EMPEROR AND INTREPID JOIN FORCES

Merger Presentation

September 2007

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DisclaimerThe presentation (in this projected form and as verbally presented) (Presentation) is provided on the basis that none of Emperor Mines Limited ACN 007508 787 (Emperor Mines), Intrepid Mines Limited ACN 060 156 452 (Intrepid Mines), nor their respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the origin, validity, accuracy, reliability, relevance, currency or completeness of the material contained in the Presentation and no responsibility is taken for any errors or omissions. Nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. Emperor Mines and Intrepid Mines exclude all warranties (including implied warranties) and all liability that can be excluded by law for any loss, claim, damage, cost or expense of any nature (including that arising from negligence) arising out of the Presentation (or any accompanying or other information) whatsoever, nor by reason of any reliance upon it. Emperor Mines and Intrepid Mines accept no responsibility to update any person regarding any inaccuracy, omission or change in information in this Presentation or any other information made available to a person or any obligation to furnish the person with any further information.

As required by law, Emperor proposes to issue an explanatory statement in relation to the proposed merger between Emperor Mines and Intrepid Mines (Proposed Merger) and Emperor shareholders should not rely on the information contained in this document for the purposes of informing themselves in relation to the Proposed Merger, but should read the explanatory statement in its entirety before making any decision in relation to the Proposed Merger

The Presentation contains "forward-looking statements". Where the Presentation expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include, but are not limited to, gold price volatility, currency fluctuations, increased production costs and variances in ore grade, recovery rates or other matters from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. Emperor Mines and Intrepid Mines do not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

All persons should seek appropriate professional advice in reviewing or considering the Presentation and all other information with respect to Emperor Mines and Intrepid Mines and evaluating the businesses, financial performances and operations of Emperor Mines and Intrepid Mines. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment or financial product advice to any person in respect of dealing in Emperor Mines or Intrepid Mines securities, and no such information should be taken to constitute a recommendation or statement of opinion that is intended to influence a person in making a decision to deal in Emperor Mines or Intrepid Mines securities. This Presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be relevant in determining whether to deal in Emperor Mines or Intrepid Mines securities, including but not limited to any person's objectives, financial situation or needs. Each person must not rely on the information provided but should make, and will be taken to have made, its own investigation, assessment and analysis of the information in this Presentation and other matters that may be relevant to it in considering whether to deal in Emperor Mines or Intrepid Mines securities. The information contained in the Presentation is not intended to be an offer for subscription, invitation or recommendation with respect to the shares in any jurisdiction and neither this document nor its contents shall form the basis of any contract or commitment.

Emperor Mines and Intrepid Mines own the copyright in this Presentation. No part of this Presentation may be shown or distributed to third parties or reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior written permission of Emperor Mines and Intrepid Mines. The distribution of the Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.F

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Disclaimer (Cont’d)The information contained in the Presentation is not intended to be an offer for subscription, invitation or recommendation with respect to the shares in any jurisdiction and neither this document nor its contents shall form the basis of any contract or commitment. It is provided to you on the basis that you warrant that you are a person to whom sections 708(8) {or (10)} [Sophisticated Investors] or section 708(11) [Professional Investors] of the Australian Corporations Act apply. If you are not such a party, you may not attend the presentation and must leave the presentation immediately

In relation to the distribution of the Presentation in the United Kingdom, such distribution is intended for, and directed only at, (i) persons having professional experience in matters relating to investment falling within Articles 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2001, as amended (the "Order"); and (ii) persons falling within Article 49(2)(a) to (d) of the Order (together, the "relevant persons"). This Presentation should not be acted upon or relied upon by persons who are not relevant persons. Any investment to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

By attending the Presentation you agree to be bound by the foregoing terms and, in particular, will be taken to have represented, warranted and undertaken that (i) you are a relevant person (as defined above); and (ii) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this Presentation and its contents confidential.

