VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2012) -
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Integra Gold Corp. (TSX VENTURE:ICG) ("Integra" or the "Company") has been selected for a technical review by the B.C. Securities Commission and as a result we are issuing the following clarifying news release. The Company also announces it anticipates closing its $3.0 million financing on Friday, August 17, 2012.
- Triangle and Lamaque Technical Reports:
- The Triangle Zone Resource Report requires a number of formatting edits and additions in order to be compliant with NI 43-101 reporting standards. While BCSC has not formally reviewed this report, their comments are in respect of the format of the report itself, rather than its methodology or the credibility of the resources. After discussions with BCSC, the Company will be adding the Triangle Zone Resource Report as a section into a revised 2011 Lamaque report. It is anticipated by the Company that there will be NO recalculation or audit of the resources stated in this report, and thus no material change.
- Lamaque report deficiencies - There are deficiencies in the Company's July 2011 NI 43-101 technical report, none of which are material to the resource. These will be addressed at the same time the Triangle Zone report is added to the July 2011 NI-43-101 technical report.
- As noted above, the Company is in the process of updating the existing July 2011 NI 43-101 technical report and anticipates that it will be completed and filed within approximately 6 weeks. This report will then have an effective date of November 2011.
- The Company is also in the process of preparing updated resource estimates for the project which will incorporate approximately 35,000 meters of new drilling and will include updated estimates for the Triangle, No. 4 Plug, Parallel, and Forestel Zones. The report is anticipated to be released in the first quarter of 2013.
- General Updates:
- On November 16, 2011 the Company disclosed it was estimating resources for it Sixteen Zone "with management anticipating its release shortly". A review of all drilling has resulted in a recommendation that more data (drilling) is needed prior to a resource calculation for this zone.
- In a January 23, 2012 corporate presentation the Company stated it had an "exploration objective of one million ounces." This statement and corporate presentation did not have the required information and cautionary language and the Company wishes to retract this statement. Updated exploration objectives will be outlined in subsequent press releases.
- In November 2011 the Company stated it had contracted SRK to conduct a review of the project, including a technical memorandum summarizing work undertaken by SRK. The Company cancelled its arrangement with SRK prior to receiving any such report as the appointment of Hervé Thiboutot as Senior VP Exploration has allowed it conduct an exploration review with recommendations in-house.
The Company's qualified person, Hervé Thiboutot, P.Eng. & Vice-President of the Company, has reviewed the technical content of this news release.
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 accessible.
The Company's focus is to evaluate and enhance gold bearing zones demonstrating the potential to increase existing resources. The Lamaque project currently has an inferred and indicated gold resource of 2,335,530 metric tonnes averaging 6.91 g/t Au for 518,643 ounces ("oz.") Au and 800,799 metric tonnes averaging 6.33 g/t Au for 162,962 oz. Au respectively.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong, CEO & President
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This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the use of the proceeds from the private placement, 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.
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.