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Integra Gold Corp.


Integra Gold Corp. is a Canadian company focused on the exploration and development of its high-grade Lamaque gold project in one of Canada's premier gold-producing districts, Val-d'Or, Québec, the "Valley of Gold." Complete mining and milling infrastructure, human resources and mining expertise are centered in the city of Val-d'Or, located within 1km of the Lamaque project. The Lamaque project is directly adjacent to over 9 Moz of historic gold production from the Lamaque and Sigma mines, historically operated by Teck Inc. and Placer Dome Inc., respectively. Integra is well financed and advancing steadily toward a production decision with more than 65,000m of drilling completed in the past two years. The company is also progressing on numerous engineering, environmental and economic studies.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Mick Carew, Haywood Securities (4/23/14) "Yesterday, Integra Gold Corp. released results from 10 holes (~3,900m) focused on the Triangle zone at the wholly owned Lamaque gold project. . .overall, results from recent drilling continue to demonstrate continuity of the Triangle zone at depth (down to ~600m) and support the potential for resource conversion (upgrading of Inferred resources)."

Thibaut Lepouttre, Caesars Report (4/17/14) "Integra Gold Corp. announced it has received CA$440K in a tax rebate from the Québec government, which is a tax credit related to the exploration expenditures incurred in 2013. On the permitting front, Integra will submit its environmental baseline study to the relevant authorities when it's applying for an underground exploration permit for 2015. . .assay results are pending for an additional 46 holes at the Lamaque project and we expect to see some exploration updates throughout the next few weeks. . .the 24,000m drill program on the Triangle zone is almost completed."

Thomas Schuster, Rocks to Riches (4/16/14) "Integra Gold Corp. has high-grade gold resources in an excellent jurisdiction, next to extensive mining infrastructure; the technical team is top tier and the project can be developed and expanded in stages to keep costs down. I believe the company has the capability to move the Lamaque project into profitable production and the market will reward it for it."

Benjamin Asuncion, Haywood Securities (4/3/14) "Integra Gold Corp.'s Lamaque project in northwestern Quebec spans 1,459 ha. and is host to a NI-43-101 569 Koz Indicated and 259 Koz Inferred 5 g/t Au resource. . .the project has favorable infrastructure located within 1km of the town of Val-d'Or and is within 45km of six fully functional mills. . .in March 2014, the company tabled a PEA (assuming toll milling) with the potential to deliver annual production of 112.4 Koz Au over a 4.25-year mine life at a cash cost of CA$665/oz. . .the company closed on a $5.3M private placement financing in January."

Mike Bandrowski, Clarus Securities (3/27/14) "Integra Gold Corp.'s base case PEA for its Lamaque gold project has a pretax internal rate of return of 51%, a 1.5-year capital payback period and an NPV of $146M at a 5% discount rate and $1,275/oz Au prices. The PEA is based on resources to 620m and it excludes 41,250m of infill and extensional drilling completed since the latest resource estimate."

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Thibaut Lepouttre, Caesars Report (3/25/14) "Integra Gold Corp. once again released excellent drill results. . .the company keeps on spoiling the market with good news, as it has now announced it intersected 5m of almost 0.75 oz/t gold at the Triangle zone on its Lamaque gold project in Val D'Or, Québec. . .the current batch of drill results is important because it confirms the expected geological model. . .we expect a very steady news flow from now on. . .as Integra is currently drilling at Lamaque with no less than six drill rigs (a seventh drill rig is currently cementing holes, which should facilitate the development of Lamaque in a later stage)."

Killian Charles, Industrial Alliance Securities (3/17/14) "Integra Gold Corp. recently released its PEA outlining the potential for an impressive mine in the Val d'Or region. With a pre-tax internal rate of return in excess of 51% (after-tax 38%) and average annual production above 100 Koz/year, we believe that Integra presents a meaningful development scenario. We view its economics as merely the start of a rapidly advancing and evolving story."

