Intrepid Mines Limited
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Intrepid Mines Limited

February 19, 2009 01:54 ET

Intrepid Mines Limited: Tujuh Bukit Indonesia

COPPER GOLD PORPHYRY POTENTIAL ENHANCED - 226 metres at 0.72g/t gold and 0.44% copper (includes 100m at 0.95g/t Au and 0.67% Cu) confirms continuity of porphyry system - result supports the theory of an extensive system to complement the current 2.57Moz(i) gold equivalent Inferred Resource estimate (JORC compliant) in the oxide zone

BRISBANE, AUSTRALIA--(Marketwire - Feb. 19, 2009) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU) (the "Company") is pleased to report that diamond drill hole GTD 56 at the Tumpangpitu Prospect, Tujuh Bukit Project has intersected two significant intersections - high sulphidation gold-copper-silver mineralisation and porphyry related copper-gold mineralisation.

GTD 56 was drilled between the previously reported porphyry and high sulphidation mineralisation intersected in holes GTD 29 and 35 (see diagrams below).

The result from Hole 56 has delivered improved interpretation of possible geometries for the high sulphidation system which overlies and overprints the deeper and more typical porphyry mineralisation.

Results from Hole 56 are:-



High sulphidation mineralization
--------------------------------
76 - 274 metres 198 metres at 0.26 grams per tonne
gold, 12 grams per tonne silver
and 0.25% copper

Including

76 - 122 metres: 46 metres at 0.27 grams per tonne
gold and 0.26% copper, and 10
grams per tonne silver
156 - 178 metres: 22 metres at 0.36 grams per tonne
gold and 0.43% copper and 16
grams per tonne silver
228 - 274 metres: 46 metres at 0.56 grams per tonne
gold and 0.47% copper and 33
grams per tonne silver.

Porphyry copper-gold mineralization
-----------------------------------
450 - 676 metres 226 metres at 0.72 grams per
tonne gold and 0.44% copper
Including

484 - 584 metres: 100 metres at 0.95 grams per
tonne gold and 0.67% copper
550 - 584 metres 34 metres at 2 grams per tonne
gold and 1% copper.


The diagrams below show drill intercepts and mineralisation types on a composite cross section across zones A and C, and in greater detail across Zone C and the deep intercepts of holes 29, 56 and 35.

Three zones of mineralisation have been defined -



1. the near surface oxide gold-silver mineralisation which is interpreted
to be an oxidized derivative of the underlying high sulphidation
sulphide zones. Zones A and C - current combined Inferred Resource
estimate stands at 2.57 million ounces gold equivalent (gold and
silver) at a 0.5 gram per tonne gold-equivalent cut-off.

2. a high sulphidation copper-gold-silver zone with associated intense
clay- silica alteration of lithic tuffs and some lesser hydrothermal
breccias.

3. porphyry copper-gold zone associated with quartz-magnetite veining.


The geometry of the high sulphidation zones presented on the sections is a current working model and may change as additional drill holes are completed.

Hole 46 was drilled in late 2008 on the eastern side of the prospect to assist in defining the geometry of the zone beneath the Zone A oxide mineralisation. The hole 46 intersected widespread propylitic and clay alteration that most likely defines a marginal zone to the high sulphidation mineralisation. At the base of the hole, assays returned 33 metres at 0.23 grams per tonne gold and 0.2% copper in clay and hematite altered material which is interpreted to be a high sulphidation overprint on a quartz-magnetite veined porphyry zone that appears open at depth below the end of hole.

The zone of high sulphidation and porphyry mineralisation across holes 29, 56 and 35 on section covers a width of 500 metres.

An extensive soil geochemistry program is currently underway at Tujuh Bukit and additional detailed geophysics are being planned for the second quarter of 2009. These data will allow for further definition of sulphide drill targets.

(i)2.57 Million ounce gold equivalent Inferred Resources based on -



- Zone C: 1.1 Million ounce gold equivalent Inferred Resource at a 0.5
gram per tonne gold equivalent cut-off based on 39.3 Million tonne at
0.55 grams per tonne gold, 26 grams per tonne silver

- Zone A: 1.47 Million ounce gold equivalent Inferred Resource at a 0.5
grams per tonne gold equivalent cut-off based on 43.6 Million tonne at
0.62 grams per tonne gold, 28 grams per tonne silver.


Forward-looking statements

This announcement contains certain forward-looking statements, relating to, but not limited to Intrepid's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future outcomes, or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects, and timing of commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied.

Shareholders and potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Intrepid undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Statements relating to gold resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as gold prices, cut-off grades and operating costs, which may prove to be inaccurate.

The Indonesian Forestry Law restricts non forestry activities within protection forests and prohibits mining using an open pit method in protection forest areas. Intrepid's Alliance partner, PT IMN, is working with relevant Indonesian authorities to allow for a review of forest land status if the exploration activities support such a decision.

Qualified Person

The information in this announcement that relates to mineral resources is based on information compiled by or under the supervision of Dr. Phillip Hellman, who is an independent consultant to Intrepid Mines Limited. Dr Hellman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as an Independent Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and an Independent Qualified Person as defined in the Canadian National Instrument 43-101 (standards of Disclosure for Mineral Projects). Dr Hellman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Dr Hellman has undertaken independent verification sampling and assaying of drill core with a close agreement of results with those previously reported. A 40 x 40 x 6 metre block model was used for the quoted estimates. If smaller selective mining units are considered it is estimated that an approximate 10 to 20% lift in grade may result. In future, increasing the drilling density in areas of higher gold grades is anticipated to achieve a higher grade outcome.

The information in this announcement that relates to exploration results is based on information compiled by or under the supervision of Malcolm Norris, who is a full-time employee of Intrepid Mines Limited. Mr. Norris has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and a Qualified Person as defined in the Canadian National Instrument 43-101 (standards of Disclosure for Mineral Projects). Mr. Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Sample Analysis

Intrepid exercises a strict chain of sample custody in its drilling program at Tujuh Bukit. Joint Venture personnel remove core from the drill rig and deliver it to a project geologist who logs the core and marks the core into two metre sample intervals. Intrepid and Joint Venture personnel supervise the immediate splitting, sawing and bagging of samples, and packaging of groups of samples for dispatch to the laboratory. The remainder of the split core remains on site.

Samples are securely packaged, batched, and then transported under supervision to Intertek's laboratory facility in Jakarta. At the laboratory, the samples are prepared by crushing and pulverizing and a 30 gram charge is assayed for gold by conventional fire assay and/or atomic absorption methods. Multi-element ICP analysis is carried out using a multi-acid digestion process. All samples that contain silver and/or copper, lead, and zinc values that exceed the upper detection limits for ICP are re-analysed by conventional atomic absorption methods to determine the absolute values of these metals.

Gold equivalents

The gold equivalent ratio for silver has been set at 65:1 based on US$650/oz gold and US$10/oz silver. Historical bottle roll tests have shown recoveries of 83% Au and 84.5% Ag, supporting a 65:1 ratio. Recently received CIL metallurgical testing results from Zone C achieved recoveries of approximately 90% for both Au and Ag at a grind of 80% passing 75 um. Comparable recoveries for both gold and silver in the recent tests from 4 composite samples from Zone C oxide material also support the 65:1 gold equivalence ratio.

To view maps of the Tujuh Bukit Project, please view the following link: http://media3.marketwire.com/docs/IAU0219B.pdf

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