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.,   an Idaho corporation (the "Company"), and CORNELL CAPITAL PARTNERS, LP, a

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Delaware   limited   partnership   (the   "Buyer").

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                                    Recitals:

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     WHEREAS,   the   Company   and   the   Buyer   entered into a Securities Purchase

Agreement   (the "Securities Purchase Agreement"); a Convertible Debenture issued

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to   Buyer,   in the amount of Four Hundred Fifty Thousand Dollars ($450,000) (the

"First Debenture"); a Convertible Debenture issued to the Buyer in the amount of

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Three   Hundred   Thousand   Dollars   ($300,000)   (the   "Second   Debenture")

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(collectively,   the   "Convertible   Debentures");   a   Security   Agreement   (the

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"Security Agreement"); an Escrow Agreement (the "Escrow Agreement"); Irrevocable

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