None of the content of, or statements made or attributed to persons, in this presentation (in this projected form and as verbally presented) are statements made by, or attributed to, DRDGold Limited and/or its wholly-owned subsidiary, DRD (Offshore) Limited. DRDGold Limited, DRD (Offshore) Limited and their respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers take no responsibility for, and expressly disclaim all liability whatsoever for, the content of this presentation (in this projected form and as verbally presented).

This Presentation does not constitute an offer, invitation or recommendation to purchase any security or financial product and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment.

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Overview of the Merger

Overview of the Merger

Merger Analysis

Conclusion

Appendix: Overview of Emperor, Intrepid and their Projects

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Proposed Merger of Emperor & IntrepidEmperor and Intrepid have announced a board recommended merger of equals to form a dynamic and expanding gold producer and development company listed on TSX and ASX with:

- existing production (Paulsens, WA) and a substantial project development pipeline (Casposo, Argentina and Tujuh Bukit, Indonesia);

- a large, quality exploration portfolio in Indonesia, PNG, Argentina, Mexico and Australia;

- a strong balance sheet and quality board and management team that will enable the company to aggressively pursue corporate opportunities in the gold sector;

- an open share register and stock liquidity following DRD’s sell down of its Emperor shareholding; and

- an active news flow on existing and new projects.

“The merger of Emperor and Intrepid is the first step in an expansive strategy to become a significant new force in the gold sector.”

Market Capitalisation

$0

$50

$100

$150

$200

$250

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$350

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Source Bloomberg: 17 September 2007

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MergeCo – An International Gold Company

Head Office - Brisbane

Paulsens Gold Mine - WA

Tujuh Bukit - Java

Capital Markets Office - Toronto

Taviche - Mexico

Casposo Gold Project - Argentina

PNG Regional

Producing Asset

Development Asset

Exploration Asset

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Attractions of MergeCo

Low cash cost gold production

Strong management team with broad skill set

Strong balance sheet and a substantial cash position

A value enhancing business plan combined with prudent financial management

Exciting growth projects with leverage to the gold price

Access to both Australian and North American deals and capital

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Merger Analysis

Overview of the Merger

Merger Analysis

Conclusion

Appendix: Overview of Emperor, Intrepid and their Projects

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Strengths of the Merged Company

Strong Balance Sheet

Potential funding capacity of A$100 million (including A$70 million in cash and an indicative project financing facility for Casposo) to be used to refinance the Paulsens operation (Australia) and to complete and optimise the development of Casposo (Argentina) in a more aggressive, value adding fashion.Ongoing profitability and cash flow from Paulsens.Modest debt and hedging (both extinguished within 15 months).

Growth potentialSubstantial existing project pipeline – Casposo, Tujuh Bukit (Indonesia) and exploration in PNG, Argentina, Mexico and Australia. Currency to aggressively pursue corporate opportunities.

Quality board & management

High quality management team led by Brad Gordon as CEO and Laurie Curtis as President with an appropriate mix of operational, technical, exploration, corporate and financial skills at both a board and management level.

Critical Mass

The merger will create a company with:– A market cap of around A$120 million;– Gold resources nearing 1 million ounces;– Gold production approaching 150koz (with Casposo operational) at low cash costs;– A significant project pipeline.

Dual listingThe ability to leverage off a TSX and ASX listing.Access to deal flows and capital in North America, Australia and Asia.

Broad shareholder base / liquidity

The proposed sale of DRD’s holding in Emperor will open up the share register.Improved liquidity through the combined shareholder bases and the intended sell down of DRD together with an increased market focus and active news flow.

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Merger of Equals

Terms

Friendly (board recommended) merger with terms close to market.

The terms equate to 1 Intrepid share per 4.25 Emperor shares.

Should an agreement to sell Tolukuma be executed pre-scheme, sale proceeds are to be distributed to Emperor shareholders.

Method

Scheme of Arrangement for Emperor shareholders with Intrepid surviving entity.

