TERMINATION AGREEMENT

                              TERMINATION AGREEMENT

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     THIS   TERMINATION   AGREEMENT   (the   "Agreement")   is   made and entered into

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effective   as   of   March   10 ,   2005,   by   and   between   INTREPID   TECHNOLOGY &

RESOURCES,   INC.,   a   Delaware   corporation (the "Company"), and CORNELL CAPITAL

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PARTNERS, LP, a Delaware limited partnership (the "Investor").

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                                    Recitals:

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     WHEREAS,   on   January   28, 2005, the Company and Investor entered into that

certain   Standby   Equity   Distribution   Agreement,   as   well   as   the   related

Registration Rights Agreement, Placement Agent Agreement and Escrow Agreement of

even   date   therewith   (together with the Standby Equity Distribution Agreement,

the   "Transaction   Documents");

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     NOW,   THEREFORE,   in consideration of the promis