Press Release von heute 28.02.07
der Osterhase wird die dicken Eier von IAU uns ins Nest legen
gogh
Intrepid Mines Announces Convertible Financing for Paulsens Mine
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Wednesday February 28, 10:19 am ET
PERTH, AUSTRALIA--(CCNMatthews - Feb. 28, 2007) - Intrepid Mines Limited
(TSX:IAU - News; TSX:IXN - News; ASX:IAU - News),
an international gold and silver production, development and exploration
company, announces that it has selected Claymore Capital Pty Ltd to
provide an unsecured short dated convertible loan of A$5.0 million net of
facility fees. The loan will bear interest at a rate of 12.0% per annum
calculated quarterly in arrears and subject to shareholder approval may
be convertible into equity. Finalisation of the facility is subject to
completion of documentation and the consent of the Company's bankers.
The proceeds from the financing will be used to re-establish working
capital levels at the Paulsens Mine which had been depleted following a
period of below target performance.
The Company has been actively addressing mine grade issues at
Paulsens and is pleased to announce that steady improvement has
been recorded this year with gold production from scheduled mining
areas in recent weeks with mill grades up 30%.
The PURT review is continuing and the economic benefit of opportunities
identified to date are being investigated. Recent weeks performance
does not provide assurance of continuing grade improvement but has
increased the Company's confidence in the mining model.
About Intrepid Mines:
Intrepid Mines Limited has an international production, development and
exploration profile, and holds interests in several gold-silver and silver-
base metal properties in Australia, Argentina, Central America and
Canada, either directly or through joint venture partnership. The issued
capital is 164,259,243 shares comprised of 136,833,089 ordinary
shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and
27,426,154 Exchangeable Shares of Intrepid NuStar Exchange
Corporation quoted on the TSX:IXN.