IDAHO FALLS, Idaho, Aug. 12, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR), a renewable energy company (OTCBB:IESV), announced today that they have received multiple offers from recognized buyers on their Montana gold property located near the ghost town of Garnet in southwestern Montana.
Offers meet or exceed the minimum price that Intrepid has set on the property and include cash and royalties on the smelter revenues along with penalties should the mine not be opened within a minimum period of time. One offer requires the reasonable cooperation of the surface property owner, which ITR will attempt to negotiate. ITR will in the most expeditious manner possible select one of the offers which will allow the buyer a short period of time to further evaluate the geology of the mine.
The recoverable gold at ITR's property holds approximately 450,000 recoverable ounces of gold without encountering any high-grade intercept. After preliminary due diligence and inspections of the property it is believed that the likelihood of a high-grade intercept is reasonable. Such an intercept would significantly increase the value to ITR through the smelter royalties.
This sale will allow ITR to appreciably escalate their build out of anaerobic digester plants in southern Idaho and will result in accelerating the expansion of the nearly completed Whiteside refinery and allow construction to begin on the second methane refinery as early as the end of 2004. The sale of the Garnet mine will have a substantial and materially significant effect on ITR's ability to become a leader in the burgeoning alternate fuels industry
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.