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

Intrepid Mines Limited

December 21, 2007 10:00 ET

Intrepid Announces Change to Board Composition

TORONTO, ONTARIO and PERTH, AUSTRALIA--(Marketwire - Dec. 21, 2007) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international precious metals production, development and exploration company, today announced that Mr. Daniel Vanin will voluntarily step down from the Intrepid Board of Directors effective December 31, 2007, in order to obviate Canadian securities law regulations which could require a duplication of its reporting processes. The Company currently reports under an equivalent to International Financial Reporting Standards but could also be required to duplicate its reporting using Canadian GAAP if it were to cease being a foreign issuer. Intrepid is an Australian domiciled company, but prior to this step down had a majority of Canadian Directors and a growing TSX shareholder base. This Board ratio change will ensure the company continues to be a foreign issuer on January 1, 2008.

Mr. Vanin has been an invaluable member of the Intrepid Mines Limited Board since his election. Despite full time executive commitments to High River Gold Mines Ltd. (TSX:HRG), his exemplary commitment is typified by membership of the Intrepid Audit and Remuneration Committees. Daniel remains available to the Company as a technical consultant given the imminent development decision on Casposo.

Mr. Colin Jackson, Intrepid Chairman of the Board commented, "Daniel's extensive business acumen was most recently demonstrated through valuable guidance related to ongoing development plans for the Casposo project in Argentina. Daniel remains a valued friend of the Company and of each Board member."

About Intrepid Mines:

Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company's producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company's advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company's exploration properties are located in Argentina, El Salvador, Mexico, Australia and Canada. The issued capital is 181,573,419 shares comprised of 163,686,266 ordinary shares of Intrepid Mines Limited on the TSX:IAU and ASX:IAU and 17,887,153 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 and 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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