BRISBANE, AUSTRALIA -- (Marketwire) -- 03/08/12 -- Intrepid Mines Limited (TSX: IAU)(ASX: IAU) (the 'Company') notes that, on 6 March 2012, the Indonesian government published an amendment to existing regulations regarding the implementation of mining business activities in Indonesia, dated 21 February 2012. In effect, the amended regulations provide that foreign ownership in companies holding mining permits will be subject to mandatory progressive divestment requirements, such that foreign ownership is capped at 49% after the tenth year of mining production.
These regulations, which affect holders of mining permits in Indonesia, have been widely publicized in the international financial press. The Tujuh Bukit mining concessions ('IUPs'), in which the Company has an 80% economic interest, are currently held by a wholly-Indonesian-owned company, PT IMN, and the Company is in the process of negotiating the conversion of PT IMN into a foreign investment vehicle in which it will hold an 80% direct equity stake.
The effect of, and timeframe for, implementation of the amended regulations, as they may apply to the Company, are still subject to interpretation by the Indonesian Department of Energy and Mineral Resources over time.
The Company is currently studying these regulations and is considering its best course of action in light of a number of related issues that have yet to be addressed and ongoing discussion with the Ministry of Energy and Mineral Resources.
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