Intrepid Minerals Corporation
TSX : IAU

Intrepid Minerals Corporation

October 03, 2005 17:30 ET

Intrepid Minerals Raising up to $3,000,000 by Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - Intrepid Minerals Corporation (TSX:IAU) reported today that it intends to raise, by way of a non-brokered private placement, up to CDN $3,000,000 through the issuance of up to 5,000,000 Units of the Company at CDN $0.60 per Unit (with an option to issue up to an additional 1,666,667 units for a further proceeds of CDN $1,000,000).

Each Unit consists of one common share and one half common share purchase warrant. Each full warrant will be exercisable into one additional common share of Intrepid Minerals Corporation for a period of 18 months from closing at a price of CDN $0.75 per share. After the first four months, the warrants have a forced conversion if the shares trade above CDN $0.85 for a minimum of ten consecutive days. This private placement is subject to TSX approval. A finders fee may be payable on all or part of the transaction.

Intrepid will use these funds to further drilling programs on its Casposo project in Argentina and in El Salvador, to advance the Casposo project towards feasibility and up to 30% 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.

For further information visit our website at http://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.

The TSX Venture Exchange 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)
    scoates@intrepidminerals.com
    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)
    www.intrepidminerals.com