(Indonesia Netherlands Association), Board of Trusteeof USINDO (United States-Indonesia), Member of TheCommissions Pacific Asia Group representingIndonesian Business, Advisor to the Board of IMA(Indonesia Mining Association), Chairman IndonesiaChamber and Industry Spain and PortugalCommittee (KADIN).Mr Machribie is a Non-executive Director.

Board of Directors


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Contact details

c o n

t a c

t i n f o r m a t

i o n

Australia

Intrepid Mines limitedLevel 1, WBM Building

490 Upper Edward StreetSpring Hill, Queensland 4004Australia

Ph: + 61 7 3007 8000

Fax: + 61 7 3007 8080Email: [email protected]

Contacts:Brad Gordon, CEO

Ph: +61 7 3007 8000Greg Taylor, Investor RelationsPh: +1 416 605 5120Colin G Jackson, ChairmanPh: +61 417 929 107

Indonesia

Intrepid Mines Representative OfficeSampoerna Strategic Square

South Tower, 25th

Floor Jl. Jend. Sudirman Kav. 45-46,Jakarta 12930

Ph: +62 21 29930840

Fax: +62 21 29930888


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Appendix technical information

t e c

h n

i c a l

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t i o n


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Exploration to July 2012

452 holes - 145,219 metresdrilled

Future ProgrammeTumpangpitu deep drilling,infill and extension of resourceSalakan review & follow upCandrian follow up drillingKatak follow up drilling

27

Prospect Hole Width Copper GoldSalakan SAN-12-001 604 m 0.22% 0.08 g/tCandrian CND-11-002 138 m 0.21% 0.80 g/tCandrian CND-11-005 112 m 0.22% 0.32 g/t

Katak KTD-10-001 100 m 0.30% 0.45 g/t

Katak KTD-10-004 324 m 0.20% 0.31 g/t

Regional exploration a cluster of porphyries

t e c

h n

i c a l

i n f o r m a

t i o n


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Drilling deep holes:

remains open at depth


0m

-500m

1 7 3 5 0 0 m

E

1 7 4 0 0 0 m

E

1 7 4 5 0 0 m

E

GOLD OXIDE(Zone C)

Tujuh Bukit ProjectTumpangpitu Porphyry Prospect

Schematic Cross Section10820mN

(not all mineralisation illustrated)

0

metres

200

Hydrothermal breccia

Sediments

Diatreme Breccia Coarse-grained Tonalite

Fine-grained Tonalite

High Sulphidation zone

Zone of higher grademineralisation

Quartz Diorite

Diorite

689m @0.84g/t Au &

1.0% Cu

120m @0.89g/t Au &

0.58% Cu296m @0.67g/t Au &

0.56% Cu

455m @0.39g/t Au &

0.34% Cu

676m @

1.0g/t Au &0.54% Cu

t e c

h n

i c a l

i n f o r m a

t i o n


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Tumpangpitu PorphyryCopper-Gold Resource

Resource remains open at depth

Recent intersections include:Hole GTD-11-248 689 metresat 1.00% copper, 0.85g/t goldand 143ppm molybdenum

Hole GTD-11-201 676 metresat 0.54% copper, 1.0g/t goldand 85ppm molybdenumHole GTD-11-208 599 metres

at 0.7% copper and 0.52g/t goldexpands resource potential tothe east

Au

Cu

t e c

h n

i c a l

i n f o r m a

t i o n


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Tumpangpitu PorphyryCopper-Gold Resource

Zone AZone B

Zone C

Porphyry

Au(COG - 0.2g/t)

Cu(COG - 0.2%)

Ag(COG - 2.0g/t)

Mo(COG - 40ppm)

5 0 0 m

Z

XY

t e c

h n

i c a l

i n f o r m a

t i o n


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Drilling deep holes:remains open at depth


t e c

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t i o n


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t i o n

Additional

porphyrysystems


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Oxide Projectactivities and milestones

Completing infill drill program(June 2012)

Resource Update(2012)

Prefeasibility Study

(2013)Bankable Feasibility Study(2013)

Rezoning & permitting(Ongoing)

t e c

h n

i c a l

i n f o r m a

t i o n


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