TSXV: ITR; NYSE American:
ITRG
www.integraresources.com
VANCOUVER, BC, July 8, 2024
/CNW/ - Integra Resources Corp. ("Integra" or the "Company")
(TSXV: ITR) (NYSE American: ITRG) is pleased to announce that
following the satisfaction of certain closing conditions, it has
received the final cash installment of US$4.875 million in connection with the
previously announced royalty transaction between its wholly-owned
subsidiary, DeLamar Mining Company, and Wheaton Precious Metals
(Cayman) Co., a wholly-owned subsidiary of Wheaton Precious Metals
Corp. ("Wheaton"). Wheaton acquired a 1.5% net smelter
returns royalty on metal production from all claims of the DeLamar
and Florida Mountain Deposit (together "DeLamar" or the "Project")
for an aggregate cash purchase price of US$9.75 million, paid in two installments (the
"Transaction"). Integra received the first installment of
US$4.875 million on March 7, 2024.
The net proceeds from the Transaction will be used for the
continued development of DeLamar, including work to support a
Feasibility Study and the advancement of the National Environmental
Policy Act permitting process in the
United States ("U.S.").
Integra's President, CEO & Director, Jason Kosec, commented: "We are pleased to
receive the second and final payment of US$4.875 million from our partners at Wheaton,
which will be used directly for the advancement of DeLamar toward a
construction decision. The completion of this Transaction
represents a significant endorsement for both the quality of the
DeLamar Project and the team at Integra. We would like to thank
Wheaton for the continued support in helping us achieve our
ultimate goal of becoming a leading U.S. focused gold and silver
producer."
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Raphael Dutaut, Ph.D
(P.Geo), Integra's Vice President, Exploration. Mr. Dutaut is a
"qualified person" as defined in National Instrument 43- 101 –
Standards of Disclosure for Mineral Projects ("NI
43-101").
DeLamar Project Overview
The past producing DeLamar Project, which includes the adjacent
DeLamar and Florida Mountain gold
and silver deposits, is located in Owyhee
County in southwest Idaho.
Since acquiring the Project in 2017, the Company has demonstrated
significant resource growth and conversion while demonstrating
robust economic studies in its maiden Preliminary Economic
Assessment and Preliminary Feasibility Study. An independent
technical report for the DeLamar Project has been prepared in
accordance with the requirements of NI 43-101 and is available
under the Company's profile at www.sedarplus.ca
About Integra Resources
Integra is one of the largest precious metals exploration and
development companies in the Great Basin of the Western U.S.
Integra is currently focused on advancing its two flagship oxide
heap leach projects: the past producing DeLamar Project located in
southwestern Idaho and the Nevada
North Project, comprised of the Wildcat and Mountain View deposits,
located in northwestern Nevada.
The Company also holds a portfolio of highly prospective
early-stage exploration projects in Idaho, Nevada, and Arizona. Integra's long-term vision is to
become a leading U.S. focused mid-tier gold and silver
producer.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
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 United States
securities laws (referred to herein as forward‐looking statements).
Except for statements of historical fact, certain information
contained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to: the
use of proceeds from the Transaction; advancement of the Project
towards a construction decision; the future financial or operating
performance of the Company and the Company's mineral properties and
project portfolio; the results from work performed to date; the
estimation of mineral resources and reserves; the realization of
mineral resource and reserve estimates; the development,
operational and economic results of technical reports on mineral
properties referenced herein; magnitude or quality of mineral
deposits; the anticipated advancement of the Company' mineral
properties and project portfolios; exploration expenditures, costs
and timing of the development of new deposits; underground
exploration potential; costs and timing of future exploration; the
completion and timing of future development studies; estimates of
metallurgical recovery rates; exploration prospects of mineral
properties; requirements for additional capital; the future price
of metals; government regulation of mining operations;
environmental risks; the timing and possible outcome of pending
regulatory matters; the realization of the expected economics of
mineral properties; future growth potential of mineral properties;
and future development plans.
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 Company's 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 Company's 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: 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 Company has 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
annual report on Form 20-F dated March 28,
2024 for the fiscal year ended December 31, 2023.
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
Company undertakes 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 Company's
plans, objectives and goals, 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.
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 release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/integra-announces-receipt-of-final-cash-installment-of-us4-875-from-wheaton-precious-metals-in-connection-with-delamar-royalty-sale-302191227.html
SOURCE Integra Resources Corp.