Scheme to be conditional upon, amongst other things:– Emperor and Intrepid shareholder approvals

– DRD Sale of its Emperor shares

– Various other “usual” conditions including no significant material reduction in Emperor’s net cash position beyond that planned, third party finance approvals, any other regulatory approvals, no material adverse change, no prescribed occurrences, TSX consent and the acquisition or cancellation of all Emperor options

– Court approval

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MergeCo – Profile

Note: MergeCo production based on historic annual production at Paulsens and LOM annual average production at Casposo. Reserves and Resources quoted as at 31 December 2006 as reported in the last Intrepid Annual Report.

0

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Au Equivalent Production Au Equivalent Reserves Au Equivalent Resources

Gol

d Eq

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lent

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Paulsens Casposo

Production / Reserves / Resources

MergeCo Emperor3 Intrepid

Share Price1 A$0.288 A$0.069 A$0.288

Shares Outstanding (m) 428 1,046 181.5

Options Outstanding (m) 19 7 18

Market Cap (A$m) 123 72 52

Net Cash/(Debt)2 (A$m) 39 70 (31)

3 Mth Avg Daily Turnover (A$k) 267 96 172

Share of MergeCo (%) 100 58 42

1. Based on Last Price as of 17 Sep 2007. Combination ASX and TSX price used for IAU last price.2. Intrepid net cash includes hedging of negative A$11.8m, marked to market.3. Assuming Tolukuma Sold.

Market Profile

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MergeCo – Cost Profile

Casposo

Paulsens

MergeCo

Note: MergeCo cash costs based on historic annual cash costs at Paulsens and LOM average cash costs at Casposo. The curve in the chart above shows GFMS’ estimates of the current cost curve for total cash costs (which include all cash operating costs plus royalties and production taxes but exclude depreciation, amortisation and any reclamation or mine closure costs). MergeCo would be placed in the second quartile of world producers.

Low cash cost gold producer

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MergeCo – Going Forward

Paulsens:

Commit to increased underground drilling (development and exploration) to extend mine life.

Improve feed grade via underground design and potential jig installation.

Possible gas fired plant to replace diesel plant, and owner operated crushing plant.

Future drilling at the mine will be designed to test depth extension on all lodes and additional down-plunge potential on the Apollo offset.

Casposo:

Immediately proceed with construction.

Increased drilling to extend mine life.

Increased mining and milling rates and expand open pit before commencing underground.

Exploration:

Commence major exploration program at potential world class epithermal + porphyry Au-Ag-Cu system in Java (Tujuh Bukit) - approximately A$3.5m over next 12 months.

Accelerate exploration in Argentina, Mexico and PNG - approximately A$4m over next 12 months.

Corporate:

Aggressively target project and corporate acquisition opportunities for growth.

The “new Intrepid” will have the balance sheet strength and depth of management skills to fully exploit the opportunities available to it including:

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Board and Management

MergeCo will establish its head office in Brisbane, with a separate capital markets office in Toronto.

MergeCo will have a strong Board and management, composed of:

Board Management

ChairmanColin G Jackson

(Intrepid Chairman)

Chief Executive OfficerBrad Gordon

(Emperor CEO)

PresidentLaurie Curtis(Intrepid CEO)

Plus 3 Non-executive Directors

(Selected from current Emperor and Intrepid

Boards)

Chief Financial OfficerBrendan Gill

(Emperor CFO)

Implementation ManagerDerek Humphry(Intrepid CFO)

VP Exploration & New Business

Malcolm Norris(Emperor EGM Exploration

& New Business)

VP America’s Exploration

Bill McGuinty(Intrepid GM Exploration)

General Manager Project Development

Frazer Bourchier(Emperor GM Bus. Dev.)F

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Peer Analysis

Source: Bloomberg, company websites

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(A$/

oz A

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Australian Enterprise Value / Reserves

Industry Average

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$50

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$150

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$250

$300

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$550A

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Canadian Enterprise Value / Reserves

Industry Average

Peer Analysis

Source: BMO Gold Book

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0.55x

0.70x

0.85x

1.00x

1.15x

1.30x

1.45x

1.60x

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P/NAV Multiples - Gold Producers

Industry Average

Potential Re-Rating

Note: NAVs sourced from BMO Capital Markets, Macquarie, ABN Amro, UBS, Southern Cross Equities, Goldman Sachs JB Were and Raymond James.

