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

Intrepid Mines Limited

December 22, 2006 10:08 ET

Intrepid Closes C$9.66 Million Fully Subscribed Public Offering

TORONTO, ONTARIO--(CCNMatthews - Dec. 22, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international gold and silver production, development and exploration company, is pleased to advise that its previously announced public offering of units in the Company has been completed. The agents exercised the full over-allotment bringing the total to 13,800,000 units for gross proceeds of C$9.66 million.

The units are priced at C$0.70 per unit. Each unit consists of one ordinary share (the "Ordinary Shares") and one-half of an ordinary share purchase warrant (the "Purchase Warrants"). Each full Purchase Warrant entitles its holder to purchase one additional Ordinary Share at a price of C$0.90 for a period of 18 months from closing.

The offering was led by Paradigm Capital Inc., and included Blackmont Capital Inc., and Hartleys and SHAW Stockbroking acted as sub-agents in Australia.

Intrepid Receives ASIC Approval to Change Fiscal Year End

Intrepid advises that on December 22, 2006 it received approval from the Australian Securities and Investments Commission ("ASIC") for Intrepid's current financial year to end on December 31, 2006. All subsequent financial years will commence on January 1 and conclude on December 31.

On behalf of the Board of Directors of Intrepid Mines,

Laurence Curtis, President & CEO

About Intrepid Mines:

Intrepid Mines Limited has an international production, development and exploration profile, and holds interests in several gold silver and silver base metal properties in Australia, Argentina, El Salvador, and Canada, either directly or through joint venture partnership. The issued capital is 150,414,243 shares comprised of 122,726,789 ordinary shares of Intrepid Mines Limited quoted on the (TSX:IAU) and (ASX:IAU) and 27,687,454 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.

CUSIP: Q4968A

ABN: 11 060 156 452

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