Intrepid Mines Limited: Shareholder Requisition for General Meeting

BRISBANE, AUSTRALIA -- (Marketwired) -- 04/23/13 -- Intrepid Mines Limited (TSX: IAU)(ASX: IAU) (the "Company" or "Intrepid") advises that it has received a notice (Notice) under Section 249D of the Corporations Act 2001 (Cth) (Act) from Quantum Pacific Investment Limited (Quantum), Fides Capital Partners Limited, Mr Marcus Noel Tay and All Victory Limited (Requisitioning Shareholders), who are the registered holders of approximately 5.37% of the voting shares in Intrepid, requesting that the Company hold a general meeting of shareholders to consider resolutions to remove five existing directors and appoint four new directors (Resolutions).

Under Section 249D of the Act the Directors must call and arrange to hold a general meeting on the request of members with at least 5% of the votes that may be cast at the general meeting. Directors must call the meeting within 21 days after the request is given to the Company and the meeting is to be held not later than 2 months after the Notice has been received.

A notice calling the meeting of shareholders to consider the Resolutions will be prepared and despatched to all shareholders in due course, within the timeframe prescribed by the Act.

Directors advise that the Company's Annual General Meeting for which Notice has previously been distributed to all members will be held at 3 pm on Wednesday 8 May 2013 at the Sofitel Hotel in Brisbane.

In response to statements made by Quantum, Intrepid's Chairman, Ian McMaster, noted that the Board of Directors rejects the claims that have been made and will rebut them in detail in the coming days.

"We understand the Tujuh Bukit project (Project), historical developments and our current situation better than anyone. We have been working on a plan to deliver value to shareholders and we are hopeful that the legal system in Indonesia will uphold the rights that were well documented in the Alliance Agreement with PT IMN", he said.

Intrepid is currently waiting to hear from the Indonesian police regarding the outcome of their investigation into the alleged fraud and embezzlement perpetrated by the Company's joint venture partners at Tujuh Bukit, Maya Miranda Ambarsari and Andreas Reza Nazaruddin. The investigation is being undertaken in relation to the issue of shares in PT IMN to various third parties in contravention of the terms of the Alliance Agreement, the use of funds that Intrepid provided for exploration activities and the seizure and withholding of the Company's equipment and intellectual property subsequent to 19 July, when Intrepid employees were evicted from the site.

Having regard to the so called "5 point action plan" put forward by Quantum, in which Quantum claims that the Intrepid Board has destroyed shareholder value, lost optionality on the Project and was misguided in issuing shares to Surya Paloh, the Company notes that:

1.  Intrepid has undertaken major cost cutting initiatives during the past
    nine months and introduced a tight capital management program. These
    initiatives included a substantial reduction in staff, with cash
    reserves allocated to progress the legal actions instituted to protect
    the Company's rights to the Tujuh Bukit asset, as well as investigating
    other growth opportunities.
2.  The Company has undertaken a comprehensive review of its position and
    has obtained legal and financial advice from external experts, including
    several major law firms and Macquarie Capital.
3.  The Company has been prepared to engage in constructive discussions with
    the parties claiming ownership of Tujuh Bukit, but there has been a lack
    of willingness to engage shown by these parties. Quantum is clearly
    being opportunistic in approaching these parties when the ownership of
    the Project is in dispute, as evidenced by their entry onto the
    Company's register after Intrepid was evicted from the Project site in
    July 2012. Quantum does not have any operational experience in the
    resources sector.
4.  The Company has always maintained that it is legally entitled to an 80%
    economic interest in the Project and this has been the cornerstone of
    efforts to preserve and enhance shareholder value.
5.  The Company had discussed for some time the need to have a greater "on
    the ground presence" in Indonesia and considered various options. As
    part of its efforts to increase its Indonesian profile, the Company
    appointed Mr Adrianto Machribie to its board in November 2011, and
    recruited Mr Tony Wenas as a senior executive in 2012. As part of this
    ongoing effort, Intrepid issued shares to prominent Indonesian
    businessman, Surya Paloh, in July 2012. Mr Paloh has been assisting the
    Company in discussions with Indonesian authorities and engagement with
    local media and other stakeholders.

Intrepid has also instituted action in the State Administrative Tribunal in Surabaya, seeking that the transfer of the Project licences from PT IMN to a third party, PT Bumi SuksesIndo (BSI), be set aside on the basis of legal irregularity. This process has allowed the Company access to background documentation evidencing the transfer and related activities. The corporate shareholding in BSI can be traced back to a number of high-profile Indonesian personalities, including:

--  Garibaldi Thohir 11.4%
--  Maya and Reza 20%
--  Sakti Wahyu Trenggono 1.9%
--  Provident Capital 44.7%
--  Edwin Soeryadjaya 18%.

Directors

Ian McMaster (Chairman)
Colin G. Jackson (Deputy Chairman)
Brad A. Gordon (Managing Director)
Laurence W. Curtis (Non-executive Director)
Robert J. McDonald (Non-executive Director)
Alan Roberts (Non-executive Director)
Adrianto Machribie (Non-executive Director)
Vanessa Chidrawi (Company Secretary)

Stock Exchange Listing

ASX and TSX symbol: IAU

Substantial Shareholders

Taurus Funds Management 9.0%
Acorn Capital 7.9%
Van Eck Associates 6.5%
Surya Paloh 5.0%

Issued Capital

555,792,572 shares
7,768,609 unlisted options
2,574,737 unlisted share rights
51,208,032 unlisted restricted
performance rights

Shareholder Enquiries

Matters related to shares held,
change of address and tax file
numbers should be directed to:

Computershare Investor Services
GPO Box 2975, Melbourne, Victoria
3001, Australia

Telephone:  1300 805 505
            +61 3 9415 4000

ABN 11 060 156 452

Contacts:

Intrepid Mines Limited

Brad Gordon

Managing Director

Chief Executive Officer, Brisbane, Australia

(office) +61 7 3007 8000 or (mobile) +61 400 036 636
bgordon@intrepidmines.com


Intrepid Mines Limited

Greg Taylor

Investor Relations Toronto, Canada

(office) +1 905 337 7673 or (mobile) +1 416 605 5120
gtaylor@intrepidmines.com


Intrepid Mines Limited

LEVEL 1

490 UPPER EDWARD STREET

SPRING HILL QLD 4004

+61 7 3007 8000
www.intrepidmines.com