Potential Re-Rating

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What are the benefits to Intrepid?ComplementaryIntrepid is a company asset rich but stretched financially and lacking management depth to develop into a major international gold company.

The merger with Emperor allows the company, in one transaction, to be fully equipped to become an attractive and aggressive gold player.

Financially Stronger

Intrepid’s immediate cash requirements are considerable:

US$m

Funding for Casposo Development

Debt (as at 30/06/07)

Hedging (mtm as at 06/07)

Emperor debt

Exploration ($m per annum)

45.0

17.2

9.8

4.2

5.0

81.0

Combined with Emperor’s A$70m allows the:

> Avoidance of hedging

> Repayment of expensive existing debt

> Greater flexibility to put in place sensible and “no strings” financing for Casposo

> Re-commencement of an invigorated exploration program – both brownfields and greenfields

Synergies AvailableThe merger will reduce overhead costs and result in the closure of one of the combined officesF

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What are the benefits to Intrepid?

Financing Casposo (assume $45m raise)

With Merger Without Merger

No or reduced hedging requiredLong term facilityLower fees, less establishment costs and lower costs over loan lifeNo conditions precedentIncreased flexibility in and focus on operating parameters to maximise long term potential of asset rather than focussing on initial financing objectivesMultiple financing options available given balance sheet strength

⌧

Hedging of up to 50% of reserves over amortisation of loan

⌧

3 years loan life⌧

Equity kickers required given higher risk⌧

Difficult conditions precedent likely – ie provision of significant cash (ie US$15m) offset before drawdown

⌧

Limited financing options⌧

Tighter bank monitoring covenants and debt service reserve accounts requirements restricting cash flow invested in exploration

Financially Stronger (continued)Intrepid’s financing alternatives are most likely to result in significant dilution and be limited in size. The merger with Emperor however results in:

> an “effective” cash raise at AUD29.0 cents (CDN25 cents); plus

> access to an amount of cash unable to be contemplated by an Intrepid equity raising alone; plus

> exposure to the potential company making epithermal and porphyry Au-Ag-Cu system in Tujuh Bukit in Java; plus

> exposure to 3000sq km of ELs in PNG will remain after divestment of Tolukuma and contiguous ELs (excluded from the Tolukuma sale); plus

> the addition of an experienced and committed production and development management and technical team.

Advantages of merger to Casposo financing:

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What are the benefits to Intrepid?Strengthens and Complements Management TeamIntrepid’s has a largely geological focused management team, while Emperor brings a strongly complementary technical team with both development and production expertise.

Post merger, Intrepid will boast a strong management team with backgrounds from Placer Dome, WMC and BHP.

Better CompanyWhat the merger brings to Intrepid:

Critical Mass Expertise &Management Available Funds

To aggressively pursue growth opportunities in a rising gold price environment

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What are the benefits to Emperor?ComplementaryEmperor is cash rich but asset poor with a strong operational and technical team.

Adds low cash cost gold production

Capacity to Add ValueEmperor sees excellent potential to extract significant improvements at the Paulsens mine and accelerate the optimal development of Casposo.

Emperor believe delivery of these improvements/optimisations will result in a material positive value uplift to the merged company.

Market Metrics ImprovedDivestment by controlling shareholder provides significantly enhanced free-float and potential for re-establishment of a “takeover premium”.

Addition of TSX listing takes Emperor international.

Significantly increased liquidity.

