Intrepid Announces Convertible Note Conversion Strengthens Balance Sheet

Intrepid Mines Limited (TSX: IAU)(TSX: IXN)(ASX: IAU), an international precious metals production, development and exploration company, announced today receipt of an election from Claymore Capital to immediately exercise its A$5.3 million Convertible Note.

The conversion will fully extinguish all obligations under the Note and will result in the issue (subject to obtaining TSX approval) of 17,199,176 ordinary shares and 2,000,000 options to acquire ordinary shares. The option exercise price is A$0.36 with an expiry date of 20 September 2009.

This conversion strengthens the Intrepid balance sheet by immediately reducing external debt and extinguishing all commitments under the Convertible Note.

About Intrepid Mines:

Intrepid Mines Limited is an international precious metals 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 164,374,243 shares comprised of 145,912,790 ordinary shares of Intrepid Mines Limited on the TSX:IAU


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 & 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.

ABN: 11 060 156 452

Intrepid Mines Limited (Toronto, Canada)
Ann Candelario
VP Investor Relations
(416) 368-4525

Intrepid Mines Limited (Perth, Western Australia)
Derek Humphry
Chief Financial Officer
+61 8 9346 0000

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