BRISBANE, AUSTRALIA--(Marketwired - April 26, 2013) - Intrepid Mines Limited (TSX:IAU)(ASX:IAU) (the 'Company') advises that the attached letter was mailed to shareholders today 26 April 2013.

Intrepid also advises that a copy of the requisition for a general meeting referred to in the shareholder letter has been placed on the Company's website at [ www.intrepidmines.com ].

Intrepid Mines

Letter to Shareholders

Dear Fellow Shareholder

Attempt to take Control of the Board

In my letter to you on 19 February, I advised you that a group called Quantum Pacific was contemplating trying to remove the entire Intrepid board (a copy of my letter is on our website at [ www.intrepidmines.com ]).

As you may have read in the press, we have now received a requisition from Quantum Pacific and others seeking the removal of 5 of the 7 directors of Intrepid Mines and the appointment of 4 directors nominated by Quantum Pacific and its associates.

We are required by the Corporations Act to convene a meeting of all Intrepid shareholders to consider the resolutions being proposed by Quantum Pacific. I am writing to let you know that we will convene this meeting within the next two to three weeks and will hold the meeting within 2 months of the notice being received from Quantum Pacific and its associates.

The Notice of Meeting we send you will outline why your directors reject the arguments being put forward by Quantum Pacific and its associates.

Until you receive the Notice of Meeting, you do not need to take any action in relation to your Intrepid shares.

Ahead of sending you the Notice of Meeting, I do want to make 3 simple points.

1. Your board and management continue to work hard on a range of fronts to achieve our simple objective of restoring value for all of our shareholders (for more high level information about what we have been doing please see my last letter).
2. As required by the Corporations Act, in the Notice of Meeting we will address the issues raised by Quantum Pacific and its associates. In the meantime, we remain of the view that we are not going to assist the protagonists in this dispute by disclosing information about our activities which could help them achieve their objectives.
3. As you would expect, following receipt of the requisition from Quantum Pacific we have spoken with a number of major institutional shareholders. I am pleased to confirm that those shareholders continue to support your board and management. I would hope you would agree that the Intrepid Board and management is in the best position to understand the position the company now finds itself in, the potential of the Tujuh Bukit project, its historical development and the options for resolving the challenges we now face better than anyone who might recently have become a shareholder of the company to pursue their own interests.

As I said in my last letter, your directors appreciate the strong support that has been given to us by so many shareholders as we attempt to deal with this complex and challenging situation.

We look forward to your continuing support as we deal with this attempt by Quantum Pacific and its associates to take control of your company.

As always, if you have any questions about this or any other matters, please feel free to contact me or Brad Gordon.

Yours sincerely

Ian McMaster AM,Chairman

Inquiries regarding this letter may be directed to:

Contributing Sources

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