Intrepid’s inaugural resource confirms multi-million Oz potential

Intrepid Mines Limited, an international gold and silver production, development and exploration company, announces that the inaugural Inferred Resource has been estimated for Zone C of the Tumpangpitu area of the Tujuh Bukit Project in Indonesia.

Independent Consultants Hellman and Scho-eld Pty Ltd has estimated the resource and reported in accordance with the JORC Code. It is based on drill data from the 80m x 80m grid that covers an area of approximately 400m x 300m over Zone C.

The company said that Zone C is one of three zones of known oxide and sulphide gold-silver mineralisation within the Tumpangpitu Prospect and remains open to the north and the south.

Zone A is currently being drilled with results expected in October, 2008 whilst drilling at Zone B is scheduled to commence in September, 2008.

Data is shown for Gold Equivalent (AuEq) cut-off values. The gold equivalent ratio for silver has been set at 65:1 based on US$650/oz gold and US$10/ oz silver. Historical bottle roll tests have shown recoveries of 83% Au and 84.5% Ag, supporting a 65:1 ratio. Additional metallurgical testing is currently underway and results are expected in September, 2008.