Intrepid Mines Limited

Intrepid Mines Limited

December 07, 2006 17:10 ET

Intrepid Re-Files September 2006 Interim Unaudited Consolidated Financial Statements

TORONTO, ONTARIO--(CCNMatthews - Dec. 7, 2006) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international gold and silver production, development and exploration company, announced today that as a result of a review by Westpac Bank (Australia) of certain facility performance ratios that as at September 30, 2006 it was in breach of certain ratios related to the Westpac finance facility. The Company has sought, and is confident of receiving, a waiver of these breaches.

Intrepid Mines Limited has made all principal and interest repayments and delivered all hedging commitments on schedule. However, in accordance with Australian equivalents to International Financial Reporting Standards AASB 101 any breach of a finance facility undertaking creates a requirement to record the entire outstanding facility as a current liability, unless the Company has received a waiver prior to the end of the reporting period.

In this instance the breaches were not recognized as there was not a requirement under the facility agreement to certify the ratios at September 30, 2006. While recognition of this issue is subsequent to reporting of the September 30, 2006 quarterly report, the Company wishes to ensure full disclosure by re-filing the interim unaudited consolidated financial statements for the quarter ended September 30, 2006.

The amended September 30, 2006, Interim unaudited consolidated financial statements contain the following changes to those filed previously:

1) The liabilities in relation to the Westpac facility previously recorded as non-current liabilities are now recorded in current liabilities.

2) Note 1 working capital disclosures are updated for the reclassification of liabilities.

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.


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.


ABN: 11 060 156 452

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