Intrepid Mines Limited

Intrepid Mines Limited

March 22, 2007 09:20 ET

Paulsens Gold Mine Update

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU) an international gold and silver production, development and exploration company, advises that the March 2007 quarter has recorded grade improvement at the Paulsens Gold Mine with production expected to exceed 17,000 ounces for the current quarter being a 16% increase on the previous quarter. During March 2007 the mine produced its fourth tonne of gold, passed the half way mark in its hedge delivery program and has reserved funds towards the next scheduled debt repayment to pass the half way mark in its debt facility repayment program. Mine development is currently six months ahead of immediate stoping requirements and ore stock tonnage is at the highest level since commissioning.

As announced in January 2007, Mr. Brett Lambert, has completed his contract as Chief Operating Officer and Executive Director. Mr. Lambert will continue as a non-executive Director. Mr. Rod Jacobs formerly General Manager - Paulsens Gold Mine has accepted the expanded role of General Manager - Australian Operations.

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, Central America and Canada, either directly or through joint venture partnership. The issued capital is 164,279,243 shares comprised of 140,610,489 ordinary shares of Intrepid Mines Limited quoted on the (TSX:IAU) and (ASX:IAU) and 23,668,754 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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