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

To: Enigma who wrote (19)	11/9/1999 7:50:00 PM
From: George Castilarin	Respond to of 96

Intrepid Enters Into Private Placement To Advance The Cerro Colorado Bonanza Silver-Gold Discovery TORONTO, ONTARIO--Intrepid Minerals Corporation (ASE:IAU) today announced it had entered into a private placement agreement with Jipangu Inc. who will subscribe for 1,250,000 units of the Company at CDN$0.20 per unit (total proceeds of CDN$250,000) comprised of one common share and one half of one common share purchase warrant. Each full warrant is non-transferable and entitles the holder to purchase one common share of Intrepid for a term of two years at a price of CDN$0.25 per share in the first year and at a step-up price in the second year to be determined by market value. A finders fee will be payable to Canaccord Capital. In addition, Jipangu Inc. has undertaken to subscribe for a second tranche of shares, through private placement, to a maximum value of CDN$250,000 over the next 6 months at a price to be determined by market conditions at the time of placement. Jipangu Inc. is a private Japanese precious metal company which invests globally in well managed exploration and development companies. Jipangu's strategy is long term support of selected precious metal companies having quality projects with substantial potential. Jipangu is a potential joint venture partner for financing the development of Intrepid's advanced projects and other opportunities identified by Intrepid. "Intrepid is pleased to have this vote of confidence in our management and portfolio of projects" said President Laurence Curtis. In addition to funding an aggressive drilling program on the bonanza silver-gold discovery at Cerro Colorado in El Salvador, funds will also be used to prioritize exploration acquisitions currently being evaluated in Central America and Mexico. Intrepid is an active precious metal explorer in Mayamerica with four major silver- gold projects at advanced stages of exploration. Intrepid's goal is to advance these projects to development on its own or through joint ventures. For further information, please contact: For additional information please visit our website at intrepidminerals.com