Fantastic news, but they also state that they are in final stages of financing as well.I have bought more yesterday @.23 and then regretted it. But today its a different story Watch this stock rise today. Angers
Integra is in the final stages of securing project financing for development of Phase 1 of the Randalls Gold Project and current drilling programmes have shifted to delineation of gold mineralisation at depth at the three Banded Iron Formation (BIF) hosted gold deposits in the Randalls Gold Project: Maxwells, Santa and Cock-Eyed Bob.
Phase 1 envisages mining of two open pits (Salt Creek and Maxwells) with a production grade of 3.1 g/t gold. This will result in initial production of 75,000 ounces per year and Ore Reserves of 320,000 ounces (see ASX release 24 July 2009). The ore will be processed through a refurbished facility with an annual throughput capacity of 800,000 tonnes per annum to be located adjacent to the Salt Creek open pit.
The Phase 1 development has an estimated capital cost of A$64 million and provides very strong financial returns with an Internal Rate of Return (IRR) of 71%
IGR Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held