Intrepid NuStar Exchange Corporation

April 15, 2009 11:31 ET

Intrepid NuStar Exchange Corporation to Redeem Exchangeable Shares on 30 April 2009

TORONTO, ONTARIO--(Marketwire - April 15, 2009) - Intrepid NuStar Exchange Corporation (TSX:IXN) (the "Corporation"), a wholly-owned subsidiary of Intrepid Mines Limited (TSX:IAU)(ASX:IAU) ("IML") wishes to announce that, on 30 April 2009, all outstanding Exchangeable Shares of the Corporation will be redeemed. Holders of Exchangeable Shares will receive one ordinary share of IML for each Exchangeable Share held.

The redemption is being undertaken to facilitate the sale of the Casposo project to Troy Resources NL as announced in IML's press release dated 26 March 2009 (the "Transaction"). The Transaction constitutes an Exchangeable Share Voting Event as such term is defined in the terms governing the Exchangeable Shares, permitting the Corporation to redeem the Exchangeable Shares prior to the original deadline for redemption, 4 July 2009.

Holders of Exchangeable Shares will receive a Notice of Redemption setting out further details of the redemption process with the proxy materials for the upcoming annual meeting of IML, to be held on 15 May 2009.

Holders of Exchangeable Shares who have already submitted their shares for retraction will receive their IML Shares on 29 April 2009.

The Corporation will be delisted from the TSX as of the close of business on 30 April 2009, although IML retains its listing on both the TSX and ASX.

ABN: 11 060 156 452

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