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

Intrepid Mines Limited

November 10, 2006 18:34 ET

Intrepid Files Preliminary Short Form Prospectus for Public Offering to Raise up to $9.2 Million

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 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, today announced that it has filed a preliminary short form prospectus in Canada in connection with a proposed public offering (on a best-efforts basis), of units to raise up to $9.2 million. The offering will be sold by Paradigm Capital Inc., and Blackmont Capital Inc. on a best efforts basis in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia and Ontario and by sub-agents in other permitted jurisdictions, such as Australia, on a private basis to exempt persons. Hartleys and SHAW Stockbroking in Australia will be retained as selling agents to offer the units for sale on a private placement basis in Australia.

Each unit will entitle the holder thereof to receive one ordinary share and one-half of one ordinary share purchase warrant. Each whole ordinary share purchase warrant will entitle the holder to purchase one ordinary share for a period of eighteen months from the closing of the offering at an exercise price to be determined prior to filing the final short form prospectus.

The Company will grant the agents an over-allotment option for a period of 30 days from the closing of the offering under which they may purchase up to 15 percent of the number of units offered under this offering to cover over-allotments, if any, and for market stabilization purposes.

Intrepid plans to use the net proceeds from the financing for completion of the Casposo Feasibility Study, engineering and establishment of Casposo, exploration in Argentina and El Salvador, General and Administration expenses, debt repayment and working capital.

The issue price of the units will be determined in the context of the market at the time of filing of the final short form prospectus. The final short form prospectus will be filed in the above mentioned Canadian jurisdictions only (and will not be registered in Australia or elsewhere).

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 150,032,576 shares comprised of 119,086,756 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and 30,987,487 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

Contact Information