Intrepid Announces Board Resignation
9/14/2006
TORONTO, ONTARIO, Sep 14, 2006 (MARKET WIRE via COMTEX News Network) --
Intrepid Mines Limited (TSX: IAU)(ASX: IAU) and Intrepid NuStar Exchange Corporation (TSX: IXN) report that the Boards of Directors have regretfully accepted the resignation of Mr. Ian McDonald, a non-executive director of the Company.
Mr. McDonald is Chairman and Chief Executive Officer of Blue Pearl Mining Ltd, a company which last week announced a US$575 million debt and equity financed acquisition of one of the world's largest molybdenum producers. Mr. McDonald will be focused on this endeavour and the Board of Intrepid wishes him every success.
Intrepid Mines advised in its recent merger documentation that the size of the current eight person Board would be reviewed following the successful integration of the former NuStar Mining Corporation and Intrepid Minerals Corporation businesses. Accordingly, it is not the intention of the Board to replace Mr. McDonald at this time.
The Board is indebted to Mr. McDonald for the three years he generously contributed to the development of Intrepid Minerals Corporation and for his guidance during the merger process.
The Board wishes to seek Mr. McDonald's advice from time to time and he has accepted an ongoing role with the Company as Special Advisor.
On behalf of the Board of Directors of Intrepid Mines Limited.
Colin G Jackson, Chairman
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, El Salvador, and Canada, either directly or through joint venture partnership. The issued capital is 150,032,576 shares comprised of 118,581,968 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and 31,450,608 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.
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. |
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