Intrepid Mines Limited (TSX:IAU) released a statement clarifying the company’s interests in the Tujuh Bukit Project in Indonesia, in light of recent rumours in the media.
As quoted in the press release:
In 2008, Intrepid entered into an Alliance Agreement with IMN and its shareholders, under which a structure was agreed where Intrepid would provide funding for the Tujuh Bukit project, and:
- a foreign investment company would be formed between Intrepid and the shareholders of IMN to provide mining services to IMN; and
- if the Mining Law changed to allow for foreign investment in companies holding mining licenses, the parties would implement a structure to secure direct equity for Intrepid in the company holding the mining license.
Brad Gordon, Intrepid’s Chief Executive Officer, commented:
I want to assure all stakeholders that Intrepid has, at all times, conducted itself in a straight-forward and honest manner in these matters, with absolute adherence to the law. Simply put, the rumours and misleading statements being circulated about our negotiations, agreements and related actions with our partners and otherwise in relation to Tujuh Bukit are nefarious and unfounded at best.