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IESV news!! Intrepid Technology Announces Divestiture of Diatomaceous Earth Mining Rights
PR Newswire - October 21, 2003 09:30

IDAHO FALLS, Idaho, Oct. 21 /PRNewswire-FirstCall/ -- In keeping with its business plan and strategy, Intrepid Technology and Resources, Inc. (OTC Bulletin Board: IESV) has successfully negotiated an agreement to divest of its diatomaceous earth mining rights. In May 2000, the Company entered into an agreement with American Diatomite, L.L.C., an Idaho limited liability company ("American") wherein the Company acquired the right to develop and mine forty-two unpatented diatomite mining claims located in Gooding County, Idaho. The agreement also included an option to purchase said claims at a future date. After extensive research and consultation, Intrepid determined that the available supply of already developed diatomite deposits exceeds the current demand and were unable to find a viable market for the diatomite in question. For that reason, the Company saw little to no opportunity or benefit associated with continuing to maintain either the development and mining rights or the future purchase option with their attendant obligations (approx $130,000 per year). Consequently, the Company entered into an agreement effective October 14, 2003 to return the development and mining rights to American and forego the purchase option in return for forgiveness of any accrued financial obligations and cancellation the original May 2000 agreement.

Dr. Keiser, Company CEO stated, "This is a significant step in executing our business plan. We look forward to being able to devote even more of our attention and resource to developing our biofuels production focus now that we are free of this obligation."

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 thereof.

SOURCE Intrepid Technology and Resources, Inc.

/CONTACT: Jacob D. Dustin of Intrepid Technology and Resources, Inc.,
208-529-5337/

/Web site: http://www.intrepid21.com /

(IESV)