TORONTO, ONTARIO -- (MARKET WIRE) -- 09/22/2006 -- Intrepid NuStar Exchange Corporation (TSX: IXN) wishes to remind former shareholders of Intrepid Minerals Corporation who received exchangeable shares of the Corporation as a result of completion of the arrangement between Intrepid Minerals Corporation and Intrepid Mines Limited, that they have the option to file an election with the Canada Revenue Agency (the "CRA") to defer the tax consequences that would otherwise result from the completion of the arrangement.

To receive this tax deferral, a shareholder must complete the required CRA election form (T2057 for an individual or T2058 for a partnership). In addition, if the shareholder is resident in Quebec, additional election forms must be completed (Quebec Form TP-518-V for an individual or TP-529-V for a partnership). The CRA election forms can be found on the CRA website at www.cra-arc.gc.ca or from the Intrepid Mines Limited website at www.intrepidmines.com.

It is the shareholder's responsibility to complete and forward the appropriate election form to Equity Transfer and Trust Company ("Equity"), Suite 420, 120 Adelaide Street West, Toronto, Ontario, M5H 4C3, on or before October 2, 2006. All forms delivered to Equity by this date will be signed by INEC and returned to the shareholder as fully executed. Shareholders are urged to seek the advice of their tax professionals to ensure the form is completed correctly and filed on time.

For individuals, the shareholder is then responsible for submitting the fully executed form to CRA (and the required form to the Quebec authorities if applicable) by the tax return filing deadline of April 30, 2007. Partnerships would be required to submit the required form by their relevant tax filing deadline. Holders of exchangeable shares who do not submit their executed election forms to CRA will not be able to defer the tax consequences as a result of completion of the arrangement.

Neither INEC nor Equity take any responsibility for ensuring that the election forms are completed correctly, submitted for signature to Equity or submitted to CRA as required.

This information is directed to Canadian shareholders only and does not apply to American and non-resident shareholders.

Also, holders of exchangeable shares (TSX: IXN) are reminded that they have the ability to exchange their shares for Intrepid Mines Limited shares (TSX: IAU).

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 119,027,689 ordinary shares of Intrepid Mines Limited quoted on the TSX:IAU and ASX:IAU and 31,004,887 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