nice announcement

Intrepid Hits High Silver Values in New Zone at Kamila
Apr 28, 2006 8:30:00 AM
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/28/06 -- Intrepid Minerals Corporation (TSX:IAU) is pleased to report on further exploration success at the Casposo project in San Juan Province in Argentina.
A total of 1,325 metres of diamond drilling was completed in the corridor southeast of the Kamila deposit. Continuation of alteration and structure consistent with the main Mercado-Kamila zones was demonstrated. In particular, step-out hole DDH CA-06-152 intersected a brecciated quartz vein assaying 4.51 g/t gold and 2,274 g/t silver over a core length of 1.60 metres (90 metres down hole depth).

The intercept is contained on a faulted contact between altered rhyolite (hanging wall) and andesite (footwall). The entire footwall sequence drilled (80 metres) is altered and contains approx. 5% pyrite. The style and magnitude of the alteration suggests that this may be a significant new zone of mineralization which is located approximately 250 metres south east of the proposed Kamila open pit at a vertical depth of 60 metres. (The location of hole CA-06-152 and other holes from Intrepid's recent drilling may be viewed by opening the following link: http://www.intrepidminerals.com/exploration_projects/Map_Kamila_phaseVI.pdf.))

"The intersection in hole 152 is evidence that the exploration model used by the Company at Casposo is capable of generating new mineral zones which will add value to the project," said Laurence Curtis, President and CEO of Intrepid. "These new targets will be continuously tested over the next year as we advance the Kamila Deposit feasibility study."

Drilling completed in late 2005 and early 2006 totaled 4,878 metres, including previously reported drilling from holes CA-05-139 to 145 and from the Julieta Prospect. (See press releases PR#06-07 February 7, 2006 and #06-09 March 3, 2006).

Holes CA-06-146 and 147 were drilled to test for deep and northwestern extensions of the Kamila vein system. Hole 146 intersected the Aztec vein at a depth of 190 metres returning an interval of 3.2 metres averaging 0.66 g/t gold and 475 g/t silver. Hole 147 encountered each of the major vein sets (B, Aztec and Inca) without returning significant values but did intersect 5.8 metres of quartz stockwork which included 2.0 metres of 4.1 g/t gold and 18 g/t silver. Holes CA-06-148 and 149 tested the plunge of the projected convergence of the Aztec and B vein systems. Hole 148 intersected the B-vein zone returning 0.79 g/t gold and 75 g/t silver over an interval of 7.2 metres. Hole 149 returned no significant values. Both holes appear to have missed the Aztec-B junction. Further definition of the zone by drilling will be required.

Holes CA-06-150 and 151 along with Hole 152 noted above tested the south west trending Kamila structures at a nominal spacing of 100 metres. Holes 150 and 151 did not encounter precious metal mineralization. Holes CA-06-153 and 154 tested a geophysical anomaly identified as a potential buried extension of the Mercado vein system. Narrow intervals of quartz veining with pyrite and several metre-wide fault zones were intersected with no evidence of precious metals mineralization.

At Julieta, located approximately 4 km northwest of the Kamila deposit, surface channel sampling was also completed on the vein structure in the area targeted for new drilling, returning the following values:


Trench 01-06, 3.08 g/t gold and 13.5 g/t silver over 12.8 metres,
Trench 02-06, 6.02 g/t gold and 26 g/t silver over 4.3 metres,
Trench 03-06, 5.16 g/t gold and 28.2 g/t silver over 6.8 metres,
(includes 8.58 g/t gold and 43.7 g/t silver over 3.8
metres).

A total of 5,000 metres of diamond drilling is planned in the next program which is due to commence next month to test the down-dip and lateral extensions of the CA-06-152 intercept. Additional resource definition drilling is also scheduled for the Mercado Zone located to the north west of the Kamila Zone and a second phase of drilling will be undertaken at the Julieta Prospect Intrepid will report on drill results as segments of the drilling program are complete and assays are received.

Note:

All diamond drilling on the Casposo project is being carried out using HQ diamond core with triple tubing to ensure maximum recovery. Chemical analysis for gold was completed by ALS Chemex or Alex Stewart (Assayers) Argentina S.A. using 50 gram splits and fire assay/AA. High gold and silver concentrations are retested using gravimetric techniques. Internal standards provided by an independent company and locally derived blank samples are being inserted for quality control purposes. Mr. William McGuinty P. Geo., V.P. Exploration is Intrepid Minerals' Qualified Person on this project.

Intrepid Minerals is a TSX-listed company engaged in the acquisition, exploration and development of mineral prospects. Intrepid is currently completing a plan of arrangement with NuStar Mining of Australia which will result in the merged entity having an international production, development and exploration profile. 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 59,012,936 shares outstanding.