Intrepid-BHP Billiton Discover Cannington-Style Indicator Minerals at Isurtuq, Nunavut; IAU Issues Private Placement of Flow-Through Shares.

TORONTO -- Intrepid Minerals Corporation (TSX:IAU) announces today results of the reconnaissance program conducted on the Isurtuq project in conjunction with BHP Billiton. Results received from Overburden Drilling Management Laboratories in early November confirm that a diagnostic spinel for silver-base metal deposits has been identified in 70% of the heavy mineral samples collected from southern Baffin Island, Nunavut in September of this year. Separate confirmation was provided by Kishar Research, who identified the spinel within hand samples of semi-pelitic and clastic metasediments collected from the anomalies.

The 2004 summer program consisted of helicopter supported prospecting and stream sediment reconnaissance over thirty-four priority satellite generated spectral targets within granulite facies metamorphic terrain, east of Nettling Lake, Baffin island. Twenty-two of the thirty-four spectral targets consisted of sulphidic metasediments. The purpose of the heavy mineral program was to determine if a key rare heavy mineral indicator for this deposit-type (zinc spinel) was present. Kishar Research has identified seven key anomalies requiring follow-up. These anomalies are characterized by sulphide paragneiss with variable amounts of accessory pyrrhotite +/- magnetite +/- garnet +/- biotite +/- gahnite.

"The presence of this rare indicator in conjunction with the spectral anomalies is very encouraging, particularly given the small amount of reconnaissance carried out to date on this large land package" said Laurence Curtis, Intrepid President & CEO. "Intrepid intends to continue devoting a small portion of its annual budget to these high risk-high reward exploration opportunities."

This generative program is designed to discover world-class Cannington-style silver enriched base metal deposits. Implementation of the Cannington program is part of Intrepid's strategy to search for world class silver deposits to augment the Company's on-going gold-silver programs in Latin America. BHP Billiton discovered and developed the Cannington deposit in Australia in the 1990's; Cannington is presently the largest single producing silver-base metal deposit in the world (2003 production of 35 million ounces at a grade of 20 oz/ton silver and 11% lead). Based on this discovery, BHP Billiton targeted central and southern Baffin Island as an area permissive for discovery of Cannington style deposits. Intrepid's geological team was chosen to lead the program on Isurtuq. The team includes Dr. Alan Miller, designated QP (Kishar Research), Dr. Laurence Curtis (Intrepid) in addition to research specialists in the United States.

Isurtuq consists of 34 concessions covering approximately 5,192 km2 of prospective Proterozoic terrain in southwest Baffin Island. Intrepid can earn a 50% interest in the claims by spending C$1,000,000 over 3 years on the project (see Press Release #21 dated Sept. 15th, 2004). Intrepid will earn 30% by expending $500,000 before December 31st 2005. Intrepid intends to follow up the 2004 program in 2005 by completing its year 2 commitment of $260,000 in expenditures, thereby earning 30% direct interest in the Isurtuq Project.

Intrepid intends to fund the project by completing a flow-through private placement of up to 400,000 flow-through common shares priced at $0.75 per share for gross aggregate proceeds of $300,000. Insiders of the Company will be participating in the private placement for a total of $155,000. The private placement is subject to approval by the Toronto Stock Exchange.

This transaction is exempt from the valuation and minority shareholder approval requirements of OSC Rule 61-501 (the "Rule") by virtue of the exemptions contained in sections 5.5(2) and 5.7(2) of the Rule in that the fair market value of the consideration for the securities of Intrepid to be issued to insiders does not exceed 25% of its market capitalization.

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 45,596,850 shares outstanding.

Chemical and Mineralogical Analysis: All heavy mineral samples (HMS) were processed at Overburden Drilling Management (ODM) facilities in Nepean, Ontario. ODM used heavy liquid and magnetic separating media; the composition of specific hand picked spinels was confirmed by SEM techniques. In addition, selected hand samples were thin sectioned and subject to petrography. A number of these samples were microprobed by Kishar Research, Ottawa. Calculation of gahnite-hercynite ratio was completed by Dr. P. Spry, University of Iowa.

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 has neither approved nor disapproved the information contained in this press release.

Intrepid Minerals Corporation (TSX:IAU)