Intrepid Mines and Emperor Mines have confirmed that Emperor has today lodged with the Australian Securities and Investments Commission a copy of the Court order of the Brisbane Registry of the Federal Court made on March 10 approving the scheme of arrangement relating to the proposed merger of Emperor and Intrepid. The scheme of arrangement is now legally effective and trading of Emperor’s securities has been suspended. Laurence Curtis, Intrepid President said, “Intrepid is well positioned as we begin the merger integration process. Production at our Paulsens gold mine in the December quarter saw a 28% increase at a cash cost of $357/oz, which was one of the lowest in Australia. We believe strong production performance will continue and we begin the first surface extension drill program in two years at Paulsens East this month. Strong cash generation in the past five months has resulted in the company making a second accelerated debt repayment. Project debt outstanding with Westpac is now just A$9.9 million. By year end we anticipate this debt to have been extinguished and the Paulsens mine to be operating hedge free.”
Brad Gordon, Intrepid CEO said, “The Intrepid/Emperor merger creates a well-funded business with a strong balance sheet and quality board and management. We can now immediately focus on progressing the Casposo project in Argentina along the development path and advancing the Tujuh Bukit project in Indonesia. In addition, we have the capacity to fund focused exploration programs in Indonesia, Argentina, Mexico and Australia, which are key to future growth.”
The Paulsens gold mine in Western Australia is Intrepid’s producing property. Its advanced development property is located in Argentina, and its exploration properties are located in Argentina, Australia, and Mexico.