Intrepid Mines Limited
TSX : IAU
ASX : IAU
TSX : IXN

Intrepid Mines Limited

January 18, 2007 17:07 ET

Intrepid Announces Board Changes

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2007) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international gold and silver production, development and exploration company, today announced that Mr Brett Lambert has advised the Board of his intention to cease his role as an Executive Director and Chief Operating Officer with the Company by 31 March 2007. As a consequence the Board has moved to appoint Daniel G. Vanin as a director of the Company.

Mr. Vanin is currently Executive Vice President and Chief Operating Officer of High River Gold Mines with responsibility for bringing two mines into production (Taparko-Bouroum in Burkina Faso and Berezitovy in Russia), with both projects approaching their respective commissioning phases.

"With more than 30 years of experience in the international mining industry, Mr. Vanin's broad experience in both open pit and underground mining operations and extensive corporate development background will provide strategic depth to Intrepid's Board of Directors. Mr. Vanin will advise the Board with its current operations including the Casposo Project in Argentina as we near completion of the feasibility study," said Laurence Curtis, President and Chief Executive Officer, Intrepid Mines.

Mr. Vanin has significant mining and development expertise in Latin America, particularly in Argentina where he was responsible for the feasibility study and environmental permitting for the El Pachon Project in San Juan Province, located 100km from Intrepid's Casposo Project.

Mr. Vanin holds a B.Eng. (Mining) degree from McGill University and has held senior management and technical positions (General Manager and Managing Director) with major international mining companies including Lac Minerals Ltd., Glencore International AG, Cambior Inc., and RBG Resources PLC of Bolivia.

On behalf of the Board of Directors of Intrepid Mines,

Laurence Curtis, President & CEO

About Intrepid Mines:

Intrepid Mines Limited has an international production, development and exploration profile, and holds interests in several gold-silver and silver-base metal properties in Australia, Argentina, El Salvador, and Canada, either directly or through joint venture partnership. The issued capital is 164,259,243 shares comprised of 136,584,289 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and 27,674,954 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This release contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX & ASX has neither approved nor disapproved the information contained in this press release. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

CUSIP: Q4968A

ABN: 11 060 156 452

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