VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) - Integra Gold Corp. (TSX VENTURE:ICG) (the "Company") is pleased to provide an update into what is being planned for 2011. The past several months have been eventful with many changes and advances taking place.
President's Message
"Integra Gold Corp has undergone a major restructuring during the past six months which management believes will help move the Company forward at an unprecedented pace. Management would like to see everything come together quickly, but the reality of needing to be fiscally prudent with shareholder dollars and conducting geologically appropriate exploration only works well if good planning is in place and the right people with the right qualifications are sourced and employed. This takes time. We believe the shareholder's interest is best served in this way and that together, we will build a Company all of us can be proud of. I trust that this update will provide investors with the sense that management is on the right track. We look forward to providing a consistent flow of news from the recent and ongoing drilling and resampling taking place on our flagship Lamaque project."
Focus for 2011
Management is committed to conducting fiscally responsible and geologically appropriate exploration with a focus of bringing the Lamaque property to a pre-feasibility stage as quickly as possible. The proceeds of the most recent private placement will be used to resume diamond drilling in the Triangle Zone and other areas of the property more readily accessible during the months of January and February. The 2010 drill program on the Forestel Zone has been extended into January 2011 to delineate additional resources for the upcoming NI 43-101 report.
As indicated elsewhere, the directors will be meeting with management and our geological contractors on January 20, 2011, to finalize the Company's exploration program. A report will be released as to outcomes shortly thereafter.
Additional Assay Lab Contracted
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. Exploration in the Val d'Or gold camp has increased to a point where delays in receiving assay results are being experienced by all exploration companies. Integra therefore has contracted a second assay lab, ALS in North Vancouver, to help expedite our assays. Results are now being received daily and are in the process of being tabulated.
Pending Diamond Drill Results
Diamond drill results are expected to be released on the Forestel and Parallel zones this week. Assays from additional zones will be reported on as soon as they are received and the Company's geological team in Val d'Or compiles the information.
Management Contract and Hughes Exploration Group Affiliation
The management has severed its management contract with Hastings Management Corp. and is no longer associated with the Hughes Exploration Group. Management is committed to a sole focus on advancing Integra Gold and value for the shareholder.
| Relocation of Offices |
| |
| The Company has moved from its present location to: |
| #202 200 Granville Square, Vancouver, BC, V6C 1S4 |
| Telephone: 604-629-0189 |
| Fax: 604-229-1055 |
Director's Meeting
A director's planning meeting will be held in Vancouver on January 20 and 21st where the 2011 exploration program will receive its final approval and key financial decisions relating to the Company's future will be discussed.
Board, Corporate Secretary and CFO Appointments
At the SGM held on December 16 the following directors and officers were approved by 98% of the voting shareholders.
John de Jong - CEO/President
John de Jong completed a twenty-five year career in the Royal Canadian Mounted Police in general policing, as a forensic specialist and senior manager, with extensive training and expertise in organizational management. Since 1995 he has managed political campaigns for candidates of the British Columbia Legislature, owned and managed small businesses, and served as a director for several junior exploration companies. He managed the Slocan area mining and milling operation in British Columbia for the past four years on behalf of Klondike Silver Corp. and Klondike Silver's and Zinccorp Resource's exploration projects in Yukon. He currently serves on the Board of Directors for Rogue Resources, volunteers his time on a number of non-profit boards and committees and served on the board of Cerebral Palsy Sports BC.
Vance White – Director
President and managing director for several public mining companies in addition to natural resource companies, Vance White has worked with international mine de-watering and rehabilitation projects for gold producers around the world. An international mining executive with over thirty years of experience in the mining and finance industries, Mr. White brings a wealth of experience in the exploration and development of mines, mills, and precious mineral exploration projects.
Robert Bryce – Director
Robert Bryce, P.Eng is a mining engineer with over 44 years experience in the mining industry. He has been involved in all aspects of operations and management at various mines from Vice President of Mining Operations at Aur Resources Inc. to his current position as Chairman and President of XEMAC Resources Inc. He is a member of the Quebec Order of Engineers and a member of the Canadian Institute of Mining and Metallurgy (CIM). Mr. Bryce resides in Val d'Or, Quebec.
Yuhuan Ge – Director
Mr. Ge has many years of mine management in China and South America on behalf of the Shandong Gold Group, Jinan, China, both as manager and director. Shandong Gold Group owns and operates five of the top ten gold producing mines in Asia and is in the process of expanding its international operations to Canada, USA and Australia. He is currently a director of Shandong Gold International Mining Co., Ltd.
Richard Hughes – Director
Mr. Richard Hughes is widely recognized as a mine finder whose discoveries at the Hemlo Gold Camp in Ontario, Balmoral Mine in Quebec, Sleeping Giant Mine, and Beaufor Mine speak for themselves. He serves as a director of a number of other companies that are in advance stages of exploration or in production.
Diana Mark – Corporate Secretary
Mrs. Mark has been involved in the exploration field for many years as property manager, in land acquisition and corporate governance. She is the corporate secretary for a number of junior exploration companies.
Appointment of CFO
On January 4, 2010 the board appointed Mr. Norman J.R. MacKinnon CA as CFO. Mr. MacKinnon has been a Chartered Accountant in British Columbia for over 48 years and has extensive experience in taxation, specifically tax shelters in fields ranging from resource based industries to international television production and syndication.
From 1972 to present, Mr. MacKinnon served as a director, primarily in a financial advisory or audit committee role, on the boards of numerous VSE, TSE, TSX Venture and NASDAQ public corporations. He was senior partner in the accounting firm MacKinnon, Sapera, Lewis & McDonald from 1972 to 1984, which specialized in taxation matters and general accounting.
Between 1982 and 1984, he served as CFO of Century II Productions Inc., the first Canadian syndicated variety program to be syndicated in the US and successful in television tax shelters. In 1984 he became the sole practitioner of the Chartered Accounting firm, NJR MacKinnon, specializing in tax planning, CFO positions and controllership of emerging public companies. He has served on various committees of the BC Institute of Chartered Accountants. He is a past Director of CRIME STOPPERS-Greater Vancouver
Company Delegation to China
Mr. de Jong will lead a delegation to China on January 12th where he will be meeting with Shandong Gold International Mining Co., Ltd. President, Mr. Yang Quigshan. This will be their third meeting in the past year.
Contract for NI 43-101 Report
Management is pleased to report that Geologica Groupe-Conseil Inc., has begun compiling data for the NI 43-101 report to be published in 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
Investors and interested persons can meet Company management and directors in Toronto at the Geologica Groupe-Conseil Inc. booth at PDAC in early March 2011. The Company also intends to present the Lamaque property at a special presentation during PDAC. Additional details will be released prior to PDAC. The Company will also be represented at the upcoming Cambridge House conference taking place in January in Vancouver, BC.
Website
The Company's new website is presently being revamped and is expected to be up within ten days. Please visit us at www.kalahari-resources.com in the meantime. The new company site will be www.integragold.com.
Private Placement
The Company also announces that the private placement recently closed consisted of a total of 3,904,444 units (522,000 flow through and 3,382,444 non-flow through), raising a total of $1,783,100. Each unit consisted of one share and one-half of one warrant, each warrant exercisable at $0.70 in the first year and $0.85 in the second year. All of the securities issued in connection with the closing of this private placement are subject to a hold period expiring May 1, 2011.In connection with the private placement, finder's fees in the amount of $20,920 will be paid to Redplug Capital.
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:
John de Jong
Corporate Inquiries:
(604) 629-0891
www.kalahari-resources.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.
© Marketwire
