Intrepid Mines Limited
TSX : IAU
ASX : IAU

Intrepid Mines Limited
Intrepid NuStar Exchange Corporation
TSX : IXN

July 31, 2006 19:52 ET

Intrepid Mines Releases 4th Quarter Results for June 30, 2006

TORONTO, ONTARIO--(CCNMatthews - July 31, 2006) - Intrepid Mines Limited (TSX:IAU)(ASX:IAU) and Intrepid NuStar Exchange Corporation (TSX:IXN) jointly reports the activities of Intrepid Mines Limited (formerly NuStar Mining Corporation Limited) prior to the merger with Intrepid Minerals Corporation. All dollar values are US Dollars unless otherwise stated.


Operational

- Gold production 22,148 ounces, up 8 percent from previous quarter

- Site cash costs $262 per ounce, down 3 percent from previous
quarter

- Full year production 78,848 ounces at $293 per ounce


Financial

- Revenue increased 17 percent to $11.9 million

- Total cash and bullion on hand of $8.2 million at period end
(excludes cash held by former Intrepid Minerals)

- Third debt repayment of A$2.7 million made on schedule following
the quarter end


For the complete 4th Quarter report on operations, exploration and production results, please see the Company's website at http://www.intrepidmines.com or use the following direct link: http://www.intrepidmines.com/IAU-Q42006.pdf. Please note that the figures contained in the linked file are in Australian dollars, unless otherwise noted.

Intrepid Mines Limited has an international production, development and exploration profile, and holds interests in several gold-silver and silver-base metal properties in Australia, Argentina, El Salvador, and Canada, either directly or through joint venture partnership. The issued capital is 149,986,742 shares comprised of 118,552,918 ordinary shares of Intrepid Mines Limited quoted on the TSX and ASX and 31,433,824 exchangeable shares of Intrepid NuStar Exchange Company quoted on the TSX.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This Press 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 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.


Contact Information

  • Intrepid Mines Limited
    Cathie Simon
    +1 (416) 368-4525 or Toll Free: 1-866-409-4716
    or
    Intrepid Mines Limited
    Laurence Curtis, P. Geo.
    President & CEO
    +1 (416) 368-4525
    or
    Intrepid Mines Limited
    Brett Lambert
    Chief Operating Officer
    +61 8 9346 0000
    or
    Intrepid Mines Limited
    Colin Jackson
    Chairman
    +61 417 929 107
    info@intrepidmines.com
    www.intrepidmines.com