Intrepid Minerals Corporation: Gold Values at Oro Nuevo Encourage an Expanded Drill Program in El Salvador.

TORONTO -- Intrepid Minerals Corporation (TSX VENTURE:IAU) is pleased to announce the progress of drilling at San Cristobal in eastern El Salvador. Since drilling commenced at Intrepid's new discovery, Oro Nuevo, 13 holes have been completed, assayed and reported. The Company only reports on the receipt of final assay certificates and these data were delayed due to laboratory overload. Drilling has confirmed a mineralized package of multiphase quartz stockworking and silicification at depth and indicates a need for an expanded exploration program beyond the original discovery area and additional targets found more recently.

Additionally, the Company has decided to drill four vector holes at its Hormiguero target approximately 15 kilometers to the east.

Oro Nuevo Target, San Cristobal Project

Initial drilling at Oro Nuevo was focused on the zone of intense silicification which produced encouraging trench values reported on earlier this year (see Press Releases #04-08 and #04-09 on March 11 and April 6, 2004, respectively). The trench results suggest the presence of an extensive gold-bearing stockwork proximal to a porphyry-sediment-volcaniclastic contact. Thirteen exploratory core holes totaling 1000 metres were drilled to test the zone at depth along a strike length of 280 metres. These holes intersected a 20 to 40 metre thick shallowly dipping package of mineralized dacite porphyry and volcaniclastics. Mineralization consists of breccias and multiphase silica stockworks carrying irregular sections of banded and vuggy quartz veins. Mineralization is characterized by anomalous but erratic gold values accompanied by elevated values of copper, arsenic, lead and zinc.

Best values intersected over this limited strike length include 5.2 m of 5.48 g/t gold in Hole ON-01 and 1.69 g/t gold over 30 metres in Hole ON-10. Discrete banded quartz intervals within the package returned values as high as 12.16 g/t gold over 1.6 metres in Hole ON-01 and 9.2 g/t gold and 62 g/t silver over 2 metres in Hole ON-10. All samples were prepared and processed in Guatemala by Inspectorate Assay Laboratories and assays were performed and results reported from Inspectorate Assay Laboratories in Nevada, utilizing standard AA/fire assay finish and gravimetric check assays. William McGuinty P.Geo. is Intrepid's Qualified Person on this project.

The Oro Nuevo zone has been traced on surface over a length of 800 metres. Intrepid geologists believe the drilling program confirms that Oro Nuevo is a high level low to intermediate sulphidation system which requires systematic probing to determine the location of feeder structures to the gold-bearing stockwork. A new zone referred to as San Jacinto has been located 2 kilometres to the south. This zone has returned gold values in banded veins up to 40 g/t gold in grab samples. The zone may be a continuation of the Oro Nuevo system into a package of andesitic rocks showing similar structural and mineralization characteristics.

"These results have confirmed that the Oro Nuevo system has robust dimension and is carrying multiple generations of gold-bearing silica. We continue to be very excited by this prospect" said Laurence Curtis, President and CEO. "The geometry of the mineralized system has shown itself to be more complex than we could determine from surface and we will now use the results of this first round of drilling as vectors for potential feeder zones. We will be doing so over the next several months".

Hormiguero Target, San Cristobal Project

Four new diamond drill holes have been planned at Hormiguero, centered on hole EH-01. These holes will test the Guadalupe vein both in the lateral and vertical extent of the discovery zone announced in Press Release 04-13 on June 2, 2004. Discovery hole EH-01-04 intersected 12.55 meters of 5.67 g/t Au, 400 g/t Ag and 5.64% Cu from 169.55 to 182.10 metres, including a section of 7.45 metres averaging 7.50 g/t Au, 648 g/t Ag and 9.49% Cu from 174.65 to 182.10 metres. To date 2 holes have been completed. Hole EH-03-04 intersected 32 metres of silica-calcite veining and breccia 50 metres above the discovery hole. Hole EH-04-04 was collared 60 metres to the south at approximately the same elevation as the discovery hole and intersected 31 metres of silica and sulphide breccia, including banded quartz veins. Results from this program are pending.

Aldea Zapote Project.

The Cerro Colorado silver project in western El Salvador is being carried by SilverCrest Mines Inc. who recently reported drilling results on the Aldea Zapote property in Western El Salvador. Highlights of recent news include: a verification of high-grade silver caps on both the Cerro Colorado III and the San Casimiro deposits; potential for expansion of resources at Cerro Colorado III, and; the identification of significant gold zones within the San Casimiro deposit.

Intrepid has a sliding royalty on production of silver from Aldea Zapote of US$0.20/oz to US$0.60/oz depending on commodity price. According to Silvercrest, SRK has confirmed 12 million ounces of silver in the indicated resource category and a further 2.28 million ounces in the inferred resource category in this deposit (based on a cut-off grade of 34 g/t Ag). See SilverCrest Mines' (TSX-v:SVL) October 13, 2004 release for complete details.

Intrepid Minerals is a TSX listed company engaged in the acquisition, exploration and development of mineral prospects. The Company, either directly or through joint venture partnership, holds interests in several gold-silver and silver-base metal properties in Argentina, El Salvador, and Canada. Intrepid has 45,491,925 shares outstanding.

The statements made in this Press Release may contain 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 Venture Exchange has neither approved nor disapproved the information contained in this press release.