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Intermin Resources aims to surpass one million ounces of gold in 2018

The company is focused on its gold projects near Kalgoorlie-Boulder, Western Australia.
Teal gold operation
Aggressive resource expansion drilling is set to commence at key Kalgoorlie gold projects

Intermin Resources Limited (ASX:IRC) has a busy year ahead in 2018 after drilling over 26,000 metres in 2017 across eight priority project areas on major gold bearing shear zones.

Preparations are well advanced to commence a fully funded $4 million, 50,000-60,000 metre drilling program in the current March quarter.

The company is well funded with current cash and tradeable securities totalling $8 million.

2017 saw first cash flow generated from Teal

Jon Price, managing director, said: “The past year has been one of significant growth for the company on the back of a highly successful exploration program, the generation of cash flow from the first stages of the Teal mining operation and a number of value accretive acquisitions and joint ventures.

“Intermin is now in a strong and quite unique position to be able to self-fund a larger Resource growth drilling program in 2018 with the focus on our key projects at the Teal gold camp, Anthill and Blister Dam with planning at an advanced stage for 50-60,000 metres of drilling to commence this quarter.”

Growing the gold resource base above 1 million ounces

Price continued: “Our shareholders are very supportive of our strategy to grow our resource base above the 1 million ounce mark with an aggressive drill program and that is our key objective for 2018.

“We have done it before and we’ll be working very hard to do it again in what is a world class gold producing region.”

Key 2018 objective is resource growth

In 2018, 75% of the planned drilling will be focussed on resource expansion at the Teal Gold Camp and Anthill Gold Project.

Both reverse circulation and diamond drilling will be completed to continue lateral and depth extensions to known mineralisation and to test parallel structures along strike.

Planning and preparation is also well advanced for significant drilling in 2018 at the high priority Blister Dam Project and will be finalised upon receipt of first pass results in the current quarter.

The program will be fully funded from existing cash reserves generated from the Teal gold mine and through the recently approved exploration grant.

Near-term news flow expected

Intermin expects updates over the short term regarding:

- Gold production and development updates from the Teal gold mine;
- Drilling results from the Kalgoorlie gold projects;
- Gold joint venture drilling results;
- Vanadium joint venture metallurgical test results and resource update;
- Janet Ivy gold mine royalty update; and
- Global investor marketing including the RIU Explorers conference in February.

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Intermin Resources Ltd Timeline

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