IDAHO FALLS, Idaho, July 14, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) a renewable energy company (OTCBB:IESV) announced today that they have begun to evaluate various proposals to purchase their gold property at Garnet, Montana. ITR is currently dealing with multiple brokers and anticipates at least one more interested party within the next several weeks to submit a proposal to purchase the mineral rights from Intrepid with a separate proposal to acquire the surface rights from a Montana mining corporation.
The recoverable gold at ITR's property, using SURPAC and THREE-D modeling programs results in 455,875 recoverable ounces of gold without encountering any high grade intercept. This estimate is based on a 1992 exploration program using geologic mapping, rock, soil and trench geochemistry performed by Pegasus Gold. The study not only concluded that the property contained substantial recoverable gold deposit but additionally put the fair market value of the mine at 3.24 million dollars based on 317 per oz. gold prices.
William Wells of General Timber Corporation, a mineral and timber property broker located in Sumter Oregon, stated yesterday "We have an active interest from several interested parties in acquiring this mine and believe that a mutually agreeable proposal will be reached by the end of summer."
A sale of the gold property would allow ITR to substantially escalate their build out of anaerobic digester plants number 2 and 3 and allow construction to begin as early as winter 2004.
It should be noted that while ITR views the Garnet gold mine as a potentially substantial asset, the burgeoning biofuel/bio-diesel market is clearly the direction the company intends to focus on and ITR is committed to selling the gold property by the end of 2004.
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.