TORONTO, ONTARIO -- (MARKET WIRE) -- 09/11/2006 -- Intrepid Mines Limited (TSX: IAU)(TSX: IXN)(ASX: IAU) reports further drilling success at the Julieta discovery, a 1 kilometre long vein structure located 4 kilometres northwest of Kamila.

Based on positive results achieved during Phase I drilling (see Intrepid Minerals Corporation Press release, March 3rd, 2006), a 1675 metre Phase 2 diamond drilling program consisting of 21 shallow holes was undertaken in July 2006. Fourteen holes intersected the principal Julieta vein over core lengths of 0.65 to 11.65 metres to vertical depths of approximately 70 metres. When the Julieta vein was intersected values ranged from 2.35 g/t gold over 4 metres to a best intercept of 7.37 g/t gold over 4.5 metres. Table 1 summarizes significant intercepts from the Phase 2 program.

Table 1: Significant Drill Intersections - Julieta Phase 2 Drill Program

------------------------------------------------------------------------
Hole #             From       To       Width         Gold        Silver
                     (m)      (m)         (m)        (g/t)         (g/t)
------------------------------------------------------------------------
JU-06-11          45.35    51.00        5.65         6.13            32

       including  45.35    49.85        4.50         7.37            39

JU-06-12          39.40    41.40        2.00         6.44            34

JU-06-13          59.60    60.50        0.90         8.66            20

JU-06-14          36.15    38.55        2.40         5.07            13

JU-06-15          63.50    75.15       11.65         2.25            10

       including  64.50    66.83        2.33         5.58            19

JU-06-16          38.00    47.35        9.35         2.47            10

       including  40.40    41.40        1.00        12.17            32

JU-06-17          40.62    46.50        5.88         4.52            20

JU-06-18          33.65    35.65        2.00         5.36            26

JU-06-24          29.10    29.80        0.70         6.45            15

JU-06-27          46.50    48.30        1.80         6.68            20

JU-06-28          64.58    65.23        0.65         6.42             7

JU-06-29          71.20    71.85        0.65         9.79            34

JU-06-30          87.48    91.14        3.96         2.35            16

JU-06-31          94.10    95.00        0.90         6.37            51
------------------------------------------------------------------------

Mineralization and veining is contained within a complex structure which is also shared by a later rhyolite dyke intrusion. The dyke can displace or truncate the Julieta vein locally. Drill holes JU-06-19, to -23, -25 and -26 intersected the Julieta vein structure and encountered minor amounts of vein but no significant values. Gold is contained in banded veins and quartz-carbonate stockwork breccias which locally exhibit strong fluidization features. Gold is accompanied by low values of silver. Based on vein textures seen in core and similar textures and silver enrichment patterns seen at neighboring Kamila, Intrepid geologists believe that the Julieta epithermal system has been tested at very high deposition levels and will require deeper drilling to thoroughly investigate its potential.

Phase 2 drilling targeted the Julieta Vein on a planned nominal hole spacing of 25 metres, in-filling Phase 1 drill intercepts and extending along strike and to depth. Julieta is considered by Intrepid as a satellite deposit to the Kamila Mine (currently under feasibility study) and drilling arrays are being planned from the outset to enable resource estimates to be produced promptly once sufficient drill information has been collected. Drilling at Julieta was suspended in July due to winter weather conditions and will recommence in the new year.

All diamond drilling on the Casposo project is being carried out using HQ diamond core with triple tubing to ensure maximum recovery. Chemical analysis for gold was completed by Alex Stewart (Assayers) Argentina S.A. using 50 gram splits and fire assay/AA finish. High gold and silver concentrations are retested using gravimetric techniques. Internal standards provided by an independent company and locally derived blank samples are being inserted for quality control purposes. Mr. William McGuinty P. Geo., V.P. Exploration is Intrepid Mines' Qualified Person on this project.

A drill hole location map for Julieta prospect Phase 1 and 2 is attached and will be available on our web site http://file.ccnmatthews.com/release/iaumap.pdf.

Drilling at the Casposo project has continued through the month of August with two diamond drilling rigs testing the Kamila and Mercado areas for further resource definition in advance of the feasibility study as well as testing the new Kamila SE Extension zone. As with Julieta, the Kamila SE Extension is a new development (see Intrepid Minerals Corporation Press release, April 28th, 2006) for the Casposo project with a high grade gold and silver intersection over 100 m to the south east of the current Kamila Resource. Drilling will continue into September.

On behalf of the Board of Directors of Intrepid Mines,

Laurence Curtis, President & CEO

Information in this announcement is based on information compiled by Bill McGuinty, P. Geo., V.P. Exploration, who is a competent person as defined in the 2004 Edition of the JORC 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a Qualified Person as defined in the Canadian National Instrument 43-101 (standards of Disclosure for Mineral Projects). Bill McGuinty is a full time employee of Intrepid Mines Limited and has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken, and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Intrepid Mines Limited has an international production, development and exploration profile, and holds interests in several gold-silver and silver-base metal properties in Australia, Argentina, El Salvador, and Canada, either directly or through joint venture partnership. The issued capital is 150,032,576 shares comprised of 118,581,968 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and 31,450,608 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

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.

CUSIP: Q4968A

ABN: 11 060 156 452