Apex Silver Mines Limited Partners With Intrepid To Explore Silver-Zinc Discovery In El Salvador.

Business Editors

TORONTO--(BUSINESS WIRE)--Feb. 14, 2001

Intrepid Minerals Corporation (CDNX:IAU) is pleased to announce Apex Silver Mines Limited (AMEX:SIL), through its wholly owned subsidiary ASC Central America, has entered into an agreement to option Intrepid's El Zapote project, the most prospective silver exploration target in El Salvador.

The agreement will allow Apex to earn 60% interest in Intrepid's silver-zinc (gold) project by making minimum expenditures of US$400,000, in addition to a two staged private placement totaling C$300,000 to be used for corporate purposes. The placement will be completed in two separate tranches, at prices to be determined by market conditions and subject to regulatory approvals.

Apex will have the right to take the project to bankable feasibility and earn an additional 15% interest bringing its total direct interest to 75%. Intrepid will have a choice of participating to maintain its 25% interest or diluting to a royalty. The royalty is set at $0.20 per troy ounce of proven/probable silver up to a maximum of US$10 million, payable at a minimum rate of US$1 million per year once production is achieved.

The funding will facilitate Phase II deep drilling on the Cerro Colorado III bonanza breccia zone and Phase I drilling on the San Carolina manto (skarn) system. At Cerro Colorado III, Intrepid has outlined a silver-zinc breccia system which forms part of a 700 metre long by 100 metre wide mineralized structure. Results of a shallow 500 metre diamond drilling program conducted in April 2000 returned well mineralized intersections including 53 metres assaying 285 g/t silver and 1.61% zinc (within which an interval of 14 metres assayed 698 g/t silver and 1.09% zinc). At San Carolina, an area 1000 metres by 200 metres has been outlined carrying anomalous silver, lead, zinc and gold values associated with a limestone-intrusive contact. Values ranging from 40-1968 g/t silver, 0.05 to 2.7 g/t gold and 2-5% combined lead plus zinc been obtained from surface samples over this manto-style zone. Several other zones on the property require drill testing.

"We are proud to have Apex as a shareholder and partner in our quest to advance this project to mine status. Apex is the pre-eminent silver explorer and developer in the world and their partnership will be invaluable to Intrepid," said President Laurence Curtis.

Intrepid explores for base and precious metals in the Caribbean Basin, with joint venture partners in El Salvador, Guatemala and Mexico. In addition, Intrepid is also engaged in platinum-palladium exploration in eastern Canada.

For additional information please visit our website at intrepidminerals.com

The Canadian Venture Exchange has neither approved nor disapproved the information contained in this press release.