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

Intrepid Mines Limited
Aura Silver Resources Inc.
TSX VENTURE : AUU

Aura Silver Resources Inc.

October 01, 2007 13:00 ET

Intrepid and Aura to Commence Drilling at Taviche Project, Mexico

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2007) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU) and Aura Silver Resources Inc. (TSX VENTURE:AUU) are in receipt of the environmental permit for a minimum eighteen hole (4,000 metre) drill program at the West Taviche joint venture project in Mexico. Rig mobilization from an adjacent property is anticipated mid-month.

The drill program will focus on target three areas: La Noria, San Martin and El Portillo and will consist of at least six holes in each targeting epithermal veins hosting significant gold and silver values.

The Taviche District is located in central Oaxaca, Mexico about 10 km south-southeast of the city of Ocotlan (Figure 1). The Intrepid/Aura holdings are contained in two blocks: the West Taviche Block (6,254 hectares) and the East Taviche Block (7,494 hectares). The location of these two blocks is shown in figure 2 relative to the central Taviche district.

The companies have contracted Construccion, Arrendamineto de Maquinaria y Mineria, S.A. de C.V. (CAMMSA) for the completion of a 4,000 metre core program to commence mid-October. CAMMSA is currently drilling the adjacent San Jose project for Fortuna Silver Mines, Inc. with three core rigs and has established logistics and developed considerable technical expertise in the Taviche district.

In preparation for the drill program, access and water usage agreements have been signed with all neighboring communities. Extensive consideration was given to these agreements to assure a long-term relationship based upon mutual trust and assuring environmental stewardship, community participation and sound corporate social responsibility practices.

About Intrepid Mines:

Intrepid Mines Limited is an international precious metals 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 164,374,243 shares comprised of 146,487,090 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.

About Aura Silver:

Aura Silver Resources Inc. is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 34,470,967 common shares outstanding.

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.

Please note: Figures 1 and 2 are available on the Marketwire website at the following link - http://www.ccnmatthews.com/docs/iau1001.pdf.

Contact Information

  • Intrepid Mines:
    Ann Candelario
    Intrepid Mines Limited
    (416) 368-4525
    or
    Aura Silver:
    Paul W. Pitman
    Aura Silver Resources Inc.
    (905) 456-5436