INTEGRA RESOURCES ANNOUNCES TRANSFORMATIONAL MERGER WITH FLORIDA CANYON GOLD CREATING A LEADING GROWTH FOCUSED GOLD AND SILVER PRODUCER IN THE GREAT BASIN
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
Under the terms of the Transaction, FCGI shareholders will receive 0.467 of a common share of Integra (each whole share, an "Integra Share") for each common share of FCGI ("FCGI Share") held (the "Exchange Ratio"). Existing shareholders of Integra and FCGI will own approximately 60% and 40%, respectively, of the outstanding Integra Shares on closing of the Transaction (but prior to the completion of the equity financing described below) on a fully-diluted in-the-money basis. The Exchange Ratio implies consideration of
In connection with the Transaction, Integra announces a concurrent bought deal private placement financing of Subscription Receipts (as defined below) for gross proceeds of approximately
The merger between FCGI and Integra creates a growth focused gold and silver producer in the
Strategic Rationale for Transaction
-
Immediate Gold Production & Cash Flow: The Transaction will establish Integra as a newly formed junior gold-silver producer, providing investors immediate exposure to the strong metal price environment through Florida Canyon.
- Florida Canyon:
- Florida Canyon is a proven open-pit mining operation located in
Nevada , with solid operating performance in recent years due to enhancements to personnel and operational practices. - Production in 2023 of ~71kozs AuEq at net cash costs and AISC of
US$1,368 /oz andUS$1,654 /oz, respectively.(1)(2) - The 2024 NI 43-101 Technical Report for Florida Canyon demonstrated a 7 year mine life (not including three years of residual leaching), producing an average of ~70kozs AuEq per annum, generating an after-tax Net Present Value ("NPV") 5% of
US$128 million (using Base Case gold ofUS$2,200 /oz for 2024,US$2,150 /oz for 2025/2026 andUS$1,900 /oz thereafter).(1)
- Florida Canyon is a proven open-pit mining operation located in
- Florida Canyon:
-
Robust Pipeline to Support Industry Leading Growth: Complementary portfolio of robust, strategically sequenced, oxide heap leach projects, creating clear a path to growing production and becoming a mid-tier precious metals producer.
- DeLamar:
- DeLamar is an advanced gold-silver heap leach project located in southwestern
Idaho . A Mine Plan of Operations has been submitted and deemed complete by theU.S. Bureau of Land Management inJune 2024 . DeLamar is one of the few gold-silver development projects in theWestern U.S. that will be actively advanced through theNational Environmental Protection Agency ("NEPA") mine permitting process, demonstrating the significant scarcity value of the project. - The 2022 Pre-feasibility Study ("PFS") for DeLamar demonstrated an 8-year mine life, producing an average of 136kozs AuEq per annum, generating an after-tax NPV5% of
US$470M and Internal Rate of Return ("IRR") of 33% (usingUS$2,000 /oz Au andUS$23 /oz Ag).(2)
- DeLamar is an advanced gold-silver heap leach project located in southwestern
- DeLamar:
- The 2022 PFS study mine plan excludes ~500kozs AuEq of Measured & Indicated ("M&I") resources found in historic stockpiles. The stockpiles sit at surface and were mined by previous operations. The stockpile resource was published by Integra in 2023. Feasibility Study work is ongoing which will incorporate the stockpiles into a mine plan.(2)
- Nevada North:
- Nevada North is comprised of the Wildcat and Mountain View deposits, located in northwestern Nevada. The Wildcat deposit is located approximately 40 miles from Florida Canyon.
- The 2023 Preliminary Economic Assessment for Nevada North demonstrated a 13-year mine life, producing an average of 80kozs AuEq per annum, generating an after-tax NPV5% of
US$490M and IRR of 37% (usingUS$2,000 /oz Au andUS$23 /oz Ag)(1). Approximately 80% of the stated mineral resource at Nevada North is within the Indicated category. - Drilling is currently underway at the Wildcat Deposit to increase oxide mineralization adjacent to the existing resource while also testing the high-grade breccia target for oxide resource expansion and to gather material for further metallurgical and geotechnical testing.
