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

Intrepid Mines Limited

November 29, 2006 09:27 ET

Intrepid Prices Public Offering

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international gold and silver production, development and exploration company, is pleased to advise that pricing has been determined for its proposed offering of C$8,000,000 of units of the Company as announced on November 10, 2006. The units will be at a price of C$0.80 per unit. Each unit shall consist of one ordinary share (the "Ordinary Shares") and one-half of an ordinary share purchase warrant (the "Purchase Warrants"). Each full Purchase Warrant shall entitle its holder thereof to purchase one additional Ordinary Share at a price of C$1.00 for a period of 18 months from closing.

The offering will be sold by Paradigm Capital Inc., and Blackmont Capital Inc. on a best efforts basis in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia and Ontario after receipt of all required regulatory approvals and by sub-agents in other permitted jurisdictions, such as Australia, on a private basis to exempt persons. Hartleys and SHAW Stockbroking in Australia are acting as selling agents to offer the units for sale on a private placement basis in Australia.

The Company has granted the agents an over-allotment option for a period of 30 days from the closing of the offering under which they may purchase up to 15% of the number of units offered under this offering to cover over-allotments, if any, and for market stabilization purposes.

A preliminary short form prospectus dated November 10, 2006 has been filed with the securities regulatory authorities in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia and Ontario and is available on SEDAR.

The final short form prospectus will be filed in the above-mentioned Canadian jurisdictions only (and will not be registered in Australia or elsewhere) after receipt of all regulatory approvals.

On behalf of the Board of Directors of Intrepid Mines,

Laurence Curtis, President & CEO

About Intrepid Mines:

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 150,032,576 shares comprised of 119,086,756 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and 30,987,487 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.

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

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