Intrepid Minerals Corporation
TSX : IAU

Intrepid Minerals Corporation

June 28, 2005 08:30 ET

Intrepid Team Discovers New Gold Zone in Central El Salvador; Expands Joint Venture License Area

TORONTO, ONTARIO--(CCNMatthews - June 28, 2005) - Intrepid Minerals Corporation (TSX:IAU) is pleased to report the results of ongoing exploration in Central El Salvador being carried out by Intrepid's team in conjunction with partner Au Martinique Inc. A cluster of rock samples found adjacent to Intrepid's Petancol property (currently under 50% option to Au Martinique) returned values ranging up to 7 g/t gold. These results, along with additional exploration work, led to the application by Au Martinique for a license to the northeast of Petancol. This license has now been granted covering 49 km(2) and called Ojo Blanco ('White Eye').

Significant precious metals values of up to 136 g/t gold and 915 g/t silver were encountered in 2004 at the Potonico Zone on the southern part of the Cerro Petancol property. Reconnaissance rock samples taken from the San Antonio zone northeast of Potonico, during the 2004 program, returned anomalous gold values ranging to 2 g/t gold.

The northeasterly bearing San Antonio trend has been traced for over 10 kilometers across the Cerro Petancol license and extends through the Ojo Blanco license for more than 2 km. This regional structure is most likely a significant component to mineralization at the Potonico gold zone and is dominated by strong silicification and quartz-sericite-pyrite (QSP) alteration throughout its course across the Cerro Petancol licence. (see Map Figure 1 at http://www.intrepidminerals.com/ojoblanco.pdf)

A second phase of exploration on the Petancol property is being considered for funding by Au Martinique at this time. This program will include trenching, detailed mapping and preparation for diamond drilling. For background information on the Petancol Project, Intrepid's joint venture with Au Martinique and a more detailed geological description of the Ojo Blanco license, please see http://www.intrepidminerals.com/NR05-10Backgrounder.pdf).

Au Martinique is a private Canadian Company and has the right to earn a 50% interest in certain properties managed by Intrepid by expending US$425,000 over 3 years and issuing 500,000 shares to Intrepid. The Company is currently in the process of obtaining a public listing on the TSX Venture Exchange.

All samples were analyzed at CAS Labs of Honduras, utilizing standard AA/fire assay finish and gravimetric check assays on samples reporting greater than 10g/t gold. Silver assays were obtained by standard gravimetric analysis only. William McGuinty, P.Geo. is Intrepid's QP on this project.

Intrepid Minerals is a TSX listed company engaged in the acquisition, exploration and development of mineral prospects. The Company, either directly or through joint venture partnership, holds interests in several gold-silver and silver-base metal properties in Argentina, El Salvador, and Canada. Intrepid has 46,010,220 shares outstanding.

Contact Information

  • Grove Communications Inc.
    Stephen Coates
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    scoates@intrepidminerals.com
    or
    Intrepid Minerals Corporation
    Laurence Curtis PGeo.
    President & CEO
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    or
    Intrepid Minerals Corporation
    Suite 1710, 155 University Avenue
    Toronto, Ontario, Canada, M5H 3B7
    www.intrepidminerals.com