- Nevada North:
-
Significant Resource Endowment: Combined portfolio of three high-quality oxide heap leach gold-silver projects within the
Great Basin with peer leading resource inventory with 5.2 million ounces ("Mozs") Au and 152.5Mozs Ag in the M&I category, and 2.9Mozs Au 17.2Mozs Ag in the Inferred category. Total mineral reserves of 2.0Mozs Au and 51.3Mozs Ag in the Proven and Probable category based on oxide and mixed ore. ([1]),([2]),([3]) -
Strong Potential for Regional Synergies: Tangible synergies exist between Florida Canyon and Nevada North, located approximately 40 miles apart, which are expected to drive significant additional long-term value within the
Great Basin for all shareholders and stakeholders. Integra will also benefit from a seasoned and experienced team at Florida Canyon as it brings DeLamar and Nevada North into production. -
High Quality Team: The executive team and Board of Directors have a proven track record of success in exploration, project-development and mining operations in the
U.S. In addition, the senior leadership team boasts significant project financing, mergers & acquisitions ("M&A"), and capital markets experience. -
Financial Strength: The Company will be strongly positioned to optimize Florida Canyon and advance key milestones at DeLamar and Nevada North –
Wheaton and Beedie Capital partnerships provide line-of-sight to project financing. -
Benefits to Local Communities: The Transaction creates 20+ years of employment for the local workforce at Florida Canyon and brings significant benefits to communities surrounding Integra's key projects in
Nevada andIdaho . All key projects are located within driving distance of each other.
____________________________________ |
(1) See NI 43-101 technical report titled: "NI 43-101 Technical Report, |
(2) See NI 43-101 technical report titled: "Technical Report for the DeLamar and Florida Mountain Gold – Silver project, |
(3) See NI 43-101 technical report titled: "NI 43-101 Technical Report, Preliminary Economic Assessment for the Wildcat and Mountain View Projects, |
Benefits to Integra Shareholders
- Immediate transition from gold developer to junior gold producer with predictable annual production from a proven heap leach mining operation, providing investors exposure to the strong metal price environment.
- Potential for new oxide discoveries identified at targets along strike at Florida Canyon, which have the potential to significantly extend mine life.
- Existing Florida Canyon team will provide benefits to entire portfolio of projects. Operational and technical expertise from Florida Canyon will be invaluable for engineering, construction, and ramp-up at DeLamar. The proximity of Florida Canyon and Nevada North is expected to create tangible synergies for people and equipment as Nevada North is brought online.
- The combined company will benefit from enhanced scale and improved capital markets profile, trading liquidity, and expected reduction to cost of capital which will be crucial for project financing at DeLamar.
- Creates the potential for future index inclusion and the addition of new significant cornerstone investors to join the likes of Wheaton,
Beedie Capital , and GMT.
Benefits to FCGI Shareholders
- FCGI shareholders retain meaningful ownership in one of the largest precious metals companies in the
Great Basin by mineral endowment. - Provides diversification from a single asset production company to a multi-asset vehicle with production and two high-quality development projects, creating a long-term operating platform and pathway for growth.
- Florida Canyon workforce will benefit from the addition of nearby development projects with potential for career advancements and longevity. Communities surrounding Florida Canyon will benefit from a larger platform to support expanding mining operations within region.
- Significantly improves the company's capital markets profile with a NYSE American listing and enhanced coverage from the analyst and investor community. In addition, adds a top-tier roster of institutional and strategic investors to support long-term strategy.
- Addition of a top tier management team with extensive experience across exploration, development, and production in the
U.S. as well as deep expertise in capital markets and M&A.
Transaction Details
Pursuant to the Transaction, FCGI shareholders will receive 0.467 of an Integra Share for each FCGI Share held (the "Consideration"). The Consideration implies C$0.69 per FCGI Share and represents an equity valuation of approximately C$95 million based on the closing price of the Integra Shares on July 26, 2024. Existing shareholders of Integra and FCGI will own approximately 60% and 40% of the combined company, respectively, on a fully-diluted in-the-money basis, before given effect to the Offering.
The Transaction will be effected by way of a court-approved plan of arrangement under the Canada Business Corporations Act, requiring the approval of (i) at least 66 ⅔% of the votes cast by the shareholders of FCGI voting in person or represented by proxy, (ii) if applicable, a simple majority of the votes cast by shareholders of FCGI, excluding for this purpose the votes of "related parties" and "interested parties" and other votes required to be excluded under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, all at a special meeting of FCGI's shareholders to consider the Transaction, and (iii) the approval of the
Directors and senior officers of FCGI have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their FCGI common shares in favour of the Transaction. Voting support agreements have also been received from certain FCGI shareholders.
