BRISBANE, AUSTRALIA — (Marketwired) — 04/23/13 — Intrepid Mines Limited (TSX: IAU)(ASX: IAU) (the „Company“ or „Intrepid“) advises that it has received a notice (Notice) under Section 249D of the Corporations Act 2001 (Cth) (Act) from Quantum Pacific Investment Limited (Quantum), Fides Capital Partners Limited, Mr Marcus Noel Tay and All Victory Limited (Requisitioning Shareholders), who are the registered holders of approximately 5.37% of the voting shares in Intrepid, requesting that the Company hold a general meeting of shareholders to consider resolutions to remove five existing directors and appoint four new directors (Resolutions).
Under Section 249D of the Act the Directors must call and arrange to hold a general meeting on the request of members with at least 5% of the votes that may be cast at the general meeting. Directors must call the meeting within 21 days after the request is given to the Company and the meeting is to be held not later than 2 months after the Notice has been received.
A notice calling the meeting of shareholders to consider the Resolutions will be prepared and despatched to all shareholders in due course, within the timeframe prescribed by the Act.
Directors advise that the Company-s Annual General Meeting for which Notice has previously been distributed to all members will be held at 3 pm on Wednesday 8 May 2013 at the Sofitel Hotel in Brisbane.
In response to statements made by Quantum, Intrepid-s Chairman, Ian McMaster, noted that the Board of Directors rejects the claims that have been made and will rebut them in detail in the coming days.
„We understand the Tujuh Bukit project (Project), historical developments and our current situation better than anyone. We have been working on a plan to deliver value to shareholders and we are hopeful that the legal system in Indonesia will uphold the rights that were well documented in the Alliance Agreement with PT IMN“, he said.
Intrepid is currently waiting to hear from the Indonesian police regarding the outcome of their investigation into the alleged fraud and embezzlement perpetrated by the Company-s joint venture partners at Tujuh Bukit, Maya Miranda Ambarsari and Andreas Reza Nazaruddin. The investigation is being undertaken in relation to the issue of shares in PT IMN to various third parties in contravention of the terms of the Alliance Agreement, the use of funds that Intrepid provided for exploration activities and the seizure and withholding of the Company-s equipment and intellectual property subsequent to 19 July, when Intrepid employees were evicted from the site.
Having regard to the so called „5 point action plan“ put forward by Quantum, in which Quantum claims that the Intrepid Board has destroyed shareholder value, lost optionality on the Project and was misguided in issuing shares to Surya Paloh, the Company notes that:
Intrepid has also instituted action in the State Administrative Tribunal in Surabaya, seeking that the transfer of the Project licences from PT IMN to a third party, PT Bumi SuksesIndo (BSI), be set aside on the basis of legal irregularity. This process has allowed the Company access to background documentation evidencing the transfer and related activities. The corporate shareholding in BSI can be traced back to a number of high-profile Indonesian personalities, including:
ABN 11 060 156 452
Contacts: Intrepid Mines Limited Brad Gordon Managing Director Chief Executive Officer, Brisbane, Australia (office) +61 7 3007 8000 or (mobile) +61 400 036 636
Intrepid Mines Limited Greg Taylor Investor Relations Toronto, Canada (office) +1 905 337 7673 or (mobile) +1 416 605 5120
Intrepid Mines Limited LEVEL 1 490 UPPER EDWARD STREET SPRING HILL QLD 4004 +61 7 3007 8000
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