Intrepid Updates Suaqui Grande, Aldea Zapote

Friday, November 30, 2001

Geologists of Canadian junior Intrepid Minerals are putting together drill hole positions for an upcoming exploration program at its Suaqui Grande copper-gold porphyry project in northwest Mexico's Sonora state, the company announced in its 3Q01 report.

The focus will be on two targets in the 100 sq. km. concession which are a possible extension of Suaqui Verde copper-molybdenum porphyry deposit. The work follows surface exploration work which included stream sediment analysis and mapping during 3Q01.

Australian-Anglo mineral house BHP Billiton (ASX: BHP, LSE: BLT) invested US$195,000 in a private placement in Intrepid to fund ongoing exploration at Suaqui Grande at the start of November. BHP Billiton can earn a 50% stake in the project by spending US$1.3mn on its exploration and development.

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Intrepid and joint venture partner Denver-based Apex Silver Mines (Amex: SIL) have completed third-phase drilling at the Aldea Zapote silver-focused project in El Salvador.

The work tested Cerro Colorado vein's downward extension and the grade of manto-style silver in the Santa Carolina zone. While the Santa Carolina drilling was inconclusive, Cerro Colorado's vein was followed to a depth of 225m below surface and returned a 42m intercept grading 180g/t silver, 2.43% zinc and lead traces.

Mineralization at Cerro Colorado remains open at depth and along strike, and more drilling is planned for early 2002, said Intrepid.

The company is also compiling an exploration program for its 100%-owned San Cristobal gold-silver prospect in eastern El Salvador, where five mineral targets have been identified.

For 3Q01 Intrepid Minerals reported a US$48,000 net loss, and a US$72,000 net loss for the nine months to September 30.