Integra Gold Receives $441,284 From Quebec Resource Tax Rebate,
Provides Lamaque Project Update
VANCOUVER, BC--(Marketwired
- April 16, 2014) -
- Project permitting now underway
- Assay results pending for 46 of 58 holes from 2014
Triangle Zone drilling
- Receipt of tax rebate brings cash balance to
$4,500,000
Integra Gold Corp (TSX-VENTURE:
ICG) ("Integra" or the "Company") is pleased to announce it
has received a cash payment of $441,284 from the offices of Revenu
Québec. This payment represents the Québec mineral exploration tax
credit relating to the Company's 2013 exploration expenditures on
its Lamaque Gold Project in Val-d'Or, Québec.
"The tax rebate provided by the Québec provincial government
exemplifies the Province's commitment to resource development and
validates why Québec is consistently rated a top jurisdiction for
exploration and mining. Integra looks forward to working closely
with the provincial government as it continues to advance the
Lamaque Project towards production," commented Integra Gold
President and CEO Stephen de Jong. "The Company is well capitalized
with approximately $4.5 million in working capital and no debt
allowing us to continue executing our 2014 corporate objectives. We
look forward to an eventful year as one of the most active
exploration companies on the TSX Venture Exchange."
Permitting Update In March the Company announced the results
from its Preliminary Economic Study ("PEA") outlining a pre-tax IRR
of 51% and a pre-tax NPV (5% Discount) of CAD$146.0 million (see
Company Press Release March 11, 2014). The PEA, to be filed on
SEDAR in the coming weeks, will be used along with the Company's
Environmental Baseline Study (completed by AMEC in November 2013)
to prepare an application to be submitted in May 2014 for an
initial Certificate of Authorization ("CA"). CA(s) are
required in the Province of Québec and provide the Company with the
authorization to conduct underground exploration. It is the
Company's goal to commence this underground program in early
2015.
The Company is concurrently preparing a project description to
be submitted to the Canadian Environmental Assessment Agency
("CEAA") which will provide direction on whether or not a federal
impact study is required. The Company has been proactive and worked
diligently in the past 12 months to engage various community
groups, environmental organizations, and First Nations to ensure
all stakeholders are aware of the Company's plans and intentions as
the project is advanced towards production. As part of the proposed
project development will take place on areas previously impacted by
the operations of two adjacent major past-producing gold mines, the
Sigma and Lamaque Mines, permitting may be expedited.
The Company will provide updates on permitting activities as
information becomes available.
Drilling Update In the past two weeks the Company has reduced
the number of operating drill rigs from eight to five as the 24,000
meter program at the Triangle Zone nears completion. Beginning in
May, the Company anticipates using two rigs at the Fortune Zone,
one rig at the Parallel Zone and one rig cementing historic drill
holes.
The Company recently announced assay results from the first 12
holes completed on the high grade Triangle Zone with drill
highlights including (Company press release dated March 25,
2014):
|
|
• TM-14-03A |
23.02 g/t Au over 5.0 m |
|
76.06 g/t Au over 1.0 m |
|
29.55 g/t Au over 3.0 m |
|
|
• TM-14-09 |
31.24 g/t Au over 3.0 m |
|
76.06 g/t Au over 1.0 m |
|
29.55 g/t Au over 3.0 m |
|
75.18 g/t Au over 1.0 m |
|
|
• TM-14-20 |
20.34 g/t Au over 3.0 m |
|
36.52 g/t Au over 1.0 m |
|
|
• TM-14-26 |
8.06 g/t Au over 10.1 m |
|
|
The following link direct to the complete drill results table
from the March 25, 2014 press release:
http://www.integragold.com/i/pdf/2014_Composites_Compilation_Triangle_March.pdf
A total of 58 drill holes have now been completed at the
Triangle Zone with assay results pending on 46 holes.
The Company is planning for an additional 21,000 meters of
drilling at the Lamaque Project for the remainder of the year on
the Parallel, Fortune, No. 3 Mine and No. 5 Plug
deposits.
Project and Company Profile Integra's Lamaque gold project is
located in the heart of the Val-d'Or gold camp in the Province of
Québec, Canada, approximately 550 km northwest of Montréal. Québec
is rated one of the best mining jurisdictions in the world.
Infrastructure, human resources and mining expertise are readily
available.
