why such a big fall, page-31

spiderman14,

I'm just saying where the price of IAU would be if 4 million ounces was proven. I'm not saying they will prove 4 million ounces. That's the blue sky.
We will get an update on Zone A next month. That will tell us more about the "potential". This is a long term story and the market is not interested in long term stories right now. Tujuh Bukit is low grade but huge tonnage.

I can justify around 60c per share right now on fundamentals of Paulsens alone. That's why I am more than happy to accumulate at these prices.

From ABN Amro in late July when the price was 28c:

"What’s wrong with this picture? A$35m in net cash, cashflow from Paulsen’s gold mine of +A$30m per year, 80% owned Tujuh Bukit, and the low-cost Casposo gold-silver mine to develop. Yes, it is the share price at A$0.28! It should be at least A$0.60."

Intrepid acquired an 80% interest in Tujuh Bukit, East Java, with the primary objective of confirming a 2 million to 3 million ounce gold-silver resource to support a 100,000-150,000 ounce per year mine. An inferred resource of 1.1 million ounces of gold equivalent has been released for Zone C, one of the three foci of surface gold-silver oxide mineralisation, with estimates for the other two yet to come. The first drill test of an underlying geophysical anomaly has now reported
627m @ 0.45 g/t Au and 0.44% Cu, including 108m @ 0.95 g/t Au and 0.9% Cu, and confirms a major mineralised porphyry system containing zones of economic gold and copper grades beneath the surface oxide gold-silver deposits. Given the geological, geochemical and geophysical footprint, and the vertical extent and grade intersected, our expectation is that on-going drilling will delineate a major gold-copper resource. The next deep hole is located 800m to the north west of GTD-35, and will provide further evidence for this expectation and the real extent of the system.

Paulsens gold mine, cashflow and cash

In the June 2008 quarter Paulsens Mine, WA, produced a record 22,687 oz gold (20,369 previously) at a cash cost of US$432/oz (US$429 previously). With 10,661 ounces per quarter sold into commitments at A$627/oz before rolling off at end 2008, Paulsens is expected to generate
over A$30m per year in cash over the next 12 months. Coupled with the net cash of A$35m, Intrepid is well placed to continue development of Casposo and fund ongoing exploration at Tujuh Bukit.