Intrepid Minerals Corporation

Intrepid Minerals Corporation

March 04, 2005 13:14 ET

Intrepid Minerals Corporation: Latest Drilling and Exploration Work at Casposo Reveals High Grade Silver and New Gold-Bearing Veins


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTREPID MINERALS CORPORATION

TSX SYMBOL: IAU

MARCH 4, 2005 - 13:14 ET

Intrepid Minerals Corporation: Latest Drilling and
Exploration Work at Casposo Reveals High Grade Silver
and New Gold-Bearing Veins

TORONTO, ONTARIO--(CCNMatthews - March 4, 2005) - Intrepid Minerals
Corporation (TSX:IAU) released today results of the final eight holes
designed to complement the block modeling of the Kamila deposit at
Casposo. Several of these holes were designed to test possible
extensions of the mineral resource within the Kamila pit (Table 1).
Also, several deep holes tested the silver-rich feeder zones of the
Aztec and Inca veins. This program concludes 1660 metres of drilling at
Kamila for the first quarter of 2005.

The silver-rich feeders are contained within 2 to 6 metre wide quartz
veins and stockworks 150 metres (Inca Vein) to 250 metres (Aztec Vein)
below surface. The veins assay up to 1100g/t (32 oz/ton) silver over 3
metres in the Inca vein and 1530g/t (45 oz/t) silver over 1 metre in the
Aztec vein.

Intrepid geologists have also discovered additional gold-bearing veins
at surface on the fringe area of the proposed Kamila pit. These veins
assay up to 9 g/t gold over 0.75 metres and may represent a new target
to be developed within the Kamila pit and below the footwall of the Inca
vein.



TABLE 1 - HIGHLIGHTS

Hole # From To Width Vein Au Ag Gold
(m) (m) (m)(3) (g/t) (g/t) Equivalent(1)
g/t oz/t (2)
---------------------------------------------------------------------
CA-05-117 No Significant
Values
---------------------------------------------------------------------
CA-05-118 180.5 188.2 7.70 Aztec 2.76 181 4.77 0.14
---------------------------------------------------------------------
CA-05-119 175.3 178.0 2.70 Aztec 1.06 209 3.38 0.10
---------------------------------------------------------------------
CA-05-120 No Significant
Values
---------------------------------------------------------------------
CA-05-121 45.00 48.45 3.45 B North 5.56 39 6.00 0.18
---------------------------------------------------------------------
CA-05-122 225.0 228.0 3.00 Inca 2.49 1100 14.7 0.43
---------------------------------------------------------------------
CA-05-123 233.0 236.0 3.00 Inca 0.62 197 2.81 0.08
---------------------------------------------------------------------
CA-05-124 180.0 181.5 1.50 B Vein 6.46 25 6.74 0.20
---------------------------------------------------------------------
CA-05-124 232.1 233.1 1.00 Aztec 4.22 1530 21.2 0.62
---------------------------------------------------------------------


(1) Gold-Silver equivalent calculated at 90 oz silver to 1 oz gold
recovered

(2) oz/t equals troy ounces per short ton

(3) All intervals are close to true thickness and assays are uncut

Note: All diamond drilling on Casposo is being carried out using HQ
diamond core with triple tubing to ensure maximum recovery. Chemical
analysis is being completed by ALS Chemex using 50 gram splits and fire
assay/gravimetric techniques. Internal standards provided by an
independent company and locally derived blank samples are being inserted
for quality control purposes. Mr. William McGuinty P. Geo., V.P.
Exploration is Intrepid Minerals' Qualified Person on this project.

New Discovery Extends Rocio de Oro Corridor at Casposo

A new vein system named the Julieta vein has been identified in the
northwest portion of the 105km2 Casposo property. The structure is 4.5
km northwest of the Kamila-Mercado vein system and may be a continuation
of the Rocio de Oro corridor, or a new, sub-parallel structure. The vein
has been traced over a strike length of 900 metres and ranges in width
from 2-5 metres, with abundant calcite replacement textures. Assays from
this area are pending. Adjacent to this new vein structure is a 20 metre
wide and 300 metre long zone known as Los Pelados which is characterized
by pervasive silicification, alunite, silica-clay alteration and
laminated chalcedonic veins. The entire area is similar to the Rosarita
anomaly south of Kamila, approximately 6 kilometres to the southeast.
"This discovery underscores the potential size of the Casposo system and
provides enormous scope for additional drilling and discovery" said
Laurence Curtis, President and CEO.

Updated Resource and Block Model for Kamila and Future Drilling

Results from the updated block model at Kamila will be published
shortly. The 2005 drilling program will commence in the second quarter
and contains a significant component of reconnaissance drilling beyond
the Kamila zone. The program is expected to continue for several months.



TABLE 2 - DRILL HOLE CO-ORDINATES

Hole Name Easting Northing Elevation Length Azimuth Inclination
---------------------------------------------------------------------
CA-05-117 2,439,363 6,548,375 2,456 141.70 350 -50
---------------------------------------------------------------------
CA-05-118 2,438,973 6,548,325 2,502 219.20 90 -80
---------------------------------------------------------------------
CA-05-119 2,438,975 6,548,360 2,508 199.00 90 -75
---------------------------------------------------------------------
CA-05-120 2,438,685 6,548,415 2,532 150.00 45 -47
---------------------------------------------------------------------
CA-05-121 2,438,965 6,548,475 2,508 192.00 90 -60
---------------------------------------------------------------------
CA-05-122 2,438,985 6,548,420 2,528 241.50 85 -65
---------------------------------------------------------------------
CA-05-123 2,438,972 6,548,325 2,502 246.30 90 -87
---------------------------------------------------------------------
CA-05-124 2,438,940 6,548,385 2,526 270.30 90 -80
---------------------------------------------------------------------


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.

For further information visit our website at www.intrepidminerals.com

The statements made in this Press Release may contain 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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Intrepid Minerals Corporation
    Stephen Coates
    Investor Relations
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    scoates@intrepidminerals.com
    or
    Intrepid Minerals Corporation
    Laurence Curtis
    President and CEO and designated qualified person
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    intrepidminerals.com
    The TSX Venture Exchange has neither approved nor disapproved the
    information contained in this press release.