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    Intrepid and BHP Billiton to Search For World-Class Silver Deposits in Canada

    Toronto, Canada, 25th July, 2003, Intrepid Minerals Corporation (TSX-V - IAU) announced today that BHP Billiton and Intrepid have signed an agreement to search for world-class silver deposits in certain areas in Quebec and Manitoba, Canada.

    Several of these “Broken Hill-Type” (BHT) deposits have been recognized in Australia, with the highest grade deposit, known as Cannington, currently being mined by BHP Billiton. The Cannington mine in northeast Australia is currently the largest and lowest cost single mine producer of silver in the world, with annualized production of 36 million ounces of silver and substantial amounts of lead and zinc. The total contained silver resource of Cannington is in excess of 600 million ounces of silver at an average grade of 15 ounces per ton (540 g/t silver).

    Broken Hill-Type (BHT) deposits of Cannington style have particular mineralogical and geophysical attributes that can be used as discovery vectors. Intrepid is currently working with proprietary information collected by BHP Billiton over certain portions of the Canadian Shield which will help discriminate target areas for reconnaissance and staking.

    “This venture further cements our relationship with BHP Billiton, who are already a shareowner of our company. Intrepid has expertise to offer with this deposit-type and we are pleased to have been chosen by BHP Billiton to implement these programs in Canada” said President Laurence Curtis. “This agreement extends our precious metals exploration programs from our traditional project areas in Latin America into Canada.”

    The joint venture agreement provides that each party contribute equally during the Phase 1 exploration program. The initial budget for 2003 has been set at US$ 110,000 and, contingent upon success, an additional US$ 200,000 is to be spent by September 30, 2004. BHP Billiton maintains certain option rights whereby it may increase its interest to 70% by making certain expenditures and completing a feasibility study. This is the third deal that Intrepid has completed in as many years with BHP Billiton.

    In other news, Intrepid continues to advance its Casposo project in Argentina where it recently received more encouraging metallurgical results from the drilling program on the Kamila Zone. Intrepid is preparing to commence the next phase of drilling on the Mercado gold-silver Zone to the north of Kamila. A compilation of previous geophysics together with sampling and mapping conducted by Intrepid now demonstrates that the Kamila-Mercado target corridor extends for over three kilometres of which only 400 metres has been adequately tested to date.

    Intrepid is a Tier 1 TSX Venture Exchange listed company with $2.1 million in working capital and 30,155,611shares outstanding.

    For further information visit our website at or contact:

    Laurence Curtis, President, PGeo and designated QP, or

    Stephen Coates (ext 6305), Investor Relations:

    Tel: (416) 368-4525 Toll Free: 866-409-4716 Fax: (416) 368-3859

    e-mail: [email protected]

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