TORONTO, ONTARIO -- (MARKET WIRE) -- 09/19/2006 -- Intrepid Mines Limited (TSX: IAU)(ASX: IAU) and Intrepid NuStar Exchange Corporation (TSX: IXN) reports the acquisition of the Cristina property in the Calingasta Valley, San Juan Province, Argentina. The property is located approximately 30 km southeast of the Casposo project within the Cordillera Frontal. The property has been acquired under a four year option agreement with staged payments totaling US$205,000 and work commitments of US$1,000,000. The property has been acquired as part of Intrepid's regional exploration initiative which is focused on identification of future resources within trucking distance of the Kamila mine, currently at the feasibility stage.

Mineralization identified by Intrepid geologists on the Cristina property is related to a series of north, to northeasterly trending veins and structures which are related to a regional scale north-trending deformation zone. The veins consist of quartz, quartz-calcite or quartz-dolomite exhibiting breccia textures and late silica flooding indicative of multiple stage mineralizing events. High grade gold mineralization is in many cases related to poly-metallic sulphides (pyrite, galena, sphalerite, chalcopyrite) with a close geochemical association with lead (in the form of galena). Intrepid staff has observed visible gold crushed and panned on site from one of the veins exposed on the property.

Mineralization and veining has been traced over a distance of approximately three km and surface samples from numerous veins up to two metres in width have reported values from trace to 9.3 g/t gold over two metres with grab samples along the trend of the main structure ranging as high as 23.4 g/t gold. A plan of sampling from the main area of the Cristina property can be seen at www.intrepidmines.com.

The main northerly trending quartz-carbonate vein system appears to be related to a shear zone which defines the contact between a mafic volcanic and fine grained greywackes and siltstones. Intrepid geologists will pursue this contact zone as the initial axis of exploration for the property. Detailed mapping and sampling, geophysics and drilling are being considered in the first year of exploration on the property.

On behalf of the Board of Directors of Intrepid Mines,

Laurence Curtis, President & CEO

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.

The link below is a map of the Cristina Vein System Geological Plan with Gold Values.

http://www.ccnmatthews.com/docs/mapiau.pdf

CUSIP: Q4968A ABN: 11 060 156 452