Integra
Mining Limited (ASX: IGR)
ASX RELEASE
23 APRIL 2008
ACQUISITION of additional tenements
in the mount monger area
Integra
Mining Limited (ASX: IGR –
“Integra”) is pleased to announce that the Company has completed a
two-part transaction to acquire a controlling interest in 23 granted
prospecting permits, one granted exploration licence and one application for a
prospecting permit adjacent to the Company's Mount Monger Project. The
tenements have an area of approximately 35 square kilometres.
Integra
considers these areas as prospective for bulk tonnage gold mineralisation and
further consolidates the region 'in the shadow of the headframe' of the
Company's expected mine development areas.
The
transactions include the acquisition of an approximate 20% interest from
Solomon (Australia)
Pty Ltd for a consideration of 836,030 fully paid Integra shares with a
notional transaction value of $500,000 and an agreement with Newcrest
Operations Pty Ltd to revert an 80% interest to a 15% free-carried interest to
a Decision to Mine. The effect of these transactions provides Integra
with a controlling interest of 85% in the tenements to a Decision to Mine, at
which point Newcrest may elect to contribute to capital and retain a 15%
interest or can elect to have Integra acquire Newcrest's 15% interest at a value
to be determined by an independent party in accordance with the ValMin Code.
A project
location map is attached showing the area subject to this transaction.
Yours
sincerely,
Chris
Cairns
Managing
Director
Figure 1. Integra Projects.
READ CORPORATE
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Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
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