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Intrepid Offers to Acquire Jeronimo Gold Deposit from Goldcorp in Partnership with Bactech CCNMATTHEWS Intrepid Minerals Corporation June 20, 2006 - 01:21:44 PM Intrepid Offers to Acquire Jeronimo Gold Deposit from Goldcorp in Partnership with Bactech TORONTO, ONTARIO--(CCNMatthews - June 20, 2006) - Intrepid Minerals Corporation (TSX:IAU), "Intrepid") is pleased to announce that it has offered to jointly acquire Goldcorp Inc.'s ("Goldcorp") 56.7% interest in Agua de la Falda S.A. ("ADLF") which owns the Jeronimo gold deposit ("Jeronimo") located in northern Chile. Intrepid has partnered with BacTech Mining Corporation (TSX-V:BM, "BacTech") to acquire Goldcorp's interest in ADLF which is subject to rights of first refusal held by 43.3% owner, Corporacion Nacional del Cobre de Chile ("Codelco"). The acquisition is also subject to due diligence by both Intrepid and BacTech. The Jeronimo Deposit hosts a potential resource ranging from 15 to 16.6 million tonnes of mineralised material with a range of grade from 0.16 to 0.169 oz/t gold based upon data reported by Homestake Mining Company (1998, SEC 10K) and Sonami (Boletin Minero #1138, 2000). These data are historical in nature and cannot be independently verified at this time and may not conform with current CIM standards of reporting. This estimate is relevant to the acquisition of the property by the partners, but its reliability cannot be established from information presented with the estimate, nor has the mineralised material been categorised. The potential quantity and grade reported are conceptual in nature and further exploration and evaluation may not confirm all or part of this estimate as a mineral resource. Upon completion of the transaction, Intrepid and BacTech will acquire Goldcorp's 22,348 Class B shares in ADLF for a total cost of US $13.0 million. BacTech and Intrepid will each pay US $6.5 million and receive 50% of these shares. Intrepid and BacTech will assume the Joint Venture management through their majority shareholding. The partners have agreed to equally indemnify Goldcorp for any existing environmental and closure liabilities related to the property. ADLF, a former gold producer, is comprised of Jeronimo and the formerly producing El Hueso and Agua de la Falda deposits, as well as encompassing property that exceeds 400 km2. The property is located in the Maricunga District in northern Chile, 3,900 metres above sea level and 25 km from the operating Potrerillos smelter. The Jeronimo deposit will be the focus of both Companies' development strategy with ADLF. Intrepid has received reports and information for the property that demonstrate the deposit has been tested by 231 diamond and reverse circulation bore holes drilled on nominal spacings of 25 to 100 metres. The deposit has also been accessed by a 1 km long exploration drive which was surveyed and sampled. Intrepid and BacTech have not independently reviewed the Jeronimo mineral resource at this time or established its conformity to National Instrument 43-101 Standards of Disclosure for Mineral Projects. Cautionary statements within the documentation presented to the partners suggest that resource models have been well constructed but additional drilling will be required in all zones to improve the categorisation of mineral resources. These data are currently being analysed by Intrepid's Professional Engineer and a block model is under construction. Considerable infrastructure remains in place at the ADLF operations site, including a 7,500 tonne per day crushing plant with a Merrill Crowe circuit and refinery and full operation maintenance and administration facilities. There are also numerous geochemical and geological anomalies on the property worthy of further exploration. Following completion of the transaction, BacTech and Intrepid will immediately begin laboratory and pilot test work on concentrate and drill core in Perth, Australia under the guidance of Dr. Paul Miller, BacTech's Vice-President of Engineering. Although information on metallurgical testing indicates that the ore may be amenable to pressure oxidation and roasting technologies, the Jeronimo mineralisation is contained within a complex sulphide ore that is expected to be liberated using BacTech's more cost effective, patented "BACOX" (Bacterial Oxidation) process. The test work period is anticipated to be completed within six to eight months. "We will need to wait for Codelco's decision on our offer, but remain confident that our combined team can bring the required economic development solution and new jobs to the region" said Laurence Curtis, President and CEO of Intrepid. 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 Corporation Limited 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 59,062,936 shares outstanding. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the risk that Codelco may exercise its ROFR, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled "Risks" in the Company's Management's Discussion and Analysis for the Year Ended December 31, 2005. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements. FOR FURTHER INFORMATION PLEASE CONTACT: Intrepid Minerals Corporation Laurence Curtis, P.Geo. President & CEO and designated Qualified Person [phone] or Toll Free: 866-409-4716 Grove Communications Inc. Stephen Coates and Cathie Simon [phone] or Toll Free: 866-409-4716 [phone] (FAX) [e-mail] www.intrepidminerals.com