Intrepid Mines reports another record

Intrepid Mines Limited, an international gold and silver production, development and exploration company, following its second highest quarterly gold production and a 23% upgrade of its Argentinean gold and silver project resource, today has achieved the six tonne milestone at its Australian gold project.

Following a successful December 2007 quarter, where Paulsens Gold Mine produced 21,426 ounces of gold at site cash costs of US$357 per ounce, the Paulsens team this week poured the sixth tonne of fine gold with Mill Superintendent Mr Phil O’Neil and Gold Room Supervisor Mr Wes Marendziak present for the shipment, having both joined the Paulsens team prior to its first gold pour in June 2005. Spot sales last week totalled 1,349 ounces achieving a new record price for the Paulsens Gold Mine of A$1,020 per ounce (an additional 300 ounces were set aside to extinguish the remaining balance of the January hedges).

Intrepid President and CEO Mr Laurence Curtis said that we are pleased to have achieved this significant milestone which follows a challenging year in 2007. We have refocused our exploration efforts at Paulsens based on work completed over the past several quarters to gain a better understanding of the deposit.

An initial mine extension drilling program begins this week from underground focusing on the faulted offset of the Upper Zone first identified during resource drilling in late 2006.

According to Mr Laurence Curtis, the Upper Zone is currently the mine’s main producing area and the potential of a repeated structure continuing at depth is very exciting.

The drilling beginning this week is the first of a succession of programs to expand the Paulsens reserves and draw value from the quality team and infrastructure in place at Paulsens, he said.

Intrepid has a full, challenging and exciting year ahead in 2008 with a number of short to medium term goals to unlock the value of the Company’s assets for shareholders, including, completing the merger with Emperor Mines, eliminating Paulsens project debt, extinguishing hedge commitments through gold delivery, expanding Paulsens reserves, and building a second gold mine, at its Casposo project, in Argentina.