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Intrepid And Emperor To Create A Dynamic And Well Funded Gold Producer, Developer And Explorer

Tuesday, September 18th, 2007

Intrepid Mines Limited and Emperor Mines Limited are pleased to announce that their respective Boards have signed an agreement to merge the two companies.
The Merged Company
The new company, to be named Intrepid Mines Limited, will be a dynamic and well funded international gold producer, developer and explorer listed on both the TSX and ASX.
The combination of Emperor’s balance sheet strength, Intrepid’s producing Paulsens Gold Mine and its Casposo development project, and both companies’ exploration assets, together with the combined skills of the two management teams, will create a well balanced company capable of adding significant value for its shareholders.
In particular, the merged Intrepid’s strengthened balance sheet and the ability to secure project finance, will allow the company to immediately move forward with corporate objectives, including:
• accelerated underground exploration at the Paulsens Gold Mine;
• imminent development of the Casposo gold/silver Project in Argentina on an unhedged basis and continued examination of early expansion options;
• immediate exploration at Taviche (Mexico) and Tujuh Bukit Project (Indonesia) and an expanded exploration budget of up to approximately A$8.0 million per annum; and
• improved capacity to target project and corporate acquisition opportunities.
The proposed merger, if it proceeds, will take place by way of a scheme of arrangement.
Emperor’s 78.7% shareholder, DRDGOLD, has informed Emperor that it intends to re-focus its attention on opportunities in South Africa and so intends to seek to realise its investment in an orderly manner prior to the scheme meeting convened by the Court to approve the proposed scheme. Emperor has agreed to work with DRDGOLD to seek to facilitate such an exit. The proposed merger with Intrepid is therefore subject to DRDGOLD being able to successfully realise its investment in Emperor prior to this time.
The boards of directors of Emperor and Intrepid have resolved to support the proposed merger.
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