TORONTO, ONTARIO and BRISBANE, AUSTRALIA -- (MARKET WIRE) -- 03/11/08 -- Intrepid Mines Limited (TSX: IAU)(TSX: IXN)(ASX: IAU) ("Intrepid") and Emperor Mines Limited (ASX: EMP) ("Emperor") today confirmed that further to the announcement on Monday, 10 March 2008, Emperor has today lodged with the Australian Securities and Investments Commission a copy of the Court order of the Brisbane Registry of the Federal Court made on 10 March 2008 approving the scheme of arrangement relating to the proposed merger of Emperor and Intrepid.
The scheme of arrangement is now legally effective and trading of Emperor's securities will be suspended from close of trading today. The scheme of arrangement will be implemented on 25 March 2008 (see press release dated 10 March 2008 for a detailed timetable).
Laurence Curtis, Intrepid President said, "Intrepid is well positioned as we begin the merger integration process. Production at our Paulsens Gold Mine in the December quarter saw a 28% increase at a cash cost of US$357 per ounce, which was one of the lowest in Australia. We believe strong production performance will continue and we begin the first surface extension drill program in two years at Paulsens East this month. Strong cash generation in the past five months has resulted in the Company making a second accelerated debt repayment. Project debt outstanding with Westpac is now just A$9.9 million. By year end we anticipate this debt to have been extinguished and the Paulsens Gold Mine to be operating hedge free."
Brad Gordon, Intrepid Chief Executive Officer said, "The Intrepid/Emperor merger creates a well-funded business with a strong balance sheet and quality board and management. We can now immediately focus on progressing the Casposo project in Argentina along the development path and advancing the Tujuh Bukit project in Indonesia. In addition, we have the capacity to fund focused exploration programs in Indonesia, Argentina, Mexico and Australia, which are key to future growth."
With effect from today, the board of Intrepid has been reconstituted to consist of:
- Colin Jackson, Chairman (continuing director);
- Bradley Gordon, Chief Executive Officer (new director appointed with effect today);
- Laurie Curtis, President (continuing director);
- Kevin Dundo, Non-executive director (continuing director);
- Robert McDonald, Non-executive director (new director appointed with effect today);
- Ian McMaster, Non-executive director (new director appointed with effect today).
David Davidson, David Mosher and Brett Lambert have with effect from today resigned from the board of Intrepid.
Vanessa Chidrawi was today appointed as Company Secretary of Intrepid.
Brendan Gill was today appointed as Chief Financial Officer of Intrepid.
With effect from today, the registered office of Intrepid has been changed to Level 1, WBM Building, 490 Upper Edward Street, Spring Hill, Queensland, Australia, 4004.
Derek Humphry, Company Secretary
About Intrepid Mines:
Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Paulsens Gold Mine located in western Australia is the company's producing property. Its advanced development property is located in Argentina, and its exploration properties are located in Argentina, Australia, Mexico and Indonesia. The issued capital is 427,902,389 shares comprised of 412,656,536 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This release contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX & ASX has neither approved nor disapproved the information contained in this press release. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
Intrepid Mines Limited - TORONTO, CANADA
VP Investor Relations
Emperor Mines Limited - BRISBANE, AUSTRALIA
General Counsel & Company Secretary
+61 7 3007 8000