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

Intrepid Mines Limited

November 27, 2008 20:29 ET

Intrepid Mines Limited: Paulsens Extension Drilling Update

Mounting Evidence for Mine Life Extension - 17 metre at 25.5g/t gold intersection within 40 metres of current level development - 4.5metre at 58.2g/t gold (207g/t uncut) intersection more than 40 metres from the nearest drill intercept - Voyager Upper Zone intercepts improving

BRISBANE, AUSTRALIA--(Marketwire - Nov. 27, 2008) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU) (the "Company") provides the market with an update on resource extension drilling at the Paulsens Mine in Western Australia.

Since the last release dated 26 October 2008, 1,200 metres of drilling has been completed targeting both the down plunge continuation of the Upper Zone mineralisation, and the further delineation of Voyager Upper and Lower Zone mineralisation.

Results from the Upper Zone on the main ore body have been particularly encouraging, extending the mineralisation down plunge by an estimated 150 metres. This compares with the current mine advance of approximately 70 vertical metres per year. Hole PDU 523 intersected 17metres (true width) at 25.5g/t gold within 40 metres of current development - this level will be mined in the second quarter of 2009. Hole PDU 573, while drilled partially down plunge, intersected significant mineralisation, with the deepest intersection of 4.5 metres (true width) at 58.2g/t gold being located more than 40 metres from the next nearest drill intercept and only 20 metres vertically below the base of the current decline.

Drilling of the new Voyager lode continues to provide encouraging results, including 3.6m at 6.68g/t gold in hole PDU 528, and a significantly improved understanding of the geometry of this new mineralised zone.

The results to date are encouraging and provide confidence in delivering additional resources in both Upper Zone and Voyager, both near current development and at a significant distance down plunge. The deepest intersection to date in Voyager is 2 metres at 69.8g/t gold nearly 200 metres below current workings.



----------------------------------------------------------------------------
Hole Estimated Au Grade Zone RL Comments
Number True Width g/t cut to
(m) 100g/t
----------------------------------------------------------------------------
PDU525 1.9 7.1 Voyager UZ 809m
----------------------------------------------------------------------------
PDU526 6.1 5.9 Voyager UZ 807m
----------------------------------------------------------------------------
PDU527 3.6 1.9 Voyager UZ 790m
----------------------------------------------------------------------------
PDU528 3.6 6.6 Voyager UZ 775m
----------------------------------------------------------------------------
PDU529 1.4 6.7 Voyager UZ 783m
----------------------------------------------------------------------------
PDU530 2.4 5.7 Voyager UZ 752m
----------------------------------------------------------------------------
PDU531 2.4 4.0 Voyager UZ 753m
----------------------------------------------------------------------------
PDU499 1.5 18.9 Voyager LZ 760m 4.18m downhole at
27.78 g/t uncut;
very close to PDU 500
----------------------------------------------------------------------------
PDU507 2.0 7.7 Voyager LZ 760m
----------------------------------------------------------------------------
PDU527 1.1 22.4 Voyager LZ 743m
----------------------------------------------------------------------------
PDU528 0.74 6.6 Voyager LZ 720m
----------------------------------------------------------------------------
PDU507 1.4 4.2 UZ splay 827m
----------------------------------------------------------------------------
PDU530 1.1 18.25 UZ splay 795m
----------------------------------------------------------------------------
PDU510 6.1 17.8 UZ 850m
----------------------------------------------------------------------------
PDU523 17.0 25.5 UZ 840m 33.3g/t if uncut, 26m
downhole intersection
----------------------------------------------------------------------------
PDU524 4.1 5.7 UZ 828m
----------------------------------------------------------------------------
PDU525 1.0 10.9 UZ 837m
----------------------------------------------------------------------------
PDU552 1.7 7.0 UZ 850m
----------------------------------------------------------------------------
PDU552 0.3 11.0 UZ 845m
----------------------------------------------------------------------------
PDU573 5.0 24.9 UZ 845m 51.8g/t if uncut, 8.4m
downhole intersection
----------------------------------------------------------------------------
PDU573 5.0 23.8 UZ 835m includes 3.3m at
73.2g/t, 13m down hole
intersection
----------------------------------------------------------------------------
PDU573 4.5 58.2 UZ 815m 207g/t if uncut,
10.5m down hole
intersection
----------------------------------------------------------------------------
PDU509 NSR
----------------------------------------------------------------------------

NOTE: Hole numbers are not sequential due to incomplete drilling or assays
pending


Figure 1 is available at the following web link: http://media3.marketwire.com/docs/iau1127fig1.jpg.

Figure 2 is available at the following web link: http://media3.marketwire.com/docs/iau1127fig2.jpg.

FORWARD-LOOKING STATEMENTS

This announcement contains certain forward-looking statements, relating to, but not limited to Intrepid's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future outcomes, or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects, and timing of commencement of operations and is based on 5 current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied.

Shareholders and potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Intrepid undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Statements relating to gold reserve and resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as gold prices, cut-off grades and operating costs, which may prove to be inaccurate. Information provided relating to projected costs, capital expenditure, production profiles and timelines are expressions of judgment only and no assurances can be given that actual costs, production profiles or timelines will not differ materially from the estimates contained in this announcement.

QUALITY CONTROL

Sample Analyses - All core is logged and whole core samples (if LTK48 size, NQ2 sized core is cut and half cored) are marked and prepared for shipping at the Paulsens Mine Property and sent to an independent Laboratory for assay. The remaining half core is stored on site. All samples from which information in this press release is derived were received by ALS Chemex - Australian Laboratory Services Pty. Limited in Karratha, Western Australia. Samples are weighed and crushed to 70% passing -6mm mesh. The crushed material is split and a portion is pulverised. A 100g pulp is sent to ALS Perth, Western Australia for assay. A 30 gram portion of the pulp is treated by Fire Assay method with atomic absorption finish (Au-AA25). A second pulp sample split (150-200g) is kept in Karratha. Sample rejects are discarded after 90 days. Over limit samples (greater than 100ppm Au) are re-analysed using ALS' dilution method (Au-DIL). Intrepid inserts one standard in each hole, and one blank is now inserted in each ore zone though this practice has only recently been adopted. Lab standards and blanks are inserted by ALS and several pulp duplicates are also assayed as a determinant of mineralization variability.

QUALIFIED PERSON

The information in this announcement that relates to exploration results is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Intrepid Mines Limited. Mr. Ekers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a Qualified Person as defined in the Canadian National Instrument 43-101 (standards of Disclosure for Mineral Projects). Mr. Ekers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Contact Information