Thibaut Lepouttre, Caesars Report (3/11/14) "Integra Gold Corp. has released the PEA we have been waiting for: It calls for an initial mine life of 4.25 years with an average annual production of 112,500 oz/year gold and a peak production of 143 Koz gold in year two. . .this PEA shows how robust the Lamaque project is and we anticipate a very busy trading day in shares of Integra Gold today, as it's one of the very few projects in a safe region with excellent economics."

Vivien Diniz, Gold Investing News (3/11/14) "Quebec-focused Integra Gold Corp. released promising results from the preliminary economic assessment for its Lamanque gold project, located in the prolific Val d’Or gold-producing district. . .the company is looking at a relatively low pre-production capital cost of $69.2M over a period of two years. It expects to produce an annual average of 112,400 oz gold with peak annual production of 143,300 oz."

Thibaut Lepouttre, Caesars Report (2/25/14) "Integra Gold Corp. has reported excellent results from its phase 3 metallurgical test work at its Lamaque gold project. . .the gravity concentration with carbon-in-pulp leach seems to be the best process for the Parallel, Fortune and Triangle zones with recoveries ranging from 93.1% at Fortune to 97.8% at Parallel. . .these excellent metallurgical results are important for the company as it confirms once again that the Lamaque property has all the qualities to become Val d'Or's next gold mine."

Thibaut Lepouttre, Caesars Report (2/19/14) "Integra Gold Corp.'s drill results are extremely important [as] they confirm the high-grade mineralization throughout the Parallel Zone and confirm the validity of the geological model. Of interest are the intercepts encountering 4m of almost half an ounce of gold g/t and the several high-grade short intervals, such as 1m at 91 g/t gold and 1m of almost 74 g/t gold. . .we are now quite confident this project will be a mine in the not-so-distant future, as the results of the infill drill program seem to be confirming the expectations."

Thibaut Lepouttre, Caesars Report (2/11/14) "Integra Gold Corp. has released new drill results on its 100%-owned Lamaque gold project in Québec, Canada. . .the drill results confirm the continuity of mineralized zones and most of the drill holes were drilled in between older holes, which opens the possibility to upgrade a part of the Inferred resource to the Indicated category, thus increasing the quality of the ounces. . .we are looking forward to the results of the PEA later this month, as we expect it to outline a project with low initial capex and a high internal rate of return."

The Gold Report Interview with Killian Charles (2/10/14) "Integra Gold Corp. is a single property with lots of potential but a lot of the ounces can feel separate even if they are close to one another. We're finally seeing the story come together. The company updated its resource estimate. Integra is expecting to put out a PEA in the coming weeks that will continue tying it into a single front. The location is still excellent and it's still fairly high grade. Once the story comes together, investors are going to start paying attention to this simple project in a safe jurisdiction with what could be a textbook mine." More >

Thibaut Lepouttre, Caesars Report (2/5/14) "Integra Gold Corp. has announced it added a fourth drill rig from Orbit Garant Drilling Inc. to its Lamaque project. . .this rig will exclusively work on cementing and sealing the previous drill holes, which is necessary in order to be ready to start underground exploration as early as 2015."

The Critical Investor, Seeking Alpha (2/5/14) "Integra Gold Corp. has a potentially very profitable high-grade gold project in Québec, the Lamaque project. . .the company could be severely undervalued, as it is not well-known to the general public, and could be a very interesting takeover target for Agnico Eagle Mines Ltd. . .Integra's management team is very seasoned, with a lot of experience in mining and exploration, from founding juniors to operating large mines."

Thibaut Lepouttre, Caesars Report (2/4/14) "We visited the Integra Gold Corp.'s Lamaque project in January. . .continuous drilling by the company has resulted in a current resource estimate containing 1.05 Moz gold when using a cutoff grade of 3 g/t and 828,000 oz gold using a cutoff grade of 5 g/t. . .the first catalyst will be the release of the PEA, which should show a low-capex and low-opex operation with a short payback period. . .Integra Gold has the right people and what seems to be the right project."

