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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$)                                        1.05    
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Gold Price (CAD$)                                                   $1,339  
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Average Annual Gold Production (ounces)                             112,400 
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Peak Annual Gold Production (ounces)                                143,300 
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Pre-Production Capital Costs (CAD$)                                 $69.2 M 
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LOM Sustaining Capital (CAD$)                                       $66.8 M 
----------------------------------------------------------------------------
Pre-Production Period (years)                                       2       
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Mine Life (years)                                                   4.25    
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Cash Cost per Au Ounce (CAD$)                                       $665    
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Cash Costs and Sustaining Cost per Au Ounce (CAD$)                  $805    
============================================================================
                                                                            
============================================================================
PRE-TAX                                                                     
----------------------------------------------------------------------------
Life of Mine NPV at 5% Discount Rate (CAD$)                         $146.0 M
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Internal Rate of Return                                             51%     
----------------------------------------------------------------------------
Payback Period (years)                                              1.5     
============================================================================
                                                                            
============================================================================
AFTER-TAX                                                                   
----------------------------------------------------------------------------
Life of Mine NPV at 5% Discount Rate (CAD$)                         $88.5 M 
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Internal Rate of Return                                             38%     
----------------------------------------------------------------------------
Payback Period (years)                                              1.8     
============================================================================

PEA Production Profile (Diluted Head Grade after Mining)

============================================================================
                                            Grade            Au Ounces      
         Year              Tonnes         (g/t Au)           Recovered      
============================================================================
    Pre-production            -               -                  -          
----------------------------------------------------------------------------
    Pre-production         124,500          7.46              28,000        
----------------------------------------------------------------------------
           1               398,500          7.97              95,500        
----------------------------------------------------------------------------
           2               512,400          9.35              143,300       
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           3               463,700          9.25              127,000       
----------------------------------------------------------------------------
           4               501,500          6.76              98,700        
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           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 Jong
CEO & President

Follow Integra Gold On:

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 Gordon
[email protected]
 
Or visit the company website: www.integragold.com

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