On the effective date of the Transaction, the Board of Directors (the "Board") of Integra will be reconstituted such that six current directors of Integra will remain on the Board, and Integra will appoint two additional directors from nominees provided by FCGI.
In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including the approvals of the TSXV and the satisfaction of certain other closing conditions customary in transactions of this nature as well as customary interim period covenants regarding the operation of each of the Companies' respective businesses. The Transaction is subject to the prior completion of the sale of FCGI's Mexican assets, as previously announced, and receipt of approval from the
Full details of the Transaction will be included in the management information circular of FCGI, expected to be mailed to shareholders in
None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "
Board of Directors' Recommendation and Voting Support
The Arrangement Agreement and the Transaction have been unanimously approved by the boards of directors of each of Integra and FCGI, and the board of directors of FCGI has recommended that FCGI shareholders vote in favour of the Transaction. Stifel has provided a fairness opinion to the Board of Directors of Integra, stating that, as of the date of its opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid under the Transaction is fair, from a financial point of view, to Integra.
Following completion of the Transaction, the Integra Shares will continue trading on the TSXV and NYSE American, and the FCGI Shares will be de-listed from the TSXV. Approximately 89 million Integra Shares are currently outstanding on a non-diluted basis and approximately 138 million FCGI Shares are currently outstanding on a non-diluted basis. Upon completion of the Transaction (assuming no additional issuances of Integra Shares or FCGI Shares, other than the issuance of Integra Shares on conversion of the Subscription Receipts), there will be approximately 168 million Integra Shares outstanding on a non-diluted basis and approximately 179 million Integra Shares outstanding on a fully-diluted in-the-money basis.
Bought Deal Private Placement Offering of Subscription Receipts
Integra has entered into an agreement with
Each Subscription Receipt shall represent the right of a holder to receive, upon satisfaction or waiver of certain release conditions (including the satisfaction of all conditions precedent to the completion of the Transaction other than the issuance of the consideration shares to shareholders of FCGI) (the "Escrow Release Conditions"), without payment of additional consideration, one Integra Share, subject to adjustments and in accordance with the terms and conditions of a subscription receipt agreement to be entered into upon closing of the Offering (the "Subscription Receipt Agreement").
The gross proceeds from the sale of the Subscription Receipts will be deposited and held in escrow pending the satisfaction or waiver of the Escrow Release Conditions by
If a Termination Event (as defined below) occurs, the escrowed proceeds of the Offering will be returned on a pro rata basis to the holders of Subscription Receipts, together with the interest earned thereon, and the Subscription Receipts will be cancelled and have no further force and effect, all in accordance with the terms of the Subscription Receipt Agreement. For the purposes of the Brokered Offering, a "Termination Event" includes: (a) an event in which the Escrow Release Conditions are not satisfied or waived prior to
The Offering is expected to close on or about
The Subscription Receipts will be offered by way of: (a) private placement in each of the provinces of
The securities being offered pursuant to the Offering have not been, nor will they be, registered under the
Beedie Capital Consent to the Transaction & Capital Credit Facility
In connection with the closing of the Transaction, Integra is pleased to announce that it has entered into a fourth supplemental credit agreement ("Fourth Supplemental Credit Agreement") with
Advisors and Counsel
Conference Call and Webcast
Integra and FCGI will jointly host a webinar to discuss the Transaction on
https://us02web.zoom.us/webinar/register/WN_aaUjBw4BTeu2Nhazn9GBEQ
A replay of this webinar will be available on Integra's website.
Technical Disclosure and Qualified Persons
The scientific and technical information contained in this news release with respect to Integra has been reviewed and approved by Raphael Dutaut, Ph.D.,
Non-IFRS Measures
"Net cash costs" and AISC are non-IFRS measures. "Net Cash Costs" is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports cash cost per ounce on a sales basis. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure, along with sales, are considered to be key indicators of a Company's ability to generate operating profits and cash flow from its mining operations.
Cash cost figures are calculated in accordance with a standard developed by
The
The Company believes that these measures provide investors with an alternative view to evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Please see the most recent management's discussion and analysis ("MD&A") for full disclosure on non-IFRS measures.
