Intrepid Mines, an Australian junior company
headquartered in Brisbane, and Brazil’s
Vale Exploration have signed a non-binding
heads of agreement granting Vale an option
to acquire rights to Intrepid’s Tujuh Bukit
sulphide copper-gold project in Indonesia.
Under the terms of the agreement, Vale
could earn a 60% shareholding in a jointventure
company holding the rights to the
project by, amongst other terms, investing a
total of $40 million in the project. Intrepid
and its Indonesian alliance partner, PT Indo
Multi Niaga (PT IMN) would retain the
remaining 40% interest in the project and
would be free carried by Vale through to
completion of a bankable feasibility study.
Intrepid and PT IMN would retain sole rights
to the oxide gold-silver deposit that sits
above the sulphide copper-gold deposit.
Tujuh Bukit is located in the province of
East Java, Indonesia and covers an area of
approximately 11,600 ha, about 205 km
southeast of Surabaya, the provincial capital.
Intrepid will remain as manager of the
project during a three-year option period,
operating under the direction of a technical
committee comprising representatives of
Intrepid and Vale. A minimum expenditure
program of $10 million is planned for the
sulphide copper-gold deposit over the
three-year option period.
As featured in Womp 2009 Vol 06 - www.womp-int.com
