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

Intrepid Mines Limited

March 10, 2008 09:15 ET

Court Approves Scheme of Arrangement for Intrepid/Emperor Merger

TORONTO, ONTARIO and PERTH, AUSTRALIA--(Marketwire - March 10, 2008) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU)("Intrepid") and Emperor Mines Limited (ASX:EMP)("Emperor") are pleased to announce that the Brisbane Registry of the Federal Court has today approved the scheme of arrangement between Emperor and its shareholders relating to the proposed merger of Emperor and Intrepid.

Emperor shareholders voted overwhelmingly in favour of the merger at a shareholders meeting held on Thursday, 28 February 2008, with 97.93% of votes cast in favour of the scheme. Intrepid shareholders also approved the merger at a shareholders meeting held on Monday, 3 March 2008, with 92.1% of votes cast in favour. The scheme will become effective on Tuesday, 11 March 2008 following the lodgement of a copy of the Court order approving the scheme of arrangement with the Australian Securities and Investments Commission. Trading of shares in Emperor will be suspended from close of trading on 11 March 2008.



The key dates in relation to the scheme of arrangement are set out below.

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11 March 2008 Effective Date of the scheme of arrangement.

Trading in Emperor shares on ASX suspended from close of
trading on ASX.
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12 March 2008 Commencement of deferred settlement trading in New
Intrepid Shares.
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18 March 2008 Record Date for determining entitlement to Scheme
Consideration.
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25 March 2008 Implementation Date for allotment of New Intrepid Shares.
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26 March 2008 Trading of New Intrepid Shares to commence on a normal
settlement basis.
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29 April 2008 Last day to dispatch cash proceeds from sales of New
Intrepid Shares to Ineligible Overseas Shareholders.
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Note: Dates are indicative only. Emperor and Intrepid reserve the right to
vary any and all of the items and dates set out above without
notifying Shareholders of these changes.


Derek Humphry, Company Secretary, Intrepid Mines Limited

About Intrepid Mines:

Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Paulsens Gold Mine located in Western Australia is the company's producing property. Its advanced development property is located in Argentina, and its exploration properties are located in Argentina, Australia, and Mexico. The issued capital upon implementation of the merger will be 427,902,389 shares comprised of 412,656,536 ordinary shares of Intrepid Mines Limited quoted on the (TSX:IAU) and (ASX:IAU) and 15,245,853 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.

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