The Company's primary objective is to continue to prove up
additional resources while advancing the existing resource towards
production. The project is divided into three main clusters of
mineralization, the North, South and West Cluster. The North
Cluster consists of the Parallel, Fortune, No. 5 Plug, and No. 3
Mine Zones and is located approximately 1 km northwest from the
South Cluster, which includes the No. 4 Plug and Triangle Zone. The
Sixteen Zone and No. 6 Vein form the West Cluster.
Qualified Person The Lamaque exploration project is under the
direct supervision of Hervé Thiboutot, Eng. and Senior
Vice-President of the company, and Francois Chabot, Eng.,
Operations and Engineering Manager of the Company, both Qualified
Person ("QP") as defined by National Instrument 43-101, and
Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., Geo. of
Géologica Inc., both independent QP as defined by National
Instrument 43-101. The Company's QPs have reviewed the technical
content of this release.
Quality Assurance - Quality Control ("QA/QC") Thorough QA/QC
protocols are followed on the project including insertion of
duplicate, blank and standard samples in all drill holes. The
core samples are submitted directly to Bourlamaque Lab in Val-d'Or
for preparation and analysis. Analysis is conducted on 1
assay-ton aliquots. Analysis of Au is performed using fire
assay method with atomic absorption finish, with a gravimetric
finish completed for samples exceeding 5 g/t Au, or a metallic
sieve assay for samples containing visible gold. When
available the gravimetric or metallic sieve assay results are used
for the reported composite intervals.
Further information about the Preliminary Economic Assessment
cited in this news release can be found in the news release dated
March 11, 2014 titled, "Integra Gold Announces PEA Results: Pre-Tax
IRR of 51%, NPV (5%) of CAD$146.0 M (After-Tax CAD$88.5 M) and Peak
Annual Production of 143,300." This news release is available
on the Company's website and under the Company's SEDAR profile at
www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong, CEO & President
Follow Integra Gold On:
- Twitter: http://twitter.com/integragoldcorp
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note Regarding Forward-Looking
Statements: No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained on this presentation. This presentation
contains "forward-looking information" concerning Integra Gold
Corp.'s ("Integra" or the "Company") future financial or operating
performance and other statements that express management's
expectations or estimates of future developments, circumstances or
results. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "seeks",
"believes", "anticipates", "plans", "continues", "budget",
"scheduled", "estimates", "expects", "forecasts", "intends",
"projects", "predicts", "proposes", "potential", "targets" and
variations of such words and phrases, or by statements that certain
actions, events or results "may", "will", "could", "would",
"should" or "might" "be taken", "occur" or "be achieved".
Forward-looking statements included in this presentation include
statements regarding the proposed mining scenario for the Lamaque
Project, including information with respect to the expected
economic results of the Lamaque Project (including rates of return,
payback period and the NPV of the Lamaque Project), estimated
capital expenditures and other costs to develop the site, the
expected values of gold for the life of the project, rates of
development and production, potential mineralization and mineral
resources, information with respect to supporting infrastructure,
the potential life of mine, rates of employment and the effects of
steps taken to mitigate local impacts and the expected completion
dates of exploration and drilling, exploration results, estimated
and future exploration and administration expenditures, the
completion of a feasibility studies, and future plans and
objectives of Integra. While all forward-looking statements involve
various risks and uncertainties, these statements are based on
certain assumptions that management of Integra believes are
reasonable, including that it will be able to obtain financing and
on reasonable terms, that the PEA will prove to be materially
accurate, that its current development and other objectives can be
achieved, that its development, exploration and other activities
will proceed as expected, that its community and environmental
impact procedures will work as anticipated, that general business
and economic conditions will not change in a material adverse
manner, that Integra will not experience any material accident,
labour dispute or failure or shortage of equipment, and that all
necessary government approvals for its planned development and
exploration activities will be obtained in a timely manner and on
acceptable terms. There can be no assurance that the
forward-looking statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Integra's expectations
include, among others, the actual results of development activities
being different than those anticipated by Integra, changes in
project parameters as plans continue to be refined, changes in
estimated mineral resources, future prices of metals, increased
costs of labor, equipment or materials, availability of equipment,
failure of equipment to operate as anticipated, accidents, effects
of weather and other natural phenomena, risks related to community
relations and activities of stakeholders, and delays in obtaining
governmental approvals or financing. Although Integra has attempted
to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Integra does
not intend, and expressly disclaims any intention or obligation to,
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by law.
CONTACT INFORMATION Corporate Inquiries: Chris Gordon
chris@integragold.comwww.integragold.com
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