Intrepid Minerals Corporation
TSX : IAU

Intrepid Minerals Corporation

June 01, 2006 13:14 ET

Intrepid Minerals-Paulsens Continues To Perform

TORONTO, ONTARIO--(CCNMatthews - June 1, 2006) - Intrepid Minerals Corporation (TSX:IAU) is pleased to announce production results for the Paulsens Mine, 100% owned and operated by NuStar Mining Corporation Limited (NuStar). Intrepid is currently completing a plan of arrangement with NuStar of Australia which will result in the merged entity having an international production, development and exploration profile. Intrepid shareholders will meet in Toronto on June 7, 2006 to vote on the proposed merger, whilst NuStar shareholders are scheduled to meet in Perth on June 26, 2006.

Mr. Brett Lambert, Chief Executive Officer, of NuStar Mining Corporation Limited reports:

"On the first anniversary of the inaugural gold pour at Paulsens, NuStar is poised to deliver its fourth successive quarter of production growth and cost reduction.

Based on results for the months of April and May 2006, gold production for the June quarter is forecast to exceed 21,000 ounces with mine site cash costs of A$340 - A$350 (approximately US$260) per ounce.

Please click on the following link to view the Gold Production 2005/06 graph;
http://www.ccnmatthews.com/docs/Image1.gif

Please click on the following link to view the Production Cost 2005/06 graph;
http://www.ccnmatthews.com/docs/Image2.gif

Over two tonnes of gold was poured in the first year of operations at Paulsens.

A diamond drilling programme (22 holes - 9,100 metres) aimed at extending the Paulsens mining reserve below its current base at 300 metres depth commences this month. The programme is expected to take ten weeks to complete."

Laurence Curtis, PGeo., President & CEO of Intrepid Minerals is the designated Qualified Person for this news release.

Intrepid Minerals is a TSX-listed company engaged in the acquisition, exploration and development of mineral prospects. The Company, either directly or through joint venture partnership, holds interests in several gold-silver and silver-base metal properties in Argentina, El Salvador, and Canada. Intrepid has 59,062,936 shares outstanding.

For further information visit our website at http://www.intrepidminerals.com.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements based on current expectations. These forward-looking statements include a variety of risks and uncertainties that could cause actual results to differ materially from those reflected herein. Risk and uncertainties about Intrepid Minerals and NuStar Mining business are more fully discussed in their Management's Discussion and Analysis published in the Annual Report and in the Annual Information Form available on SEDAR at www.sedar.com.

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