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

Intrepid Mines Limited

July 11, 2007 13:00 ET

Intrepid Reports Additional Positive Drill Results at Casposo Leading to Probable Pit Extension

TORONTO, ONTARIO--(Marketwire - July 11, 2007) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international gold and silver production, development and exploration company, announces results of a post-feasibility core drilling program at its 100% owned Casposo project in San Juan Province, Argentina.

Highlights

- 4.15m at 14.19 g/t gold equivalent from 120.6m

- 3.0m at 16.19 g/t gold equivalent from 109.8m

- 7.0m at 13.41 g/t gold equivalent from 59.8m

- 5.15m at 8.56 g/t gold equivalent from 74.65m

- 4.3m at 7.51 g/t gold equivalent from 116.2m

- 6.0m at 7.46 g/t gold equivalent from 110.75m

- 4.0m at 7.10 g/t gold equivalent from 18.0m

The accompanying cross section shows the ore body pierce points and clearly indicates these results will expand the pit boundaries and postpone the transition to the underground phase.

A new resource and reserve estimate will be undertaken to include all relevant information from the Kamila area obtained since the previous estimate was completed with the results to be used in engineering and financial planning in advance of planned mine development start-up in 2008.

This is the first drill program since completion of the Casposo Feasibility Study in March 2007. The near term goal for exploration at Casposo is to increase the life of mine proposed in the Feasibility Study by testing pit extension and underground vein targets.

Drilling completed in late 2006 on the Inca Vein returned very encouraging results, suggesting that more mineralized material was available within the current mine design or with some changes to the pit outline and underground areas. These 2006 results and others were not included in the current resource and reserve estimate (see press release dated March 5, 2007) due to time considerations for the estimation. Intrepid initiated new drilling in 2007 to improve drill density in the new extension of the Inca vein with a view to generating new measurable mineral resources and allowing optimization of the deposit prior to construction of the mine. The drilling program also included additional testing at the Kamila Southeast Extension (SEXT) area of the property, a near mine underground resource target.

A total of 3,315 metres of core drilling was completed in the program that concluded in May. Approximately 600 metres (in nine holes) were used specifically to support mine geotechnical design. Highlights of drilling results are listed in the attached table.

Of particular note are very strong values in intercepts obtained from drill hole CA-07-200, which intersected 7.00 metres of 9.02 grams per tonne gold and 338 grams per tonne silver at shallow depth along the proposed pit wall. This additional near surface information will help determine pit design in the initial year of mining. Drill holes CA-07-205 intersected 4.3 metres of 4.18 grams per tonne gold and 256 grams per tonne silver from 116.20 metres to 120.50 metres and CA-07-216 intersected three metres of 8.6 grams per tonne gold and 579 grams per tonne silver from 109.80 metres to 112.80 metres. Both intercepts test down dip extension of a new section of the Inca vein defined by drill holes CA-06-183, 184, 197 in September of 2006. This section of the Inca vein (see section A-A1 is located 30-40 metres outside of the current pit wall boundary and extends below the current pit floor elevation. Other holes completed in the recent campaign (CA-07-202 to 204, 206 to 209) (see section B-B1), show continuity of the Inca vein as it extends to the southeast and to depth where underground mining may present a solution to access this mineralization.

These results once incorporated into the resource and mine models will lead to consideration of a larger pit design of the Kamila pit and of additional underground mining potential. The new information will also assist in determining the pit floor for the final mine plan.



Summary of Results for Casposo Drilling Program ending May 2007

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TARGET HOLE # FROM TO WIDTH Au Ag Au Eq g/t
(m) (g/t) (g/t) (77:1)
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INCA CA-07-200 59.80 70.00 12.20 6.32 252 9.59
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CA-07-200 incl. 59.80 66.80 7.00 9.02 338 13.41
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INCA CA-07-202 98.10 99.75 1.65 1.22 202 3.85
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INCA CA-07-203 95.15 97.55 2.40 2.18 122 3.76
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INCA CA-07-205 112.20 120.50 8.30 3.13 219 5.98
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CA-07-205 incl. 116.20 120.50 4.30 4.18 256 7.51
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INCA CA-07-206 120.60 124.75 4.15 4.99 708 14.19
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B VEIN CA-07-207 13.70 20.20 6.50 3.69 48 4.32
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INCA CA-07-207 112.90 116.25 3.35 2.64 118 4.17
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B VEIN CA-07-208 18.00 26.00 8.00 3.12 92 4.31
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CA-07-208 incl. 18.00 22.00 4.00 5.17 149 7.10
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B VEIN CA-07-209 12.80 15.40 2.60 2.66 61 3.45
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INCA CA-07-209 132.25 133.80 1.55 2.43 224 5.34
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SEXT CA-07-211 173.30 177.30 4.00 2.36 128 4.02
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AZTEC CA-07-G03 107.75 116.75 9.00 2.17 253 5.45
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CA-07-G03 incl. 110.75 116.75 6.00 3.13 333 7.46
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B VEIN CA-07-213 48.85 54.35 5.50 2.51 36 2.97
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B VEIN CA-07-214 74.65 79.80 5.15 1.96 508 8.56
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INCA CA-07-216 109.80 114.40 4.60 6.35 424 11.86
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CA-07-216 incl. 109.80 112.80 3.00 8.67 579 16.19
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Holes CA-07-G01 to G08, 218 and 219 were holes dedicated to geotechnical
evaluation and report no significant results with the exception of a deep
extension to G03 targeting the Aztec vein. Exploration holes 201, 204, 210,
212, 215 and 217 reported no significant results.
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Drilling at the Kamila Southeast Extension (SEXT) was also completed during the recent drill program. Of four holes drilled, hole CA-07-211 returned a significant intercept, while holes 201, 210 and 212 encountered the extensions of the mineral structure and weakly anomalous precious metal values. Recent results will be compiled with previous information to determine new testing possibilities once the geometry of the mineralization is better understood.

NOTE: To view the Casposo Property - Kamila Deposit (Composite Cross Section A-A1) and the Kamila Deposit (Composite Cross Section B-B1), please click on the following link: http://www.ccnmatthews.com/docs/iaumapss711.pdf

About Intrepid Mines:

Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company's producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company's advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company's exploration properties are located in Argentina, El Salvador, Mexico, Australia and Canada. The issued capital is 164,374,243 shares comprised of 145,840,890 ordinary shares of Intrepid Mines Limited on the TSX:IAU and ASX:IAU and 18,533,353 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.

Qualified Person:

Information in this announcement has been compiled by William McGuinty P.Geo. VP Exploration, a full time employee of Intrepid Mines Limited who has sufficient experience relevant to the style of mineralization and type of deposit under consideration and is a supervisor to the work subject of this release.

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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