Integra Announces Receipt of Final Cash Installment of US$4.875 from Wheaton Precious Metals IN Connection with Delamar Royalty Sale
INTEGRA ANNOUNCES RECEIPT OF FINAL CASH INSTALLMENT OF
US$4.875 FROM WHEATON PRECIOUS METALS IN CONNECTION WITH
DELAMAR ROYALTY SALE
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.
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For further information:
CONTACT INFORMATION: Corporate Inquiries: [email protected], Company website: www.integraresources.com, Office
phone: 1 (604) 416-0576
CO: Integra Resources Corp.
CNW 16:07e 08-JUL-24