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Gold/Mining/Energy : Intrepid Minerals Resources (IAU a) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (84)	2/14/2002 8:48:48 AM
From: steadyasyougo	Respond to of 96

It is amazing that you were talking about this one almost two years ago. Things move slow in PM land! We will wait and see, as you always suggest. Gerald

To: Claude Cormier who wrote (84)	5/24/2002 2:43:01 PM
From: charred	Read Replies (1) \| Respond to of 96

Claude, here is an excellent new project. INTREPID SIGNS OPTION TO PURCHASE CASPOSO GOLD SILVER PROJECT ... Intrepid Minerals has signed a letter of intent with two arm's-length vendors of the Casposo gold and silver project located in San Juan province, Argentina. This project was formerly held by Battle Mountain Gold Mining Company and subsequently Newmont Mining Corp. The project hosts an epithermal vein system, discovered in 1998 by Battle Mountain as a result of a regional exploration program in the cordillera frontal of western Argentina. The original discovery outcrop assayed 5.7 grams per tonne (g/t) gold and 59 g/t silver over 55.7 metres. Following 8,600 metres of diamond drilling, a drill indicated resource of 1.2 million tons at a grade of 0.41 of an ounce per ton gold and 5.6 ounces per ton silver was outlined in two zones, for a contained resource of 492,000 ounces of gold and 6.7 million ounces of silver (Battle Mountain annual report, 1999). The resource was calculated on the basis of diamond drilling to a depth of 100 metres at an average spacing of 50 metres combined with extensive surface trenching. The epithermal system is high level with bonanza grades typical of boiling zone systems and occurs as a topographic high amenable to open-pit and shallow underground mining. In addition, the potential to expand the system is excellent both along strike and at depth. Significant intercepts in the Kamila zone from the Battle Mountain program included: 47.7 g/t gold and 160 g/t silver over 5.3 metres; 17.83 g/t gold and 346 g/t silver over 9.1 metres; 22.6 g/t gold and 619 g/t silver over 4.3 metres; 4.7 g/t gold and 48.6 g/t silver over 20.7 metres; 5.51 g/t gold and 221.5 g/t silver over 13.1 metres; 5.42 g/t gold and 71.5 g/t silver over 14.5 metres; 3.49 g/t gold and 30.5 g/t silver over 22.5 metres; 13.13 g/t gold and 169.9 g/t silver over 14.1 metres; 9.1 g/t gold and 232.2 g/t silver over 9.3 metres; and 4.67 g/t gold and 170.2 g/t silver over 23.8 metres. Intrepid has signed an option to purchase a 100-per-cent interest in the property subject to option payments totalling $300,000 (U.S.) over two years ($50,000 (U.S.) payable on signing), advance royalty payments of $1 (U.S.) per ounce of gold equivalent up to a maximum of $450,000 (U.S.) to be paid on or before July 1, 2005, and additional advance royalties of $150,000 (U.S.) per year until such time as a total of $450,000 (U.S.) is paid or the property attains commercial production. On production, a royalty of $6 (U.S.) per ounce of gold equivalent will be paid net of any advance royalties. Intrepid will be committed to a total of $600,000 (U.S.) in expenditures over two years on the 36-square-kilometre property of which $300,000 (U.S.) will be spent in the first year. The acquisition is subject to board and regulatory approvals. The property has full exploitation rights and Intrepid has formed a management team to carry out the programs required to take the project to preliminary feasibility. Intrepid plans to undertake a 2,500-metre drill program to further verify and categorize the resource and initiate metallurgical testwork. In addition, Intrepid will be expanding its exploration along trend where a number of large-scale hydrothermal targets were identified by Battle Mountain but remained untested. "The acquisition of this property will take Intrepid to a new threshold in terms of our long-term strategy to identify high value gold-silver assets with potential for world-class discovery. Added to our emerging San Cristobal gold-silver project (Intrepid 100 per cent) and our Aldea Zapote silver project in El Salvador (Intrepid 60 per cent, Apex Silver Mines Ltd. 40 per cent), Intrepid's gold-silver exploration portfolio is formidable," said president Laurence Curtis. Intrepid will be using Casposo as a platform to expand its exploration into extensions of the frontal cordillera.