Intrepid Mines Limited: Update Regarding New PT IMN Shareholders

BRISBANE, AUSTRALIA -- (Marketwire) -- 07/24/12 -- Intrepid Mines Limited ("Intrepid", the "Company") (TSX: IAU)(ASX: IAU) provides an update following on the advice to the market on 28 June 2012 regarding the change in shareholding of its Indonesian joint venture partner, PT Indo Multi Niaga ("IMN").

The Company has sought to engage the original shareholders of IMN on the identity of the new shareholders, without success. Enquiries made at the Indonesian Ministry of Law and Human Rights revealed that the following additional individuals and entities were listed as shareholders of IMN as at 12 June 2012:

PT Cinta Kasih Abadi
PT Selaras Karya Indonesia
Andreas Tjahjadi
Rahmad Deswandy.

The Company is not able to give any assurance as to the accuracy of this information, as the publicly available information is sourced from filings which are the legal responsibility of the Directors of IMN, and there is no assurance that these filings are correct or current.

The new shareholders listed above collectively hold 80% of the expanded issued capital in IMN, which holds the Tujuh Bukit mining licences. Under the terms of the Alliance Agreement between the parties, Intrepid holds an 80% economic interest in the Tujuh Bukit project, with IMN holding the remaining 20%.

Intrepid continues to attempt to establish discussions with both the new and original IMN shareholders.

Forward-looking statements

This announcement contains certain forward-looking statements, relating to, but not limited to Intrepid's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as 'anticipate', 'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future outcomes, or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects, and timing of commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied.

Shareholders and potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Intrepid undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Statements relating to gold resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as gold prices, cut-off grades and operating costs, which may prove to be inaccurate.

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

Stock Exchange Listing
ASX and TSX symbol: IAU

Substantial Shareholders
Taurus Funds Management 9.2%
Acorn Capital 7.9%
Van Eck Associates 6.5%

Issued Capital
525,920,331 shares
4,710,972 unlisted options
4,014,632 unlisted share 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: 1 800 805 505
+61 3 9415 4000

Contacts:

Intrepid Mines Limited

Brad Gordon

Chief Executive Officer

Brisbane, Australia: +61 7 3007 8011

Mobile: +61 400 036 636
bgordon@intrepidmines.com


Intrepid Mines Limited

Greg Taylor

Toronto, Canada: +905 337 7673

Mobile: +416 605 5120
gtaylor@intrepidmines.com
www.intrepidmines.com