Integra Resources Announces the Appointment of Timothy Arnold as Chief Operating Officer and Repayment of the Kinross C$4.5 M...
05 November 2019 - 10:00PM
Integra Resources Corp. (TSXV:ITR ; OTCQX:IRRZF)
(the “Company” or “Integra”) is pleased to announce the appointment
of Timothy Arnold to the position of Chief Operating Officer
(“COO”), underpinning the progression of the Company’s DeLamar
Project in Idaho towards pre-feasibility studies and
permitting. Mr. Arnold’s former position with Integra was
Vice President of Project Development. His new appointment is
effective immediately.
Mr. Arnold has over 35 years of experience in
hard rock mining; open pit and underground, engineering and
production, consulting and operations. Mr. Arnold, a University of
Idaho graduate, has spent most of his career either developing or
operating mines in the Western United States. Prior to joining
Integra in January 2019, Mr. Arnold was the Vice President of
Operations for Pershing Gold Corporation. Previously, he held Vice
President and General Manager positions for Nevada Copper, General
Moly, Coeur Mining Ltd (formerly Coeur d’Alene Mines), Hecla Mining
Company and as COO of Geovic Mining Corp. Mr. Arnold has
served as president of the Society for Mining, Metallurgy and
Exploration and is the 2019 recipient of the William Lawrence
Saunders Gold Medal from the American Institute of Mining,
Metallurgical and Petroleum Engineers.
George Salamis, the Company’s President and CEO,
stated “Tim has done exceptional work for Integra since joining our
team in January 2019, playing an instrumental role in the delivery
of our positive maiden Preliminary Economic Assessment at DeLamar
and the related metallurgical studies that were part of the PEA.
This recent PEA study has demonstrated excellent results and strong
potential economic returns from future mine development, justifying
further feasibility level study work to be conducted on the
project. Tim’s significant development experience in the
Western U.S. makes him the ideal individual to oversee the
preparation of our pre-feasibility study and advancing our
permitting processes in Idaho. We welcome Tim as an executive of
Integra, in his new role as COO of the Company.
The Company is also pleased to announce the
repayment of its C$4.5 million secured promissory note (the
“Promissory Note”) to Kinross Gold U.S.A Inc. (“Kinross USA”), a
subsidiary of Kinross Gold Corporation. The Promissory Note was
granted by Integra Holdings U.S. Inc (“Integra Holdings”), the
Company’s wholly-owned subsidiary, in favour of Kinross USA
pursuant to a Promissory Note Agreement arranged on November 3,
2017, as amended by Amendment No. 1 dated February 20, 2019 (the
“Agreement”). This payment represents payment-in-full for all
amounts owing under the Promissory Note and all obligations under
the Agreement have been fully performed. As a result, Kinross USA
has released its security on 25% of the shares of DeLamar Mining
Company.
This event is of significance, as it represents
the final payment related to the acquisition of the DeLamar
Project, which was acquired from Kinross USA in late 2017. As a
result, the Company now has no debt outstanding and owns the
DeLamar Project free and clear of encumbrances.
About Integra Resources
Integra Resources is a development-stage
mining company focused on the exploration and de-risking of
the past producing DeLamar Gold-Silver Project in Idaho, USA.
Integra Resources is led by the management team from
Integra Gold Corp. which successfully grew, developed and sold
the Lamaque Project, in Quebec, for C$600 M in
2017. Since acquiring the DeLamar Project, which includes
the adjacent DeLamar and Florida Mountain gold and silver
Deposits, in late 2017, the Company has demonstrated
significant resource growth and conversion while providing a robust
economic study in its maiden Preliminary Economic Assessment. The
Company is currently focused on resource growth through
brownfield and greenfield exploration and the start of feasibility
level studies designed to advance the DeLamar Project towards a
potential construction decision. For additional information, please
reference the “Technical Report and Preliminary Economic Assessment
for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee
County, Idaho, USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis President, CEO, and Director
CONTACT INFORMATIONCorporate Inquiries: Chris
Gordon, chris@integraresources.comCompany website:
www.integraresources.comOffice phone: 1 (604) 416-0576
Cautionary Statement Regarding Forward
Looking StatementsThis news release contains
“forward-looking information” which may include, but is not limited
to, statements with respect to the activities, events or
developments that the Company expects or anticipates will or may
occur in the future. Forward-looking information in this news
release includes statements regarding the use of proceeds from the
Offering. Such forward-looking information is often, but not
always, identified by the use of words and phrases such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates”, or “believes” or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any
assumptions upon which they are based, are made in good faith and
reflect our current judgment regarding the direction of our
business. Management believes that these assumptions are
reasonable. Forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include, among others, risks related to
the speculative nature of the Company’s business, the Company’s
formative stage of development and the Company’s financial
position.
Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no
assurance that forward-looking information 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
information.
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 release.
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