The acquisitions include:
- The Randalls Gold Project
- The Aldiss Gold Project
- The Mt Monger Gold Project
Through its 100%-owned Randalls, Aldiss, Mount Monger Projects and Cowarna Joint Venture, Integra controls a consolidated regional tenement package of approximately 2,200 square kilometres in the lightly explored but highly prospective region to the east of Kalgoorlie-Boulder, where it is focused on discovering high-grade, high-margin resources.
While it has identified 1.8 million ounces of JORC compliant resources, Integra is focused on establishing a large-scale resource base capable of sustaining a substantial long-term gold business at the Aldiss-Randalls Project.
The Company is pursuing a dual strategy at the Aldiss-Randalls Project of exploration to further enhance its resource base in parallel with a production strategy comprising a Scoping Study currently underway and Feasibility Study due for completion by late 2008.
The Company has secured processing and infrastructure options for development of the Aldiss-Randalls Project, having purchased the 1.35Mtpa New Celebration processing mill in May 2006 for $3 million. With the replacement cost for a new mill many times the acquisition cost, particularly in the current environment, the New Celebration mill provides a relatively quick and cost effective pathway to production for Integra. It is currently being dismantled and prepared for refurbishment.
In July 2007, the Company purchased a 40-person mining camp, complete with all fittings, appliances and equipment, and subsequently acquired an additional 100-person accommodation village in anticipation of project development proceeding during 2009.
Based on its philosophy that new discoveries provide superior returns, Integra has invested heavily in exploration, with a $16 million budget allocated for resource in-fill, extension and regional exploration drilling during 2008.
The Company’s exploration target is to increase its global resource base from 1.8 million ounces to between 2 million ounces and 2.2 million ounces by the end of 2008 and demonstrate 1 million ounces of resources in open pit optimisations.
The Company is targeting a minimum 5-year mine life at 120,000 ounces production per year with a detailed feasibility study to be completed in late 2008.