Integra Resources Announces the Appointment of Timothy Arnold as Chief Operating Officer and Repayment of the Kinross C$4.5 Million Promissory Note
Integra Resources Announces the Appointment of Timothy Arnold as Chief
Operating Officer and Repayment of the Kinross C$4.5 Million Promissory Note
VANCOUVER, British Columbia , Nov. 05, 2019 -- Integra Resources Corp. (TSXV:ITR ; OTCQX:IRRZF) (the “Company” or
“Integra”) is pleased to announce the appointment of Timothy Arnold to the position of Chief Operating Officer (“COO”),
underpinning the progression of the Company’s DeLamar Project in Idaho towards pre-feasibility studies and permitting. Mr.
Arnold’s former position with Integra was Vice President of Project Development. His new appointment is effective
immediately.
Mr. Arnold has over 35 years of experience in hard rock mining; open pit and underground, engineering and production,
consulting and operations. Mr. Arnold, a University of Idaho graduate, has spent most of his career either developing or
operating mines in the Western United States. Prior to joining Integra in January 2019, Mr. Arnold was the Vice President of
Operations for Pershing Gold Corporation. Previously, he held Vice President and General Manager positions for Nevada
Copper, General Moly, Coeur Mining Ltd (formerly Coeur d’Alene Mines), Hecla Mining Company and as COO of Geovic
Mining Corp. Mr. Arnold has served as president of the Society for Mining, Metallurgy and Exploration and is the 2019
recipient of the William Lawrence Saunders Gold Medal from the American Institute of Mining, Metallurgical and Petroleum
Engineers.
George Salamis, the Company’s President and CEO, stated “Tim has done exceptional work for Integra since joining our team
in January 2019, playing an instrumental role in the delivery of our positive maiden Preliminary Economic Assessment at
DeLamar and the related metallurgical studies that were part of the PEA. This recent PEA study has demonstrated excellent
results and strong potential economic returns from future mine development, justifying further feasibility level study work to be
conducted on the project. Tim’s significant development experience in the Western U.S. makes him the ideal individual to
oversee the preparation of our pre-feasibility study and advancing our permitting processes in Idaho. We welcome Tim as an
executive of Integra, in his new role as COO of the Company.
The Company is also pleased to announce the repayment of its C$4.5 million secured promissory note (the “Promissory
Note”) to Kinross Gold U.S.A Inc. (“Kinross USA”), a subsidiary of Kinross Gold Corporation. The Promissory Note was
granted by Integra Holdings U.S. Inc (“Integra Holdings”), the Company’s wholly-owned subsidiary, in favour of Kinross USA
pursuant to a Promissory Note Agreement arranged on November 3, 2017, as amended by Amendment No. 1 dated February
20, 2019 (the “Agreement”). This payment represents payment-in-full for all amounts owing under the Promissory Note and all
obligations under the Agreement have been fully performed. As a result, Kinross USA has released its security on 25% of the
shares of DeLamar Mining Company.
This event is of significance, as it represents the final payment related to the acquisition of the DeLamar Project, which was
acquired from Kinross USA in late 2017. As a result, the Company now has no debt outstanding and owns the DeLamar
Project free and clear of encumbrances.
About Integra Resources
Integra Resources is a development-stage mining company focused on the exploration and de-risking of the past producing
DeLamar Gold-Silver Project in Idaho, USA. Integra Resources is led by the management team from Integra Gold Corp. which
successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017. Since acquiring the DeLamar
Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the Company has
demonstrated significant resource growth and conversion while providing a robust economic study in its maiden Preliminary
Economic Assessment. The Company is currently focused on resource growth through brownfield and greenfield exploration
and the start of feasibility level studies designed to advance the DeLamar Project towards a potential construction decision.
For additional information, please reference the “Technical Report and Preliminary Economic Assessment for the DeLamar and
Florida Mountain Gold – Silver Project, Owyhee County, Idaho, USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO, and Director
CONTACT INFORMATION
Corporate Inquiries: Chris Gordon, [email protected]
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to
the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking
information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking
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current judgment regarding the direction of our business. Management believes that these assumptions are reasonable.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the
speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial
position.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as
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accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
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