Geographic Diversity and Strengthened MarketDiversifies Emperor’s Australasian focus to now include South American operations and exploration assets.

Strengthens Emperor’s geological expertise and provides a management presence in the Americas.

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What are the benefits to Emperor?

A Better CompanyWhat the merger brings to Emperor:

Delivers on Emperor’s Management’s Growth FocusEmperor’s management team have successfully delivered a major transformation of Emperor, through the closure of Vatakoula, the sale of Porgera for US$255 million, the pay down of the debt and hedging and the capital return of A$52 million.

The attributes of the management team can now be focused on both organic and acquisition growth.

Critical Mass Low Cost Production

North AmericanListing

To aggressively pursue growth opportunities in a rising gold price environment

Opportunity toValue Add

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Indicative Timetable

Task

Merger

Sign MIA

Announce transaction

First Court Hearing

Distribution of Scheme Booklet

Scheme Meeting

Second Court Hearing

Scheme Implementation Date

Jan-08Nov-07Sep-07 Oct-07 Dec-07

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ConclusionOverview of the Merger

Merger Analysis

Conclusion

Appendix: Overview of Emperor, Intrepid and their Projects

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Conclusion

Represents a combination that delivers the best value package

Creates synergistic benefits

Is more attractive than the alternatives

Is friendly with low transaction risk

Facilitates management focus on new growth

A merger of Intrepid and Emperor is in the best interests of both companies’shareholders as it:

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Conclusion

Finalise conditions precedent and complete merger

Immediately proceed with and seek to optimise Casposo

Aggressive focus to enhance performance and increase mine life at PaulsensImplement aggressive exploration program, including Tujuh Bukit and the Americas

Continue to aggressively pursue corporate growth opportunities

MergeCo will focus on a strategy for rapid growth and value creation:

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Attractions of MergeCo

Low cash cost gold production

Strong management team with broad skill set

Strong balance sheet and a substantial cash position

A value enhancing business plan combined with prudent financial management

Exciting growth projects with leverage to the gold price

Access to both Australian and North American deals and capital

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Appendix: Overview of Emperor, Intrepid and their Projects

Overview of the Merger

Merger Analysis

Conclusion

Appendix: Overview of Emperor, Intrepid and their Projects

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Overview of Emperor and Intrepid

A$ US$Last Price ($) (as at 17 Sep 07) $0.069 $0.057Shares On Issue (m) 1,046 1,046Options on Issue (m) 7.4 7.4Market Cap ($m) 72.2 59.9Cash (as at 17 Aug 07) 70.0 58.1Debt -- --Hedging -- --Enterprise Value 2.2 1.8

Major Assets

Emperor

100% Tolukuma Gold Mine, PNG (Producing)

Exploration assets in PNG

70% Earn in on Tujuh Bukit Gold Project, Java (Exploration)

A$ US$Last Price ($) (as at 17 Sep 07) $0.288 $0.239Shares On Issue (m) 181.5 181.5Options on Issue (m) 18.5 18.5Market Cap ($m) 52.3 43.4Cash (as at 30 June 07) 1.3 1.1Debt (as at 30 June 07) 20.6 17.2Hedging (as at 30 June 07) 11.8 9.8Enterprise Value 83.3 69.3

Major Assets

Intrepid

100% Paulsens Gold Project, WA (Prod)100% Casposo Gold Project, Argentina (Dev)

Exploration assets in Mexico, El Salvador, Australia and Argentina

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Paulsens, Western Australia100% Ownership.

Located 180km west of Paraburdoo in Western Australia’s Ashburton Region.

First Gold pour in June 2005 with 150,614 oz produced to June 2007.

In the year to 31 December 2006, Paulsens produced 73,736 oz at a cash cost of US$349/oz.

Reserves and resources presented in the Annual Report at 31 December 2006:

– 243 koz reserves proven and probable1; and

– 380 koz measured and indicated resources + 36koz inferred2.

