VANCOUVER, BC--(Marketwired - March 02, 2015) - Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF) ("Integra" or the "Company") is pleased to announce that is has filed on SEDAR the NI 43-101 technical report for the Preliminary Economic Assessment ("PEA"), disclosed in the Company's news release dated January 13, 2015, for its Lamaque Gold Project (the "Lamaque Project") in Val-d'Or, Québec, Canada. The PEA was prepared by InnovExplo Inc. ("InnovExplo") with technical contributions from Amec Foster Wheeler Environment and Infrastructure ("Amec"), Geologica Groupe-Conseil Inc., Geopointcom Inc., Micon International Ltd ("Micon") and WSP Canada Inc. ("WSP").

The report is available under the Company's profile on SEDAR and on the Company's website via the following link:

PEA Highlights

  • Base case pre-tax IRR of 77% and NPV (5% discount rate) of C$184.3M (after-tax IRR of 59% and NPV of C$113.5M) 
  • Pre-production capital requirements reduced by C$7.3M from C$69.2M to C$61.9M
  • Pre-production period reduced from 24 months to 18 months as a result of existing infrastructure and permits from the acquisition of the Sigma/Lamaque Mill and Mine Complex and the optimized mine plan for the North Zone
  • Life of mine ("LOM") cash cost of C$551 per ounce and all-in sustaining costs of C$731 per ounce
  • Updated Preliminary Economic Assessment (the "PEA") uses the same mineral resource estimate as the previous PEA and does not incorporate drilling completed since April 2013 or any of the Sigma/Lamaque mineral resources obtained in the acquisition noted below

Changes from Previous PEA - Incorporate of Mill Acquisition

The PEA represents an update of the Company's previous PEA (March 11, 2014) which incorporates the impact of the Company's acquisition of the neighboring Sigma/Lamaque Mill and Mine Complex. The primary areas impacted with this acquisition are:

  • Reduced Operating Costs from C$665 cash cost per ounce to C$551 per ounce (17% reduction), primarily as a result of lower milling costs as the Company is no longer contemplating toll or custom milling its material at third party facilities;
  • Reduced Pre-Production Capital Expenditures by C$7.3M from C$69.2M to C$61.9M, primarily as a result of utilizing existing surface and underground infrastructure to access the Parallel Zone, thereby eliminating the need for a standalone decline or ramp and associated surface infrastructure. Capital expenditure savings are partially offset by the capital required to refurbish the Sigma Mill;
  • Increased Gold Recoveries by 1% at all of the mineralized zones as a result of longer leaching time for planned production based on actual capacity and the flow sheet of the Sigma Mill versus previous toll milling assumptions;
  • Reduced Pre-Production Period from 24 months to 18 months, primarily through the use of existing surface and underground infrastructures allowing the Company to reach the Parallel Zone in a shorter time frame;
  • Potential for Earlier Development Start-Date as a result of the significant provincial and federal permitting hurdles overcome with the acquisition of the Sigma/Lamaque Mill and Mine Complex. A Federal Environmental Assessment report, also known as an Environmental Impact Study was avoided. Amendments to the existing provincial permits in place at the Sigma/Lamaque Mill and Mine Complex will be sufficient to authorise the production activities in the North Zone (Parallel and Fortune Zones) which simplifies the permitting process. Approximately 80% of the Company's Lamaque Project (including the Parallel and Fortune Zones) and 100% of the land recently acquired are mining leases, not exploration claims and therefore do not need to be converted into leases.

The updated PEA uses the same mineral resource estimate as the previous PEA and does not incorporate the updated resource estimate announced by the Company on February 10, 2015. The increase in recovered ounces in the updated PEA is a result of improved recoveries at the Sigma Mill in comparison to the previously assumed toll milling scenario. 

Sigma-Lamaque Resources

When the Company acquired the Sigma/Lamaque Mill and Mine Complex it acquired all of the mineral resources contained within the associated property, none of which have been included as part of the mine plan in the PEA. Upon completion of the acquisition in October 2014, the Company commissioned Micon to conduct a review of the mineral resources in order to qualify them as acceptable by NI 43-101 standards and guidelines. The most recent minerals resource audit was completed on the project in June, 2011 by Micon (the August, 2011 report is available on SEDAR under the Century Mining profile) with a subsequent review completed in 2014. The reviewed resource estimates included following zones on Sigma-Lamaque: Lamaque No. 2 Mine, North Wall Shears, North Wall Dykes, Sigma Polygons, Lamaque Main Mine, and Cross-Over zone. Micon has not recalculated the cut-off grade used in reporting the resource since that time. Nevertheless, Micon considers the 2011 estimate to be valid and representative of the resource present at Sigma-Lamaque Project. Most of the mineralized material (approximately 250,500 tonnes) that was mined by Century Mining Corporation subsequent to the 2011 mineral resource estimate were from areas not contained within that estimate. Only 27,300 tonnes was mined from the resource blocks in the North Wall Shear (Sigma) and North Wall Dyke (Sigma). Further details about the resource estimate have been included in the PEA technical report filed on SEDAR today.

Project and Company Profile

Integra's Lamaque South Gold Project and Sigma-Lamaque Mill and Mine Complex are located directly east from the city of Val-d'Or along the prolific Abitibi Greenstone belt 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 focus is on production planning for its high-grade Lamaque South project. The Lamaque South property is divided into three clusters, the North, South and West cluster. The primary targets are the high-grade Parallel Zone in the North Cluster and the Triangle Zone in the South Cluster. The acquired Sigma Mill, located 1 kilometer from the Parallel Zone and 3 kilometers from the Triangle Zone, is a fully-permitted, 2,200 ton per day mill and tailings facility. The Sigma-Lamaque Mill and Mine Complex include the historic Sigma and Lamaque Mines which operated for 75 and 52 years respectively and produced more than 9 million ounces of gold in total.

PEA Disclaimer

The PEA is preliminary in nature and it 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.

Qualified Persons

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.

Quality Assurance - Quality Control ("QA/QC")

Thorough QA/QC protocols are followed on the Lamaque Project including insertion of duplicate, blank and standard samples in all drill holes. The core samples are submitted directly to ALS Laboratory Group and Bourlamaque Labs 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 mineral resource estimate and PEA cited in this news release will be available in an NI 43-101 compliant technical report for the project, including data verification discussions, to be filed on SEDAR within 45 days following this news release.


Stephen de Jong
CEO & 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: 
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained on this presentation. This news release 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 news release 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 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.

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