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Gold/Mining/Energy : Intrepid Minerals Resources (IAU a) -- Ignore unavailable to you. Want to Upgrade?

To: peter snowdon who wrote (95)	6/21/2002 2:27:01 PM
From: arizzzona	Respond to of 96

Lots of things happening: more money & more drilling. Friday June 21, 2:13 pm Eastern Time Press Release SOURCE: Intrepid Minerals Corporation Intrepid Receives Funding For Phase II Drilling Of Cerro Colorado Silver Discovery In El Salvador TORONTO, ONTARIO--Intrepid Minerals Corporation (TSX Venture Exchange:IAU) has received securities from Apex Silver Mines Corporation ("Apex") as part of their commitment to earn an additional 20% interest in Intrepid's Aldea Zapote property in eastern El Salvador. The net funds generated from the sale of these securities totaled C$712,208. Under the terms of this agreement, Apex will receive 221,730 common shares for a $150,000 private placement in Intrepid based upon the average trading price of $0.6765 for Intrepid shares on the TSX during the 20 days preceding the transaction. Apex currently owns a 40% interest in the property through their subsidiary ASC Central America, and at the conclusion of this program will increase their interest to 60% in the property. The balance of the funds from the sale of these securities will be used for a Phase II diamond drilling program on Cerro Colorado II silver zone which is located within the Aldea Zapote property in eastern El Salvador (see Press Release 01-4 and 01-8). The silver zone has been defined within a 70 metre high hill and consists of a 50 metre thick zone of silver-zinc-lead-gold mineralization. Grades of 180 to 300 g/t silver over 40 to 50 metres have been reported in previous drilling from this zone. Drilling will commence in the third quarter, 2002. In other business, Intrepid is pleased to report that the Board of Directors has appointed Mr Steven Poad as Chief Financial Officer. Mr Poad has been a CA for over 25 years and has worked in the mining industry for over 20 years. He is also currently Acting Chief Financial Officer for High River Gold Mines Ltd. In addition, the Board appointed Ms Kathleen Skerrett as Corporate Secretary for the Company. Ms Skerrett has a BComm specializing in Finance and received her LL.B in 1994. Ms Skerrett was called to the Bar in the Province of Ontario in 1996 and joined Johnstone & Company, Intrepid's Corporate Counsel, in 1997. Intrepid is also pleased to report that it has entered into a non-brokered arm's length private placement with a private investor for $100,000 for 192,308 units. Each unit will consist of one common share priced at C$0.52 and a full purchase warrant for one common share at C$ 0.90 for a period of 24 months after the date of the transaction. ============================================================================= I wonder if that PP with one private investor was Russ? : ) -AZ