Future drilling at the mine will be designed to test depth extension on all lodes and additional down-plunge potential on the Apollo offset.

Paulsens also has a substantial regional exploration portfolio with 39 mining and exploration tenements covering over 1,000km2.

1 Mineral reserve estimates were prepared under the supervision of Neville Price and Per Scrimshaw, the Qualified Persons, in accordance with NI 43-1012 Mineral resource estimates were prepared under the supervision of Paul Payne PGeo, the Qualified Person, in accordance with NI 43-101

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Casposo, Argentina100% Ownership.

Development project located in the San Juan province of Argentina, which is pro-mining.

Recently completed feasibility study concluded:

– Open pit and underground operation.

– Reserves: 270,089 oz Au, 6.6 moz Ag1

– Resources: 315,700 oz Au, 8.1 moz Ag2

– Avg Annual Production of 68,500 Au Eq

– Capital Costs: US$45M

– Operating Costs: US$248/oz Eq

– Production Start: Q1 2009

The deposit sits within a 7km x 1km structural corridor which has multiple targets along strike and at depth.

An expansion of the resource is currently underway.

There are also 19 other 100% owned exploration properties in the region, divided between 5 districts covering 1,500 sq km.1 Mineral Reserves prepared by Gary Taylor, P.Eng., of AMEC Americas Limited, a Qualified Person in accordance with NI43-1012 Mineral Resource prepared in accordance with the CIMM Standards on Mineral Resources and Reserves Definition by Eugene Puritch, P. Eng., a Qualified Person in accordance with

NI43-101

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PNG Exploration Portfolio - Overview

Emperor holds ~5,300km2 of ground in PNG under exploration license, including tenements surrounding Tolukuma and in three other provinces.The “Tolukuma Corridor” is a highly prospective belt containing the known Tolukuma mineralisation and several other prospects:

– It extends over a length of at least 15km and a width of 4km.

– Saki Prospect, located 3km east of Tolukuma, has ore grade intercepts from previous drilling and is now ready for further drilling. The target is another Tolukuma system.

Several other Cu-Au porphyry targets exist in the portfolio. Recent exploration on EL 1352 (Ipi River) has returned rock chip results of up to 3.75g/t Au and 10.14% Cu from sulphide bearing veins in a large porphyry system. The porphyry system is anomalous in Cu-Au-Mo.

Emperor’s PNG exploration portfolio represents a large exploration packagein one of the world’s most mineral endowed regions

LocationOverview

Exploration in PNG is supervised and results are reviewed by Malcolm Norris MAusIMM, Executive General Manager Exploration for Emperor

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Tujuh Bukit, Java - Overview

Agreement signed August 19, 2007 with Indonesian and Australian partners.

Emperor to earn 70% economic interest based on funding exploration and Feasibility Study. Under the agreement -

– Emperor will make cash payments of A$800,000 during first year– fund exploration to A$5M over 5 years to earn 51%; and

– may fund an additional A$3M exploration for to earn an additional 19% stake.

– funding for feasibility studies capped to A$42M

. Tujuh Bukit has been previously explored by Placer as a gold-silver epithermal deposit with an underlying porphyry copper system. 2 prospects have been identified

Tumpangpitu prospect - 14 holes completed at by previous explorers including :

– Hole GT 004 278.6m @ 0.53g/t Au & 29g/t Ag; including 24M @ 1.55g/t Au, 106g/t Ag

– Hole GT 005 87m @ 1.81g/t Au;including 15m @ 6.24g/t Au

– Hole GT 010 48m @ 1.9g/t Au & 9g/t Ag

Salakan Prospect - has returned anomalous surface results with no drilling to date.

