IDAHO FALLS, Idaho, Jan. 16, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR), a renewable energy company (OTCBB:IESV), announced today that they believe the potential silver content of the Garnet gold mine is less than 0.02 ounces per ton and therefore of negligible economic value. The recoverable gold, using SURPAC and THREE-D modeling programs and using a highly conservative gold price of 300/oz., not today's 420/oz. and using an 80% recovery factor likely results in 455,875 recoverable ounces of gold without encountering any high grade intercept. However it should be noted that these recoverable figures do not allow for marginal deposits that could be extracted at 400 dollar per oz., or higher, prices.
The company continues to study the viability of the mine using both internal and external sources with a final decision expected by spring. ITR has received interest from third parties wishing to broker the mine for a contingency on sale fee and are reviewing preliminary joint venture offers.
It should be noted that while ITR views the Garnet gold mine as a potentially substantial asset, the burgeoning biofuel, bio-gas market is clearly the direction the company intends to focus on.
About Intrepid Technology: We are a premier technology innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.
Certain statements contained herein constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.