Mineral Reserve & Resource Information
Table 1: Florida Canyon Mineral Reserve & Resource Estimate
Material |
Class |
Cut-off Grade (Gold oz/ton) |
Tonnage (tons x 1000) |
Gold Grade (oz/ton) |
Contained Au (oz x 1000) |
Oxides |
Measured |
0.0039 - 0.0046 |
- |
- |
- |
Indicated |
0.0039 - 0.0046 |
93,036 |
0.0100 |
933 |
|
Sulfides |
Measured |
0.0162 |
- |
- |
- |
Indicated |
0.0162 |
- |
- |
- |
|
Sub-Total |
Measured & indicated |
0.0039-0.0162 |
93,036 |
0.0100 |
933 |
Oxides |
Inferred |
0.0039 - 0.0046 |
40,067 |
0.0091 |
366 |
Sulfides |
Inferred |
0.0162 |
66,098 |
0.0281 |
1,854 |
Sub-Total |
Inferred |
0.0039-0.0162 |
106,165 |
0.0209 |
2,220 |
1. |
Mineral Resources are reported, using the 2014 CIM Definition Standards, with an effective date of |
2. |
Mineral Resources are reported inclusive of those Mineral Resources converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
3. |
Mineral Resources are constrained within a conceptual open pit shell that uses the following assumptions: gold price of |
4. |
Mineral Resources are reported at a cut-off grade ranging from 0.0039 oz/ton to 0.0057 oz/ton for oxides and is 0.0162 oz/ton for sulfides. |
5. |
Mineral Resources include a stockpile inventory of 1,206.9 ktons at an average grade of 0.0052 oz/ton and total contained gold of 6.22 koz. |
6. |
Mineral Resources include heap leach inventory of 3,928.7 ktons at an average grade of 0.0101 oz/ton and total contained gold of 39.64 koz. |
7. |
Numbers have been rounded and may not sum. |
Category |
Tonnage (tons x 1000) |
Gold Grade (oz/ton) |
Contained Gold (oz x 1000) |
Proven |
- |
- |
- |
Probable |
85,352 |
0.0101 |
861 |
Proven & Probable |
85,352 |
0.0101 |
861 |
1. |
Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards, with an effective date of |
2. |
Mineral Reserves are constrained within an open pit design that uses the following assumptions: gold price of |
3. |
Mineral Reserves are reported at a cut-off grade ranging from 0.0039 oz/ton to 0.0057 oz/ton. |
4. |
Mineral Reserves include a stockpile of 1,206.9 ktons at an average grade of 0.0052 oz/ton and total contained gold of 6.22 koz. |
5. |
Mineral Reserves include Heap Leach Inventory of 3,928.7 ktons at an average grade of 0.0101 oz/ton and total contained gold of 39.64 koz. |
6. |
Numbers have been rounded and may not sum. |
Table 2: DeLamar Project Mineral Resource Estimate
Type |
Category |
Tonnes |
Au g/t |
Au oz |
Ag g/t |
Ag oz |
AuEq g/t |
AuEq oz |
|||
Oxide |
Measured |
6,313,000 |
0.36 |
74,000 |
16.9 |
3,427,000 |
0.58 |
118,000 |
|||
Indicated |
42,346,000 |
0.35 |
471,000 |
13.4 |
18,291,000 |
0.52 |
706,000 |
||||
M&I |
48,659,000 |
0.35 |
545,000 |
13.9 |
21,718,000 |
0.53 |
825,000 |
||||
Inferred |
11,132,000 |
0.28 |
99,000 |
7.8 |
2,795,000 |
0.38 |
135,000 |
||||
|
|
|
|
|
|
|
|
||||
Mixed |
Measured |
10,043,000 |
0.42 |
136,000 |
21.8 |
7,032,000 |
0.70 |
227,000 |
|||
Indicated |
60,136,000 |
0.35 |
672,000 |
15.0 |
29,010,000 |
0.54 |
1,045,000 |
||||
M&I |
70,179,000 |
0.37 |
808,000 |
16.5 |
36,042,000 |
0.58 |
1,272,000 |
||||
Inferred |
8,533,000 |
0.27 |
74,000 |
8.4 |
2,302,000 |
0.38 |
104,000 |
||||
|
|
|
|
|
|
|
|
|
|||
Non-Oxide DeLamar |
Measured |
16,541,000 |
0.54 |
288,000 |
38.1 |
20,249,000 |
1.03 |
549,000 |
|||
Indicated |
48,608,000 |
0.45 |
710,000 |
26.4 |
41,292,000 |
0.79 |
1,241,000 |
||||
M&I |
65,149,000 |
0.48 |
998,000 |
29.38 |
61,541,000 |
0.85 |
1,790,000 |
||||
Inferred |