Emperor’s current exploration objectives in Australasia are the discovery and short term development of large scale porphyry hosted precious metals and copper deposits with potential to deliver + 2Moz gold equivalent resources

Exploration at the Tujuh Bukit project is supervised an results are reviewed by Malcolm Norris MAusIMM, Executive General Manager Exploration for Emperor

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Tujuh Bukit – Comparable scale to other large deposits

GT3

GT10GT1

GT12

GT2

GT14

GT6GT5

GT8

GT13GT7

GT9GT4GT11

Clay-Silica

Silica-clay

Silica

1KM

Tujuh Bukit is a High Sulphidation Au-Ag system overlying a 3 X 3 km Porphyry Cu system which remains largely untested

Rock chips from the porphyry zone (see below) include intervals ranging to 47m @ 1.29% Cu & 1.71g/t Au

Emperor believes the setting at Tujuh Bukit is comparable geologically and in surface extent to Xstrata’s Tampakan Cu-Au system in the southern Philippines

Emperor will work to extend and define the Au-Ag system and to inventory the prospect’s copper potential

Exploration at the Tujuh Bukit project is supervised and results are reviewed by Malcolm Norris MAusIMM, Executive General Manager Exploration for Emperor

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Taviche, MexicoDeal• Option from Pan-American Silver• US$4M in exploration over 4 years• Partners Intrepid and Aura Silver to earn 70%

Project• 20km of epithermal vein system• Individual veins to 2km long and 10m wide• Former producer within the vein system

(Fortuna/Continuum)• Multiple shafts and gold-silver prospects on the

Property• US$1M drilling and exploration program underway

Exploration at the Taviche project is supervised by Patrick Toth PGeo an employee of Intrepid and programs and results are reviewed by William McGuinty PGeo, Vice President Exploration and designated Qualified Person for Intrepid

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Emperor Management Intrepid ManagementBRADLEY GORDON B.Eng, MBA (Started May 2006)Chief Executive Officer, Emperor MinesExecutive Director of Emperor Mines Limited Managing Director of Placer Dome Niugini Ltd General Manager of Porgera, Placer DomeGeneral Manager Kalgoorlie West, Placer DomeGeneral Manager Kanowna Belle, Delta Gold

MALCOLM NORRIS BSc (Hons) MSc (Started Oct 2006)Executive General Manager Exploration, Emperor MinesGeneral Manager – Exploration and Business Development at Indophil Resources Group Manager – Exploration WMC ResourcesGlobal Exploration Manager – Gold WMC ResourcesCountry Manager – WMC Resources Philippines

FRAZER BOURCHIER BSc , MSc (Started Aug 2006)General Manager, Business Development, Emperor Mines LimitedGeneral Manager, Vatukoula Gold Mine, Emperor Mines LimitedMining Manager and Alternate General Manager, Porgera Joint Venture Placer Dome Group in Canada, South Africa and PNG

BRENDAN GILL B.Bus, CPA (Started June 2007)Chief Financial Officer Emperor MinesVice President Finance, Carbon Steel Materials division BHP Billiton Chief Financial Officer, Stainless Steel Materials division BHP BillitonChief Financial Officer of the Nickel division BHP BillitonGlobal Lead Risk Management and Audit BHP Billiton

WILLIAM MCGUINTY P.GeoVice President Exploration, Intrepid Mines LimitedExploration Manager, Queenston Mining Inc, CanadaCountry Manager, Joutel Resources Limited, CubaCountry Manager, Mar-West Resources Ltd, HondurasIndustry Liaison, Ontario Ministry of Northern Development and MinesMember, Association of the Professional Geoscientists of Ontario

LAURENCE W. CURTIS PHD, P.GeoExecutive Director, Intrepid Mines LimitedPresident, Curtis & AssociatesFormer President & CEO, Intrepid Mines LimitedMember, Association of the Professional Geoscientists of OntarioDirector, High River Gold Mines LimitedDirector, Alturas Minerals Corporation

DEREK HUMPHRY CAChief Financial Officer & Company Secretary, Intrepid Mines LimitedFinancial Controller, LionoreSt Barbara MinesGMA GarnetBoral

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