Hughes Resigns-Integra Gold Corp. 2011 Corporate UIntegra Gold Corp. 2011 Corporate Update
09:00 EST Friday, Jan 28, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2011)
Integra Gold Corp. (TSX VENTURE:ICG) (the "Company") is pleased to provide this update of events that have transpired since its last news release dated January 10, 2011.
President's Message
"I am pleased with the advancements made by Integra Gold Corp. as it continues to develop corporate plans relating to exploration, land acquisition, financing and eventual development and production. Productive meetings took place in China with Shandong Gold International Mining Company Ltd. ("SDGIM") and also in Canada during the two days of directors' meetings held in Vancouver.
We are pleased to announce diamond drilling continues at Lamaque on the Forestel Zone as comprehensive new drill programs are being designed and implemented. It has been made exceedingly clear to me that the investment community supports the new direction taken by management. I trust that this update will provide shareholders a sense that management is on the right track and working for them."
China Visit
The Company met with SDGIM management and directors in Jinan, China, from January 13th to January 16th. The talks were productive with a renewed commitment by SDGIM to develop Integra Gold Corp. as a flagship company for their investment purposes in Canada. SDGIM also confirmed their unequivocal support for management, the board of directors and the Company's focus on accelerating exploration, production, corporate development and expansion in Canada.
Focus for 2011
The directors have approved management's 2011 exploration plan prepared by Geologica Groupe-Conseil's geological team which includes an extensive drill program with distinct timelines for geological analysis. The scheduling of this program will ensure drilling is done efficiently and located in areas where best results can be achieved. The upcoming 43-101 report will include drilling recommendations designed to enhance existing resources. The Company has the financial capacity and ability to immediately increase the drill program significantly in 2011 and beyond as it receives recommendations from the geological team.
Management is moving forward with an exploration program designed to bring the Lamaque property to a pre-feasibility stage as quickly as possible. The possibility of focusing part of managements human resources solely to pre-feasibility and an equal component to focus on continued exploration and corporate development is being considered. Planning is underway to facilitate a drill plan that may be more than double what has been approved.
Director's Meeting
A director's meeting took place in Vancouver on January 20 and 21st attended by all directors of the Company, including Mr. Yuhuan Ge who is also a director of SDGIM. Many insights were gained from his expertise as mining engineer along with fellow director from Val d'Or, Mr. Robert Bryce, also a mining engineer. The geological profile of the Lamaque project was reviewed in detail along with the 2011 drill program put forward by Geologica Groupe-Conseil Inc. The diamond drill exploration program for 2011 was approved with the proviso that a greatly enhanced program be initiated if recommended by the 43-101 report, which is expected to be released in March.
Resignation from the Board
On January 21, 2011, the Board of Directors accepted Mr. Richard W. Hughes resignation from the board and thanked him for his many years of service. Mr. Hughes wishes the board well in their endeavours and is encouraged by the new direction and focus taken by the Company.
As released earlier, management has severed its management contract with the Hastings Management Corp., and is no longer associated with the Hughes Exploration Group. Management's sole focus will continue to be advancing Integra Gold and creating value for the shareholder.
New Board Appointment
By unanimous endorsement, the board appointed Mr. Stephen de Jong, as a director of the Company. Mr. de Jong is the President and CEO of Rogue Resources Inc. (TSX VENTURE:RRS), a Canadian junior exploration company focused on mineral exploration primarily in the Timmins camp of Ontario. Stephen has been actively involved in many aspects of negotiations with SD Gold during the past 12 months as Integra continues to explore all opportunities to advance the Lamaque project towards production. Stephen's financial and business acumen accompanied by his experience with international companies is proving to be a considerable asset to the Company.
Report on Drilling
The Forestel Zone assays are still being received and are in the process of being compiled. They will be released along with the Sigma and Sixteen zones results very shortly. The Parallel Zone is still awaiting assay results on four holes which will be reported on separately. Drilling on the Triangle Zone will commence shortly and will be announced via a subsequent news release.
Assay Lab Results
Assays are being received weekly from the assay lab in Val d'Or and a second assay lab in Vancouver recently commissioned to process Company core samples. As reported earlier, core from historic drilling has been re-logged and assayed at the same time as conducting an 8000 meter diamond drill program begun in early November, which has been extended into January. The assay back log has abated with turnaround times expected to be two to three weeks by middle to late February.
Relocation of Offices
The Company has moved to:
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#202 200 Granville Square,
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Vancouver, BC, V6C 1S4
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Telephone: 604-629-0891
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Fax: 604-229-1055
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Email: jdejong@integragold.com
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Incentive Option Update
The Company also announces the incentive option price announced on January 24, 2011, has been corrected and is now set above the price of closing on the date of issue therefore will be eighty five cents (
.85) with no discount.
NI 43-101 Report Update
Management is pleased to report that Geologica Groupe-Conseil Inc., is compiling data for the NI 43-101 report expected by early March 2011. This report will encompass all of the work completed since 2004, including new zones, provide a new resource estimate, and make recommendations relating to future exploration, pre-feasibility and pre-production.
PDAC/Cambridge House
The Company wishes to thank all of its investors and interested persons who took time to meet Company management and directors at the recent Vancouver Investment Conference. There was considerable interest shown in the Lamaque project as well as a number of enquiries and requests received from significant Canadian and international financial and resource institutions.
The Company will be featured at the PDAC conference in Toronto at the Geologica Groupe-Conseil Inc., booth where geological information will be available and investors can meet with management, geologists and directors directly.
Website
The Company's new website can now be found at www.integragold.com. Upgrading the site and information is ongoing with a completion target date set for mid-February.
Lamaque Gold Project
The Lamaque property is in the Val d'Or Gold Camp immediately adjacent to both the Sigma and Lamaque mines, which together have produced approximately 9 million ounces of gold. The current inferred gold resource at Lamaque property is 375,375 gold ounces (1,238,308 tonne at 9.43 g/t gold) according to Watts, Griffis and McOuat 43-101 report. (Sedar October 20, 2004). The current gold mineralized vein-system, indicated through drilling, is speared over an area that is 4,000m in strike length, 2900m wide and open at depth.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. 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 any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FOR FURTHER INFORMATION PLEASE CONTACT:
Integra Gold Corp.
Corporate Inquiries:
John de Jong
604.629.0891
jdejong@integragold.com
www.integragold.com
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.