Intrepid Minerals Corporation
TSX : IAU

Intrepid Minerals Corporation

July 19, 2005 14:00 ET

Intrepid Completes Casposo Gold-Silver Acquisition and Establishes Land Ownership in Argentina

TORONTO, ONTARIO--(CCNMatthews - July 19, 2005) - Intrepid Minerals Corporation (TSX:IAU) is pleased to report the transfer of the Kamila Mining License to Intrepid Minerals. This milestone is critical to Intrepid's plans moving forward and completes the exploration strategy initiated by Intrepid three years ago.

The Kamila Mining License is the centrepiece of the 100 km2 Casposo Gold-Silver Project in San Juan Province, Argentina. In July 2002 Intrepid Minerals signed a purchase agreement to earn 100% of the Kamila License by July 2005, based on the completion of a pre-feasibility study and payment of a Reserve Royalty of US$450,000 to the former license holders. Please see http://www.intrepidminerals.com/NR05-11Backgrounder.pdf for additional details of this purchase and its significance to the Company's plans.

Intrepid's independent engineers have recommended moving the project directly to feasibility. This recommendation is an endorsement of the quality of the Kamila Resource and the strength of the data in the Preliminary Assessment completed in 2004 and updated in March 2005. Intrepid paid the vendors the maximum amount required under the royalty agreement which was based upon the definition of a minimum of 450,000 ounces of gold equivalent.

Additionally, over the past 8 months, Intrepid Minerals has accumulated a 92.5% ownership in the 200,000-acre parcel of surface land that covers the Kamila Deposit and surrounding areas. Acquisition of these surface rights will provide Intrepid with a greater level of confidence to move development of the Kamila Deposit forward.

Additionally, recent drilling at the Mercado further confirmed the extent of mineralization of the Kamila system at depth while drilling at the Oveja Negra and other targets peripheral to Kamila have not produced significant results to date. The main thrust of the winter program has been to complete all geophysical and structural data to delineate deep targets within the Kamila-Rosarita sections of the corridor. These targets, together with those at the Julieta discovery (see IAU Press Release 05-07 April 28, 2005) will be the subject of the next drill campaign due to commence at the end of the Argentine winter (fourth quarter, 2005).

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 46,010,220 shares outstanding.


Contact Information

  • Grove Communications Inc.
    Stephen Coates
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    scoates@intrepidminerals.com
    or
    Intrepid Minerals Corporation
    Laurence Curtis PGeo.,
    President & CEO
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    or
    Intrepid Minerals Corporation
    Suite 1710, 155 University Avenue,
    Toronto, Ontario, Canada, M5H 3B7
    www.intrepidminerals.com