Sale of Casposo Project Completed

Sale of Casposo Project Completed

TORONTO – Intrepid Mines Limited reported the completion of the previously announced sale of its Casposo project in Argentina for a total consideration of US$22 million cash.

The sale was effected by way of transfer of all the shares in Intrepid’s wholly-owned subsidiary, Intrepid Minerals Corporation, to purchaser Troy Resources NL. US$20 million was paid by Troy on completion of the transaction, and a further US$2 million will be payable six months after first gold production at Casposo.

Intrepid CEO, Brad Gordon, remarked: "The proceeds generated by this sale together with the current treasury position of US$19 million will be used to strengthen our operations at our 80,000 ounce per annum Paulsens gold mine in Western Australia, for further development of our Tujuh Bukit gold-silver oxide resource in East Java, Indonesia, which is located directly above a significant but separate copper-gold sulphide mineralised zone, whilst providing additional financial flexibility as we actively consider new opportunities to drive our near term corporate growth strategy."

The company’s address is Suite 1710, 155 University Avenue, Toronto, ON M5H 3B7, 416-368-4525, fax: 416-368-3859.