Sold my 117K shares of Intrepid Mines last Friday. Concerned that they may be running out of gold at their Paulsen mine.
From the Interim Financial Report Half Year Ended 30 June 2009 page 1:
Paulsen reported reserves at 31 December 2008 of 49,300 ounces. For the six months to 30 June 2009,
Paulsens has mined 44,656 ounces. During this period, Paulsens has continued to convert resource ounces
into future production schedules and to mine ounces outside the resource categories. The Company still
expects to produce 70,000 to 80,000 ounces during 2009 and continue through to early 2010 following which,
a production hiatus may occur. The limited mine life at Paulsens is being addressed by aggressive drilling of
deeper extensions of the Paulsens orebody and regional targets. Six drill rigs are now on site. Paulsens mine
life will ultimately be dependent on further success from the ongoing resource and exploration programs. The
company will produce an updated resource/reserve statement when data from the current drilling programs is
finalised later in the year.
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