Intrepid Minerals Corporation
TSX : IAU

Intrepid Minerals Corporation

October 25, 2005 16:40 ET

Intrepid Minerals Closes First Tranche Of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 25, 2005) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES

Intrepid Minerals Corporation (TSX:IAU) reported today that on October 24, 2005 it closed the first tranche of its private placement previously announced on October 3, 2005 (See Press Release #05-13 for details). Intrepid issued a total of 3,334,332 units priced at CDN $0.60 per unit and received gross proceeds of CDN $2,000,600. For this tranche, the warrants expire April 24, 2007 and the hold period expires February 24, 2006. The transaction is subject to final approval from the TSX. In addition, Intrepid has paid a finder's fee of CDN $104,076 and 161,217 warrants to four arm's-length parties in respect of this closing. These warrants have the same terms as the warrants comprised in the units.

Intrepid will use these funds to continue drilling programs at its Casposo project in Argentina and to advance this project towards feasibility as well as for continued exploration in El Salvador. Up to 30% of the proceeds will be used for general working capital.

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 prior to the closing of this first tranche.

For further information visit our website at http://www.intrepidminerals.com.

FORWARD LOOKING STATEMENTS

This Press 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 has neither approved nor disapproved the information contained in this press release.

Contact Information

  • Grove Communications
    Stephen Coates and Cathie Simon
    (416) 368-4525 or Toll Free: (866) 409-4716
    (416) 368-3859 (FAX)
    or
    Intrepid Minerals Corporation
    Laurence Curtis, PGeo.
    President & CEO and designated Qualified Person
    (416) 368-4525 or Toll Free: (866) 409-4716
    (416) 368-3859 (FAX)
    info@intrepidminerals.com
    www.intrepidminerals.com