Integra Gold SEDAR Files Technical Report for Initial Preliminary
Economic Assessment for the Lamaque Gold Project
VANCOUVER, BC--(Marketwired
- April 29, 2014) - Integra Gold Corp. (TSX-VENTURE: ICG) ("Integra" or the "Company")
is pleased to announce that it has filed on SEDAR today the NI
43-101 technical report for the Preliminary Economic Assessment
("PEA"), disclosed in the Company's news release dated March 11,
2014, for its Lamaque Gold Project ("Lamaque") located in Val-d'Or,
Québec. The PEA, prepared by InnovExplo Inc. ("InnovExplo") with
technical contributions from AMEC, Golder Associates, Geologica
Groupe-Conseil Inc., Geopointcom Inc. and WSP Engineering,
demonstrates the strong economic potential of the Lamaque
Project.
The report will be available under the Company's profile on
SEDAR and on the Company's website via the following link:
http://www.integragold.com/i/pdf/reports/43-101_PEA_Lamaque_2014.pdf.
PEA Highlights:
- Base Case Pre-tax IRR of 51% and NPV (5% discount rate) of
CAD$146.0 M
- Average annual production of 112,400 gold ("Au") ounces
per year with peak annual production at 143,300 Au ounces per
year and total production of 505,600 Au ounces
- Life of Mine ("LOM") cash cost of CAD$665 per Au ounce and
cash costs plus sustaining costs of CAD$805 per Au ounce
- In excess of 56,600 meters ("m") in 157 drill holes has
now been completed subsequent to the database cut-off date
of April 24, 2013 for the resource estimates used in the PEA
which highlights the strong potential for resource growth
- Proposed underground operation with a vertical depth of
620 m and material processed at nearby mills via toll, or
custom, milling
- The plan as outlined in the PEA will have minimal impact
on the community as there are no homes, businesses, or other
infrastructure where the proposed mining will take place
- Potential to significantly reduce capital expenditures by
delaying development of second ramp until cash flow from the
first ramp has been achieved
"We were impressed with the results of the first PEA and look
forward to seeing the impact an updated resource will have on what
are already very promising numbers," noted President and CEO
Stephen de Jong. "With this additional 57,000 meters of drilling we
are confident we will continue to see the Lamaque resource and
projected mine life grow increasing the overall viability and
appeal of the project."
PEA Base Case Assumptions and Summary
Gold Price (USD$) |
$1,275 |
Exchange Rate (CAD$ to USD$) |
1.05 |
Gold Price (CAD$) |
$1,339 |
Average Annual Gold Production (ounces) |
112,400 |
Peak Annual Gold Production (ounces) |
143,300 |
Pre-Production Capital Costs (CAD$) |
$69.2 M |
LOM Sustaining Capital (CAD$) |
$66.8 M |
Pre-Production Period (years) |
2 |
Mine Life (years) |
4.25 |
Cash Cost per Au Ounce (CAD$) |
$665 |
Cash Costs and Sustaining Cost per Au Ounce (CAD$) |
$805 |
|
PRE-TAX |
|
Life of Mine NPV at 5% Discount Rate (CAD$) |
$146.0 M |
Internal Rate of Return |
51% |
Payback Period (years) |
1.5 |
|
|
AFTER-TAX |
|
Life of Mine NPV at 5% Discount Rate (CAD$) |
$88.5 M |
Internal Rate of Return |
38% |
Payback Period (years) |
1.8 |
PEA Production Profile (Diluted Head Grade after Mining)
Year |
Tonnes |
Grade(g/t Au) |
Au OuncesRecovered |
Pre-production |
- |
- |
- |
Pre-production |
124,500 |
7.46 |
28,000 |
1 |
398,500 |
7.97 |
95,500 |
2 |
512,400 |
9.35 |
143,300 |
3 |
463,700 |
9.25 |
127,000 |
4 |
501,500 |
6.76 |
98,700 |
5 |
80,800 |
5.88 |
13,100 |
TOTAL |
2,081,400 |
8.19 |
505,600 |
2014 Lamaque Drill Program
Planned drilling for 2014 at the Lamaque project has been
increased to a minimum of 45,000 m. This includes the recently
completed 24,000 m definition program at the Triangle Zone,
definition drilling at the Fortune Zone (8,000 m), exploration
drilling at Plug No. 5 (5,000 m) and Mine No. 3 targets (6,000 m),
and geotechnical drilling at Parallel, Triangle, and Fortune zones
(2,000 m). The Plug No. 5 and Mine No. 3 targets are not currently
included in the Lamaque Project's total resource and following the
proposed drill programs the Company will conduct resource
estimation on these targets in the latter part of 2014.
The PEA is preliminary in nature and includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves. There is no certainty that
the PEA will be realized.
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, Triangle and Triangle
South zones. The Sixteen Zone and No. 6 Vein form the West Cluster.
The zones from the West Cluster, as well as the Mine No. 3 and Plug
No. 5 zones from the North Cluster are not included in the PEA.
Qualified Person
The Lamaque Project is under the direct supervision of Hervé
Thiboutot, Eng. Senior Vice-President of the Company, and Francois
Chabot, Eng. and Operations and Engineering Manager of the Company.
Both Mr. Thiboutot and Mr. Chabot are Qualified Persons ("QP") as
defined by National Instrument 43-101.
In addition, each of the individuals listed below are
independent QP for the purposes of NI 43-101. All scientific and
technical information in this press release in respect of the
Lamaque Project or the PEA is based upon information prepared by or
under the supervision of those individuals.
For InnovExplo Inc., Sylvie Poirier, Eng. (Mining) and Laurent
Roy, Eng. (Mining); for Geologica, Alain-Jean Beauregard, Geol.
(Geology) and Daniel Gaudreault, Eng. (Geology); for GeoPointcom,
Christian D'Amours, Geol. (Resources); for Amec, Stephan Bergeron,
Eng. (Environment); for Golder Associates, James Tod, Eng.
(Geo-Mechanics); and for WSP Engineering, Michel Garon, Eng.
(Metallurgy).
The Company's QPs have reviewed the technical content of this
press release.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de JongCEO & President
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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: Certain disclosures in this release
constitute forward-looking statements. In making the
forward-looking statements in this release, the Company has applied
certain factors and assumptions that are based on the Company's
current beliefs as well as assumptions made by and information
currently available to the Company, including that the Company is
able to obtain any government or other regulatory approvals
required to complete the private placement and Company's planned
exploration activities, that the Company is able to complete the
private placement, that the Company is able to procure personnel,
equipment and supplies required for its exploration activities in
sufficient quantities and on a timely basis and that actual results
of exploration activities are consistent with management's
expectations. Although the Company considers these assumptions
to be reasonable based on information currently available to it,
they may prove to be incorrect, and the forward-looking statements
in this release are subject to numerous risks, uncertainties and
other factors that may cause future results to differ materially
from those expressed or implied in such forward-looking
statements. Such risk factors include, among others, that the
private placement will not be completed, that actual results of the
Company's exploration activities will be different than those
expected by management and that the Company will be unable to
obtain or will experience delays in obtaining any required
government approvals or be unable to procure required equipment and
supplies in sufficient quantities and on a timely
basis. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company 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
Gordonchris@integragold.com Or visit the company
website: www.integragold.com
Integra Gold Corp. (TSXV:ICG)
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