VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/22/13 -- Integra Gold Corp. (TSX VENTURE: ICG) ("Integra" or the "Company") is pleased to announce George Salamis, PGeo, has been appointed to its Board of Directors.
Mr. Salamis has over 20 years of experience in mineral exploration, mine development and operations and is currently President and CEO of Edgewater Exploration Ltd., a TSX Venture-listed (TSX VENTURE: EDW) mineral exploration company. Mr. Salamis has previously held senior management positions with a number of mining companies including Placer Dome Inc. and Cameco Corporation. He has been involved in several M&A transactions valued over $1.2 billion, either through the sale of assets or of junior mining companies that he played a key role in building. Specifically relevant to the Quebec mining scene, Mr. Salamis holds a degree in Geology from the University of Montreal and has spent over 5 years working in the Val d'Or area in mining and exploration, primarily with Placer Dome Inc.
"2013 is going to be a critical year for Integra and we remain committed to ensuring we have a professional team in place capable of executing our corporate initiatives and creating value for our shareholders. We are pleased to add Mr. Salamis to our team and look forward to working with him, drawing on his technical expertise in gold exploration and development as well as corporate experience with a number of successful gold focussed companies," commented Company President and CEO, Stephen de Jong.
The Company also announces Mr. Vance White has stepped down from the Board. The Board of Directors wishes to thank Mr. White for his contributions during his tenure with the Company and wishes him all the best in his future endeavors.
The Company has completed its transaction with Pinetree Capital Ltd. ("Pinetree"), an arm's length party, outlined in a Company press release dated December 20, 2012. Pursuant to the agreement, Integra issued 5,000,000 non flow through common shares ("NFT Shares") at a price of $0.24 per NFT Share in exchange for 1,379,310 common shares of Pinetree at $0.87 per common share, representing a transaction value of $1,200,000.
The Company paid a finder's fee of $39,000 in connection with the transaction. All securities issued under the Offering are subject to a four-month hold period expiring May 12, 2013. The Offering is subject to final approval of the TSX Venture Exchange.
The Company also announces it has granted a total of 520,000 options to a director and employees/consultants of the Company. The options are set at an exercise price of 21 cents and expire on January 22, 2017.
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 Quebec, Canada, approximately 550 km northwest of Montreal. Quebec 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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Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the closing of 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.
Integra Gold Corp.
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