Intrepid Mines Limited Releases Activities Report and Appendix 5B

Intrepid Mines Limited Releases Activities Report and Appendix 5B 
Three Months ended 31 March 2013 
BRISBANE, AUSTRALIA -- (Marketwired) -- 04/24/13 -- Intrepid Mines
Limited (TSX:IAU)(ASX:IAU) (the 'Company' or 'Intrepid') is pleased
to announce the release of its report for the quarter ended 31 March
2013 regarding development and exploration activities, as required
under ASX Listing Rules 5.1 and 5.3.  
The documents will be available on SEDAR (www.sedar.com) and the ASX
website (www.asx.com.au), as well as on the Company's website
(www.intrepidmines.com).  
All dollar values are United States Dollars unless otherwise stated.  
OVERVIEW  
Intrepid Mines Limited's ('Intrepid' or the 'Company') principal
activity is the technical advancement of studies related to the Tujuh
Bukit Project in Indonesia ('Tujuh Bukit' or the 'Project'), the
pursuit of legal remedies to protect and enforce the Company's rights
in the Project, and the identification and review of additional
precious metal projects and exploration assets.  
CORPORATE 


 
--  Concerted efforts on-going to confirm Intrepid's 80% interest in Tujuh
    Bukit: 
    --  We are advised that as previously reported the police investigations
        against PT Indo Multi Niaga ('PT IMN'), the joint venture partner
        and its associates are ongoing. 
    --  Proceedings instituted in the State Administrative Tribunal in
        Surabaya, seeking decisions of the Bupati of Banyuwangi to approve
        the transfer of the IUPs and the subsequent changes in shareholding
        in BSI, be set aside. 
--  Law suit initiated against various parties including the Company in the
    South Jakarta District court in Indonesia, on-going. 
--  Directors continue to subscribe for shares partly in lieu of fees
    receivable. 
--  Subsequent to quarter end a notice was received under Section 249D of
    the Corporations Act 2001 (Cth) ("Corporations Act") requesting that the
    Company hold a general meeting of shareholders to consider resolutions
    to remove five existing directors and appoint four new directors 

 
EXPLORATION 


 
--  Activity on Tujuh Bukit was suspended on 19 July 2012, when access to
    the site was denied to the Company by 
    PT IMN. 
--  Six holes drilled at the Silver Queen Project in British Columbia
    (manager - New Nadina Explorations Inc.) 

 
OXIDE PROJECT 


 
--  The technical work to pre-feasibility study status on the Oxide Project
    will be completed during the coming quarter. 
--  Measured and Indicated resources currently stand at 70 million tonnes at
    0.71 grams per tonne ('g/t') gold and 27 g/t silver (1.6 million ounces
    contained gold and 60 million ounces of contained silver). 
--  Inferred Resource stands at 19 million tonnes at 0.75 g/t gold and 21
    g/t silver (0.5 million ounces contained gold and 13 million ounces
    contained silver). 

 
PORPHYRY PROJECT 


 
--  The technical work for the Scoping Study for the porphyry deposit is
    still expected to be completed in the June quarter 2013. 
--  Inferred Mineral Resource currently stands at 1.9 billion tonnes at
    0.45% copper and 0.45 g/t gold (19 billion pounds of contained copper
    and 28 million ounces of contained gold) at a 0.2% copper cut-off. 

 
FINANCE 


 
--  Group loss after tax was $4.7 million for the three months ended 31
    March 2013. 
--  Exploration expenditure for the Project for the three month period to 31
    March 2013 was $1.3 million (on a 100% basis), for a Project total of
    $107.1 million. 
--  Expenditure principally relates to development studies since the 19 July
    2012 site (exploration) shutdown. No further payments have been made to
    PT IMN since that date. 
--  Treasury cash, cash equivalents and term deposits - $104.2 million at 31
    March 2013. 

 
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.  
Competent Person and Qualified Person  
The Mineral Resource Estimates were prepared by Rob Spiers (MAIG) who
is a Director and full time employee of H&S Consultants Pty Ltd. Mr
Spiers has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the "Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves" and as an
Independent Qualified Person as defined in the Canadian National
Instrument 43-101 (standards of Disclosure for Mineral Projects). Mr
Spiers consents to the inclusion of these estimates in the form and
context in which they appear.  
The information in this announcement that relates to exploration
results is based on information compiled by or under the supervision
of Mr Gary Snow, who is a full-time employee of Intrepid Mines
Limited. Mr Snow has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves"
and a Qualified Person as defined in the Canadian National Instrument
43-101 (standards of Disclosure for Mineral Projects). Mr Snow
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.  
Sample Analysis  
Intrepid exercises a strict chain of sample custody in its drilling
program at Tujuh Bukit. Joint Venture personnel remove core from the
drill rig and deliver it to a project geologist who logs the core and
marks the core into two metre sample intervals. Intrepid and Joint
Venture personnel supervise the immediate splitting, sawing and
bagging of samples, and packaging of groups of samples for dispatch
to the laboratory. The remainder of the split core remains on site.  
Samples are securely packaged, batched, and then transported under
supervision to Intertek's laboratory facility in Jakarta. At the
laboratory, the samples are prepared by crushing and pulverizing and
a 30 gram charge is assayed for gold by conventional fire assay
and/or atomic absorption methods. Multi-element ICP analysis is
carried out using a multi-acid digestion process. All samples that
contain silver and/or copper, lead, and zinc values that exceed the
upper detection limits for ICP are re-analysed by conventional atomic
absorption methods to determine the absolute values of these metals. 


 
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)                                 
Garry Gill (Company Secretary)                                              
                                                                            
Stock Exchange Listing                                                      
                                                                            
ASX and TSX symbol: IAU                                                     
                                                                            
Substantial Shareholders                                                    
                                                                            
Taurus Funds Management 8.5%                                                
Van Eck Associates 8.1%                                                     
Acorn Capital 7.0%                                                          
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                                                 

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
www.intrepidmines.com