Intrepid Market Update: Financial News

TORONTO, ONTARIO and PERTH, AUSTRALIA--(MARKET WIRE)--Dec 11, 2007 -- Intrepid Mines Limited (Toronto:IAU.TO - News)(Toronto:IXN.TO - News)(ASX:IAU.AX - News), an international precious metals production, development and exploration company today provided the following update on corporate activities:

- Operations

Improved performance at the Paulsens Gold Mine in Australia continues with production for the December 2007 quarter on track to achieve 20,000 ounces, representing a 20% increase over the prior quarter.

- Development

Encouraging results from drilling earlier in the year at the Casposo project in Argentina are being incorporated into a resource update scheduled for release in January 2008.

Additionally, the opportunity for the Company to co-invest with San Juan Province in the hydro-electric network for the development of the Kamila gold and silver mine is being studied. This investment would facilitate a lower operating cost base utilising renewable power as compared to the diesel fuel generation processes proposed in the feasibility study.

- Exploration

The Company's Phase 1 drilling program (4,000 metres) is 70% complete at the Taviche, Mexico joint venture exploration project and initial assays are expected in January 2008.

- Corporate

Progress in the proposed merger with Emperor Mines Limited continues. The Intrepid shareholder meeting is currently targeted for late February 2008. Management of the two companies have implemented weekly meetings to develop an integration strategy which is expected to expedite the process of combining the two companies upon shareholder approval.

The Company has experienced unusually high trading volume in the Company's shares over the past week. The Company has no knowledge of any undisclosed material event that may be affecting the recent trading activity.

Laurence Curtis, Intrepid President and CEO commented, "Intrepid continues to work towards achieving our corporate objectives - and completing the recently announced merger with Emperor Mines. We do not believe that the recent share price of Intrepid's common stock reflects future prospects for our business."

On behalf of the Board of Directors of Intrepid Mines,

Laurence Curtis, President & CEO

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 181,573,419 shares comprised of 165,821,766 ordinary shares of Intrepid Mines Limited on the (Toronto:IAU.TO - News) and (ASX:IAU.AX - News) and 15,961,653 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the (Toronto:IXN.TO - News).

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 and 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