11,797,000 |
0.41 |
157,000 |
17.0 |
6,456,000 |
0.63 |
240,000 |
||||
|
|
|
|
|
|
|
|
|
|||
Type |
Category |
Tonnes |
Au g/t |
Au oz |
Ag g/t |
Ag oz |
AuEq g/t |
AuEq oz |
|||
Non-Oxide |
Measured |
4,515,000 |
0.39 |
57,000 |
13.4 |
1,949,000 |
0.56 |
82,000 |
|||
Indicated |
16,878,000 |
0.43 |
233,000 |
9.9 |
5,348,000 |
0.56 |
302,000 |
||||
M&I |
21,393,000 |
0.42 |
290,000 |
10.61 |
7,297,000 |
0.56 |
384,000 |
||||
Inferred |
6,764,000 |
0.33 |
72,000 |
8.8 |
1,915,000 |
0.44 |
97,000 |
||||
|
|
|
|
|
|
|
|
|
|||
Stockpiles |
Measured |
- |
- |
- |
- |
- |
- |
- |
|||
Indicated |
42,455,000 |
0.22 |
296,000 |
11.8 |
16,149,000 |
0.37 |
504,000 |
||||
M&I |
42,455,000 |
0.22 |
296,000 |
11.8 |
16,149,000 |
0.37 |
504,000 |
||||
Inferred |
4,877,000 |
0.17 |
26,000 |
9.8 |
1,535,000 |
0.30 |
46,000 |
||||
|
|
|
|
|
|
|
|
|
|||
Total Heap Leach |
Measured |
16,356,000 |
0.40 |
210,000 |
19.9 |
10,459,000 |
0.66 |
345,000 |
|||
Indicated |
144,937,000 |
0.31 |
1,439,000 |
13.6 |
63,450,000 |
0.48 |
2,256,000 |
||||
M&I |
161,293,000 |
0.32 |
1,649,000 |
14.3 |
73,909,000 |
0.50 |
2,600,000 |
||||
Inferred |
24,542,000 |
0.25 |
199,000 |
8.4 |
6,632,000 |
0.36 |
284,000 |
||||
|
|
|
|
|
|
|
|
|
|||
Total Resources |
Measured |
37,412,000 |
0.46 |
554,000 |
27.2 |
32,657,000 |
0.81 |
974,000 |
|||
Indicated |
210,424,000 |
0.35 |
2,381,000 |
16.3 |
110,091,000 |
0.56 |
3,798,000 |
||||
M&I |
247,836,000 |
0.37 |
2,935,000 |
18.1 |
142,748,000 |
0.60 |
4,772,000 |
||||
Inferred |
43,101,000 |
0.31 |
428,000 |
10.8 |
15,002,000 |
0.45 |
621,000 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
1. |
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
2. |
|
3. |
In-Situ Oxide and Mixed and Stockpile Mineral Resources are reported at a 0.17 and 0.1 g/t AuEq cut-off, respectively, in consideration of potential open-pit mining and heap-leach processing. |
4. |
Non-Oxide Mineral Resources are reported at a 0.3 g/t AuEq cut-off at DeLamar and 0.2 g/t AuEq at |
5. |
|
6. |
Gold equivalent grades were calculated using the metal prices and recoveries presented in the Technical Report. |
7. |
Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained metal content. |
8. |
The Effective Date of the MRE is |
9. |
The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. |
Table 3: Nevada North Mineral Resource Estimate
|
|
Wildcat Deposit |
||||||
|
|
Tonnes |
g/t |
oz Au |
g/t |
oz Ag |
g/t |
oz AuEq |
Oxide |
Indicated |
59,872,806 |
0.39 |
746,297 |
3.34 |
6,437,869 |
0.43 |
829,152 |
Inferred |
22,455,848 |
0.29 |
209,662 |
2.74 |
1,980,129 |
0.33 |
235,146 |
|
|
|
|
|
|
|
|
|
|
|
|
Mountain View Deposit |
||||||
|
|
Tonnes |
g/t |
oz Au |
g/t |
oz Ag |
g/t |
oz AuEq |
Oxide |
Indicated |
22,007,778 |
0.57 |
401,398 |
2.46 |
1,738,448 |
0.60 |
423,772 |
Inferred |
3,579,490 |
0.44 |
50,716 |
1.43 |
165,049 |
0.46 |
52,840 |
|
Mixed |
Indicated |
2,804,723 |
0.66 |
59,676 |
6.56 |
591,868 |
0.75 |
67,293 |
Inferred |
215,815 |
0.40 |
2,750 |
3.77 |
26,184 |
0.44 |
3,087 |
|
Non-Oxide |
Indicated |
3,938,017 |
0.92 |
116,970 |
8.46 |
1,071,521 |
1.03 |
130,760 |
Inferred |
360,198 |
0.58 |
6,679 |
4.57 |
52,955 |
0.64 |
7,361 |
|
Total |
Indicated |
28,750,517 |
0.63 |
578,044 |
3.68 |
3,401,836 |
0.67 |
621,826 |
Inferred |
4,155,502 |
0.45 |
60,145 |
1.83 |
244,188 |
0.47 |
63,288 |
|
|
|
|
|
|
|
|
|
|
|
|
Nevada North Project Total |
||||||
|
|
Tonnes |
g/t |
oz Au |
g/t |
oz Ag |
g/t |
oz AuEq |
Oxide |
