Campaign Against Intrepid Continues Unabated

BRISBANE, AUSTRALIA -- (Marketwire) -- 12/18/12 -- Intrepid Mines Limited (ASX: IAU)(TSX: IAU) (the "Company") comments on the reported transfer of Tujuh Bukit IUPs held by joint venture partner PT IMN to a third party.

Documentation provided to the Australian media, of which Intrepid has obtained a copy, implies a transfer of IUPs in Banyuwangi regency to a company called PT Bumi Sukses Indo (BSI), and a subsequent transfer of shareholding in BSI. The Company is aware of rumours that the Tujuh Bukit IUPs had been transferred to BSI, and was in the process of verifying this information prior to the provision of the documentation to the media by third parties.

As far as Intrepid is able to tell, the document signed by the Banyuwangi regent appears to be genuine and suggests that IUPs in Banyuwangi were issued to BSI in July 2012, but it is noted that the most recent formal lists of certified "clean and clear" IUPs issued by the Indonesian Energy and Minerals Department, does not reflect this holding.

A fuller factual background to the current Tujuh Bukit disputes can be found on the Company's website at www.intrepidmines.com.

Intrepid advises shareholders to treat with caution any offers or representations from parties that may be associated with the actions against the Company.

Ian McMaster AM                       Brad Gordon
Chairman                              Managing Director and CEO

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.

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)
Nyla Bacon (Company Secretary)

Stock Exchange Listing

ASX and TSX symbol: IAU

Substantial Shareholders

Taurus Funds Management 8.5%
Van Eck Associates 7.9%
Acorn Capital 7.4%
Surya Paloh 5.0%

Issued Capital

555,419,975 shares
8,941,961 unlisted options
4,645,104 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 850 505
            +61 3 9415 4000

Contacts:

Intrepid Mines Limited

Brad Gordon

Managing Director / Chief Executive Officer

Brisbane, Australia

(office) +61 7 3007 8000 / (mobile) +61 400 036 636
bgordon@intrepidmines.com


Intrepid Mines Limited

Greg Taylor

Investor Relations

Toronto, Canada

(office) +1 905 337 7673 / (mobile) +1 416 605 5120
gtaylor@intrepidmines.com