Intrepid Announces Final Buy Back Acceptances and Scale Back

BRISBANE, AUSTRALIA--(Marketwired - Nov. 20, 2014) - Intrepid Mines Limited (IAU.AX)(IAU.TO) ("Intrepid", or the "Company"), advises that upon closing of the A$110 million Buy-Back Offer at 5pm Australian Eastern Daylight Time on 18 November 2014, Buy-Back Acceptance Forms had been received for 449.6 million Intrepid Shares.

As the maximum value of Intrepid Shares that can be bought back under the Buy-Back is A$110 million and the acceptances received exceed this level, a Scale Back will apply in accordance with terms and conditions of the Buy-Back.

The Scale Back will proportionally reduce all acceptances to approximately 81.5%* of the number of shares for which shareholders originally submitted their acceptance. In calculating this number, fractions will be rounded down to the nearest whole Share.

The completion of the Buy-Back remains subject to the satisfaction of the remaining Buy-Back Condition, the implementation of the Merger with Blackthorn. Shareholders of Blackthorn will vote on the Merger at a meeting on Friday 21 November 2014.

It is anticipated that once the final Buy-Back Condition is satisfied, the Buy-Back consideration of A$0.30 per Intrepid Share will be dispatched to Intrepid Shareholders on or around 11 December 2014.

*The percentage used for the Scale Back will be 81.54635% with fractions being rounded down to the nearest whole Share.