Intrepid Mines Limited
TSX : IAU
ASX : IAU

Intrepid Mines Limited

December 09, 2010 09:26 ET

Intrepid Mines Completes C$112 Million Offering

BRISBANE, AUSTRALIA--(Marketwire - Dec. 9, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Intrepid Mines Limited ("Intrepid" or the "Company") (TSX:IAU)(ASX:IAU) is pleased to announce that it has completed the Canadian and offshore tranche of its previously announced bought deal offering (the "Offering").

The Australian tranche of the Offering will close on December 10, 2010. The Offering is comprised of 63,400,000 ordinary shares at a price of C$1.77 per share, representing gross proceeds to the Company of C$112,218,000. The shares issued pursuant to the Offering will rank equally with existing ordinary shares of the Company.

The Offering was underwritten by a syndicate of underwriters led by RBC Capital Markets (as Lead Manager and Sole Bookrunner) and Wellington West Capital Markets (as Co-Lead Manager) and also included Canaccord Genuity Corp. and RBS Morgans. Gryphon Partners acted as financial advisor to Intrepid.

The Company expects to raise further funds through its share purchase plan (the "SPP") offered to shareholders of Intrepid with registered addresses in Australia or New Zealand, which is scheduled to close on December 17, 2010. The Company anticipates completing the allotment of the SPP on or about 20 December 2010.

"We are extremely pleased with the level of support the capital raising has attracted, particularly in the North American and Australian markets. The proceeds, combined with the funds yet to be raised through the SPP and current cash reserves, will place Intrepid in a strong position, enabling us to advance the Tujuh Bukit project through continuing exploration and important technical studies," said Intrepid CEO, Brad Gordon.

The ordinary shares were issued in Canada by way of a short form prospectus filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Alberta, Manitoba, Ontario and Nova Scotia. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

ABN: 11 060 156 452

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