Intrepid Potash, Inc. announces preliminary second quarter 2011 sales and production results and a capital projects update

On an unaudited basis, during the second quarter of 2011, Intrepid estimates that it produced between 205,000 and 215,000 tons of potash and sold between 220,000 and 230,000 tons of potash. Production within the quarter includes the benefit of approximately one extra month than historically normal of production from our Moab solar solution mine because of favorable brine levels and harvest conditions. Intrepid estimates its average net realized sales price for potash sold during the quarter was approximately $455 – $465 per ton. The strong sales were a function of the flexibility afforded us by our investment in additional potash granulation capacity at our Moab facility together with the execution of our strategic marketing plan.

On an unaudited basis, during the second quarter of 2011, Intrepid estimates that it produced approximately 40,000 – 50,000 tons of Trio® and sold approximately 35,000 – 45,000 tons of Trio®. Intrepid estimates that its average net realized sales price for Trio® during the quarter was approximately $215 – $225 per ton.

Intrepid reports “average net realized sales price,” which is an operating performance measure. Average net realized sales prices are derived by subtracting freight costs from gross sales revenue and then dividing this result by sales tons.

Intrepid expects to release its second quarter 2011 financial results after market close on Wednesday, August 3, 2011.

Langbeinite Recovery Improvement Project Update

In June 2011, Intrepid received its air quality construction permit for the granulation plant which is part of the overall Langbeinite Recovery Improvement Project being constructed at our East Mine near Carlsbad, New Mexico, which is an estimated capital investment of $85 to $90 million. Upon receipt of the permit, Intrepid commenced construction of the granulation plant. With the commencement of this construction work, Intrepid is progressing with the construction and fabrication of both the dense media separation plant and the granulation plant. We currently expect the dense media separation plant to be in operation during the fourth quarter of 2011 and the granulation plant to be in operation in early 2012.

HB Solar Solution Mine Update

With respect to the HB Solar Solution Mine project near Carlsbad, New Mexico, the public comment period for the Draft Environmental Impact Statement closed in late June 2011. The current schedule for receiving the Record of Decision from the Bureau of Land Management on the project remains in the first quarter of 2012.

Intrepid is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and Trio®, a product produced from langbeinite ore. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah.

Intrepid routinely posts important information about its business on its website under the Investor Relations tab. The website address for Intrepid is www.intrepidpotash.com.