Intrepid updates drilling result from E. Java gold project

(21 Oct 2009)--Intrepid Mines Limited is pleased to report that ongoing diamond drilling of the Tumpangpitu Prospect, Tujuh Bukit Project has continued to define encouraging gold-silver oxide zones in the Zone B oxide zone. Drill activity is also to commence in new zones identified by gold-in-soil surface sampling.

East Java - Tujuh Bukit (Intrepid 80%)

Zone B
Recent drilling has continued to return broad, and locally higher grade oxide intercepts induding -

GTD-73 58-136m: 78m at 0.88g/t Gold equivalent
GTD-75 18-94m: 76m at 1.76 g/t Gold-equivalent
GTD-80 0-20m: 20m at 1.07 g/t Gold-equivalent
GTD-85 110-130m: 20m at 4.07g/t Gold-equivalent

With the last hole in the programme nearing completion, an inaugural resource for the oxide mineralization is on schedule for release before year end.

The drilling has also consistently defined relatively shallow sulphide copper-gold-silver mineralisation of grades comparable to that defined at depth under Zones A and C, located 1km to the NE, and consistent with previously announced results (Release of July 16, 2009.) Significant deeper sulphide intercepts include -

GTD-75: 264-300m: 36m at 0.22 g/t Gold-equiv. & 0.56% copper
GTD-78: 50-66m: 16m at 2.35 g/t Gold-equiv. & 0.27% copper
GTD-80 266-284m: 18m at 0.15 g/t Gold-equiv. & 0.33% copper
GTD-85: 80-110m: 30m at 0.8 g/t Gold-equiv. & 0.37% copper

A deep hole to target very encouraging copper-gold-silver mineralization intersected to date in the lower portions of the oxide holes is planned for the current quarter.

Extending Zones A and C
Additional drilling adjacent to Zones A and C (current Inferred Resource 2.57 million ounces) has commenced with results expected during this quarter.

New Zones
Further exploration work in the project area has defined two new oxide zone drill targets - designated Zones D and E .

? Zone D - a four hole drill program is intended to examine a recently discovered gold-in-soil geochemical anomaly and may define the area of Zone A mineralization where it extends laterally to the east.

? Zone E - is a topographic high located between Zones A and B, has a distinct gold-in-soil geochemical anomaly, and has had limited historical drilling (30m at 1.38g/t Gold equiv. 0.91 g/t Gold, 30.73g/t Silver in hole GTD-014).

? Drilling will also follow in the areas between Zones C and B, where historical drilling has intersected
26m at 0.96 g/t Gold equiv. (0.42g/t Gold, 35.15g/t Silver in hole GTD-013B)
33.6m at 0.33g/t Gold equiv. (0.29g/t Gold, 276g/t Silver for in hole GTD-007)
18m at 0.41 g/t Gold equiv. (0.35g/t Gold, 3-94g/t Silver for. in hole GTD-007)
26m at 0.61 g/t Gold equiv. (0.34g1t Gold, 17.42g/t Silver in hole GTD-009)

The Indonesian Forestry Law restricts non forestry activities within protection forests and prohibits mining using an open pit method in protection forest areas. Accordingly, Intrepid's Alliance partner, PT IMN, is working with relevant Indonesian authorities to allow for a review of forest land status. (end of edited release)