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IMAGE RESOURCES NL — Capital/Financing Update 2010
Sep 2, 2010
65117_rns_2010-09-02_f6b3470e-e921-4229-851e-d6b17bf932f4.pdf
Capital/Financing Update
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3[rd ] September 2010
ASX RELEASE
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FARM-IN AGREEMENT WITH IMAGE RESOURCES
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Farm-in agreement with Image Resources on two tenements along strike of the Aldiss Gold Project
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Integra can earn a 70% interest in the tenements with exploration expenditure of $750,000
Emerging gold producer Integra Mining Limited (“Integra”; ASX: IGR) is pleased to report the Company has entered into Farm-in and Joint Venture Agreements with Image Resources NL (“Image”; ASX: IMA) on two tenements along strike of Integra’s Aldiss Gold Project located some 130 kilometres east of Kalgoorlie in Western Australia (Figure 1).
Terms of the Farm-In and Joint Venture Agreements include:
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Integra has the right to earn a 70% interests in the tenements by exploration expenditure of $750,000 over a five-year period with a minimum expenditure of $250,000 in the first year. Integra will manage field activities.
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Once Integra has earned a 70% interest in the tenements, Image may elect to contribute pro-rata to further expenditure to maintain a 30% interest or may elect to dilute Image’s interest by an agreed formula.
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Should either Party’s interest in the tenements reduce below 5%, they will automatically be reverted to an NSR royalty of 2%.
A location map of the tenements subject to the Farm-In and Joint Venture Agreements is included in Figure 2.
Integra has some 500,000 ounces of Mineral Resources (460,000 ounces in the Indicated Resources category and 40,000 ounces in the Inferred Resources category) in several gold deposits in the Aldiss Gold Project (see ASX release 10/01/08) . The Company intends to accellerate exploration in the Aldiss Gold Project and is of the opinion that, given the already substantial gold endowment of the project, a relatively modest additional discovery of economic gold mineralisation could be sufficient to justify the establishment of a stand-alone mining / milling operation in this area.
Investors are cautioned that there is no guarantee that exploration will be successful in identifying economic gold mineralisation, however, Integra has a demonstrated track record of discovery.
Yours sincerely,
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Chris Cairns Managing Director
Information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Chris Cairns, Managing Director, who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Chris Cairns is a member of The Australasian Institute of Geoscientists and consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
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3[rd ] September 2010
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ASX RELEASE
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Figure 1 – Integra Tenement Location
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3[rd ] September 2010
ASX RELEASE
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Figure 2: Location map of Integra tenements and Integra / Image Farm-In and JV tenements overlaid on aeromagnetic image.
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