Indicated |
81,880,584 |
0.44 |
1,147,695 |
3.11 |
8,176,316 |
0.48 |
1,252,925 |
Inferred |
26,035,338 |
0.31 |
260,377 |
2.56 |
2,145,178 |
0.34 |
287,986 |
|
Mixed |
Indicated |
2,804,723 |
0.66 |
59,676 |
6.56 |
591,868 |
0.75 |
67,293 |
Inferred |
215,815 |
0.40 |
2,750 |
3.77 |
26,184 |
0.44 |
3,087 |
|
Non-Oxide |
Indicated |
3,938,017 |
0.92 |
116,970 |
8.46 |
1,071,521 |
1.03 |
130,760 |
Inferred |
360,198 |
0.58 |
6,679 |
4.57 |
52,955 |
0.64 |
7,361 |
|
Total |
Indicated |
88,623,324 |
0.46 |
1,324,341 |
3.45 |
9,839,705 |
0.51 |
1,450,978 |
Inferred |
26,611,351 |
0.32 |
269,807 |
2.60 |
2,224,317 |
0.35 |
298,434 |
Notes: |
|
1. |
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
2. |
|
3. |
|
4. |
The estimate is reported for open-pit mining scenario and with reasonable assumptions. |
5. |
The cut-off grade of 0.15 g/t Au was calculated using a gold price of |
6. |
Gold equivalent in the Resource Estimate is calculated by g/t Au + (g/t Ag ÷ 77.7). |
7. |
Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained metal content. |
8. |
The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. |
About
Integra is one of the largest precious metals exploration and development companies in the
About Florida Canyon Gold
FCGI is a Canadian-based junior gold producer with assets in the United States and Mexico. The principal operating assets of FCGI are the Florida Canyon mine in Nevada and San Agustin mine in Mexico. The Corporation also holds the El Castillo mine, La Colorada mine, Cerro del Gallo project, and San Antonio project (which is subject to an option agreement with Heliostar Metals Limited), all located in Mexico. FCGI has entered into a binding agreement to sell its interests in the
Forward looking and other cautionary statements
Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and applicable
Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the successful completion of the Transaction (including receipt of all regulatory approvals, shareholder and third-party consents), the Offering, the integration of the Companies, and realization of benefits therefrom; the Companies' ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render mineral properties economic; the Companies' ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: risks related to the Transaction, including, but not limited to, the ability to obtain necessary approvals in respect of the Transaction and to consummate the Transaction; integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and management's ability to anticipate and manage the foregoing factors and risks. Although the Companies have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra's Form 20-F dated
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Companies undertake no obligation to update forward‐looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Companies' plans, objectives and goals, including with respect to the Transaction, and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements. This news release also contains or references certain market, industry and peer group data, which is based upon information from independent industry publications, market research, analyst reports, surveys, continuous disclosure filings and other publicly available sources. Although the Companies believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Companies have not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the
Neither the
SOURCE