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

Intrepid Mines Limited

March 28, 2007 11:00 ET

Intrepid Mines Commences Extension Drilling at Casposo Project, Argentina

TORONTO, ONTARIO--(CCNMatthews - March 28, 2007) - Intrepid Mines Limited (TSX:IAU) (TSX:IXN) (ASX:IAU), an international gold and silver production, development and exploration company, is pleased to announce the commencement of a post-feasibility core drilling program at its 100% owned Casposo project in San Juan Province, Argentina.

The 3,000 metre drilling program will be conducted at the Kamila Inca Vein and the Kamila Southeast Extension (SEXT) to vertical depths of up to 300 metres (see attached Longitudinal Section). This is the first drill program since the completion of the Casposo Feasibility Study. The near term goal for exploration at Casposo is to increase the life of mine proposed in the Feasibility Study by testing deep pit and underground vein targets.

Recent drilling at Kamila and Kamila SEXT zones has returned encouraging values ranging to highs of 22.9 grams per tonne gold and 1,795 grams per tonne silver over 4.0 metres (Kamila Inca) and 3.40 grams per tonne gold and 1,192 grams per tonne silver over 3.0 metres (SEXT).

These results and others noted below are not included in the current resource and reserve estimate (see press release dated March 5, 2007).



WIDTH Au eq g/t
HOLE # FROM TO (m) TARGET Au (g/t) Ag (g/t) (77:1)
----------------------------------------------------------------------------
CA-179 150.50 156.80 6.30 Kamila SEXT 1.90 710 11.1
CA-179 incl. 150.50 153.50 3.00 Kamila SEXT 3.40 1,192 18.9
----------------------------------------------------------------------------
CA-183 135.20 144.10 8.90 Inca 2.33 256 5.66
CA-183 incl. 139.20 141.20 2.00 6.95 327 11.2
----------------------------------------------------------------------------
CA-184 74.70 78.40 3.70 Inca 15.0 309 19.0
----------------------------------------------------------------------------
CA-184 82.70 84.70 2.00 Inca 7.41 134 9.15
----------------------------------------------------------------------------
CA-187 123.15 131.70 8.55 Inca 11.8 943 24.0
CA-187 incl. 123.15 127.15 4.00 22.9 1,795 46.2
----------------------------------------------------------------------------
CA-196 208.15 209.40 1.25 Inca 4.55 184 6.94
----------------------------------------------------------------------------
CA-197 82.50 91.30 8.80 Inca 7.01 295 10.8
CA-197 incl. 83.80 87.80 4.00 13.0 433 18.7
----------------------------------------------------------------------------
CA-198 79.70 87.80 8.10 Inca 1.50 75 2.48
----------------------------------------------------------------------------
CA-199 108.40 110.80 2.40 Inca 5.92 418 11.4
----------------------------------------------------------------------------


Laurence Curtis, President and Chief Executive Officer said, "Drilling at Casposo continues to expand the project. The Inca vein extension and the Kamila Southeast Extension are revealing significant potential to expand the current reserve estimates and mine life of the project."

Kamila Inca Vein

New drilling will initially focus on the Inca and B-veins of the Kamila deposit. Drilling in 2006 continued after the cut-off date for completion of the Kamila resource and reserve estimations. This consisted mainly of step-out holes on the Inca Vein which have now tested this mineralized structure to the east of a north-south trending dyke which transects the Kamila deposit. New work in this area will increase the drilling density to allow the area to be evaluated for additional resources at Kamila as well as to continue testing extensions of this mineralization to the southeast.

Kamila Southeast Extension (SEXT)

New drilling will also be focused on the Kamila Southeast Extension zone (SEXT). The Kamila SEXT was discovered in February 2006 by exploration hole CA-06-152 (brecciated quartz vein assaying 4.51 grams per tonne gold and 2,274 grams per tonne silver over 1.60 metres at a depth of 90 metres). This zone represents a new advanced, underground exploration target for Intrepid at the Casposo Project and validation of the Pajingo deposit exploration model being used to explore the Kamila deposit.

To view a map of the Kamila Southeast Extension please click the following link http://www.ccnmatthews.com/docs/328intrepid.jpg.

About Intrepid Mines:

Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company's producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company's advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company's exploration properties are located in Argentina, El Salvador, Mexico, Australia and Canada. The issued capital is 164,259,243 shares comprised of 140,432,589 ordinary shares of Intrepid Mines Limited on the TSX:IAU and ASX:IAU and 23,846,654 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.

Qualified Person:

Information in this announcement is based on information provided by competent persons as defined in the 2004 Edition of the JORC 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and as Qualified Persons as defined in Canadian National Instrument 43-101 (standards of Disclosure for Mineral Projects). Information has been compiled by William McGuinty P.Geo. VP Exploration, a full time employee of Intrepid Mines Limited who has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken, and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

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