Intrepid Mines Limited: Sale of Paulsens Gold Mine

Intrepid Mines Limited (TSX:IAU)(ASX:IAU) announced the signing of a Letter Agreement with Northern Star Resources Limited for the sale of Paulsens gold mine in Western Australia for a consideration totalling A$27.0 million.

The press release is quoted as saying:

The Paulsens mill, which has produced in excess of 340,000 ounces of fine gold since it began operations in 2005, was placed on temporary care-and-maintenance in March 2010 during a production hiatus while underground work is underway to develop a new resource area. Gold production is expected to recommence in June 2010.

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