Intrepid updates drilling results from E. Java gold project

(08 November, 2010)--Intrepid Mines Limited is pleased to report that assay results from three recently completed drill holes at the Tumpangpitu Prospect at the Tujuh Bukit Project in East Java have shown additional high grade intervals of copper and gold mineralisation, extending the depth potential of the porphyry resource area.

?The results from these holes show that the Tumpangpitu system extends below the recent maiden resource estimate area and delivers on our commitment to grow our deposit. It is clear that we have yet to define the system?s limits in several directions but with four rigs turning in the main porphyry system, we are actively testing the zones to the west, southeast, northeast and at depth. Importantly, the new drilling confirms our current understanding of the mineralization system?, said Intrepid CEO, Brad Gordon.

Holes GTD-165 and 166 were drilled near to the SE boundary of the area of the recent porphyry copper-gold maiden resource estimate (500 million tonnes at 0.5 g/t gold and 0.4% copper). Both holes returned grades superior to the current resource average. GTD-165 returned 120m at 0.89 g/t gold and 0.58% copper; GTD-166 returned 296m at 0.67 g/t gold, 0.56% copper. These intercepts suggest that the better mineralised zones are deeper to the SE. This interpretation is also partially due to the presence of a weakly mineralised diatreme breccia body occurring in the upper intervals of the holes. Neither of these intercepts was available for inclusion in the recent resource estimate.

The third recently completed hole, GTD-10-167, was drilled between holes GTD-35 and GTD139 to better define the geometry of the high grade zone. The intercept in hole GTD-167 of 398m at 0.77g/t gold and 0.54% copper, including l00m at 1.29g/t Au and 0.89% Cu, supports the inverted arcuate geometry interpreted for the high grade zone. Hole GTD-35 intersected 63Gm at 0.45g/t Au and 0.44% Cu including 108m at 0.95g/t Au and 0.9% Cu. Hole GTD-1 39 intersected 374m at 1.03g/t Au and 0.5% Cu including 106m at 2.78g/t Au and 1.24% Cu. Hole GTD-169 is in progress and is targeting the high grade zone mineralisation to the southwest.

At the time of the resource estimate, holes GTD-165 and 166 were still in progress so partial data only was included in the resource estimate block model. Data was included from hole GTD-165 from 0 metres to 598.7 metres. The main intercept in this hole was from 876 metres to 996 metres. The hole ended at 1,000.05 metres in weak mineralisation. Data was included in the resource estimate from hole GTD-166 from 0 metres to 500 metres. The main intercept in this hole was from 788 metres to 1,084 metres. The hole ended at 1,102.8 metres in weak mineralisation. (ends)