Thibaut Lepouttre, Caesars Report (1/29/14) "Integra Gold Corp.'s updated estimate reveals an indicated resource totaling 756 Koz at an impressive average grade of 7.1 g/t. The inferred resource contains an additional 294 Koz of gold at 10.1g/t. . .the company has now in excess of the magic threshold of 1 Moz on the Lamaque property. . .the next step for Integra Gold will be to release the results of a preliminary economic assessment. . .the focus will be on bringing the project into production, [after which] more exploration will be conducted funded by the operational cash flow."

Frik Els, Mining Weekly (1/28/14) "Shares in Integra Gold Corp. raced ahead 6% in heavier-than-usual volumes after the company announced an increase to the resource at its Lamaque gold project in the Val-d'Or gold camp in Québec, Canada. . .using a 5 g/t gold cutoff grade, the average Indicated grade of the global Lamaque project resource is now pegged at 9.8 g/t gold for a total of 569,410 oz. . .amid a tough financing environment for junior miners, the company managed to raise $5M in the fall and is also due another $500K in exploration rebates from the Québec government."

The Gold Report Interview with Ian Gordon (1/20/14) "Integra Gold Corp. owns the Lamaque project in Québec's Val-d'Or. That project is an NI 43-101 resource just under 1 Moz, but the company has recently raised $5M. President Steve de Jong sees this downside in gold as an opportunity to acquire cheap good assets and build on the Lamaque project." More >

Thibaut Lepouttre, Caesars Report (11/25/13) "Integra Gold Corp. has announced it discovered the southern extension of the Triangle zone at its Lamaque project in Québec, Canada. This extension is located approximately 175m from the current resource estimate and bodes very well for a future expansion of the resource estimate. . .besides this discovery, the company also intersected more gold at the previously known Triangle zone, where it intersected 7.5m at 4.41 g/t and 4.5m at 4.7 g/t."

Killian Charles, Industrial Alliance Securities (11/19/13) "Integra Gold Corp. released new drill results from exploration surrounding the wholly owned Triangle zone and South Triangle zone. . .new drilling may extend down-dip known mineralized shear zones from the Triangle zone. This presents an exciting opportunity for the company to rapidly add tonnage and ounces in the south cluster by doubling the strike length of some shears. These downdip extensions are near-surface and of similar grade (13.29 g/t Au over 7m)."

Thibaut Lepouttre, Caesars Report (10/4/13) "Integra Gold Corp. has announced an updated resource estimate on its Lamaque gold project in Québec. Using a cutoff grade of 3 g/t, the total resource estimate is 930 Koz gold at an average grade of in excess of 8 g/t. If we apply a higher cutoff grade of 5 g/t, the resource falls to 735 Koz gold, but the average grade increases to almost 12 g/t, which makes the Lamaque project an extremely interesting exploration property. . .Integra is in an excellent position to continue its exploration efforts at Lamaque to break to the important 1 Moz mark."

The Gold Report Interview with Killian Charles (4/22/13) "I find Integra Gold Corp. to be pretty interesting. . .it's an interesting story. Its project used to be part of the Sigma and Lamaque mines, which essentially created Val-d'Or, Québec. There's never been any real work done on the Integra property, which is just to the south of Val-d'Or. It's one of these interesting assets where you don't actually have to demonstrate a large resource to demonstrate that it works. It's continuous and geologically well understood.

Integra's situation comes back to talking about the gold breaking point. I feel an asset that's in a good location like that, with the grades that it has been putting out, would have a very low gold breaking point. Even though it wouldn't be mining 400 Koz/year, costs would remain attractive in any gold mining scenario. . .

Integra was able to access a wealth of information from various databases. In fact, most of the geological staff on this project has previously worked at Sigma or Lamaque. Not only does the staff have access to drill-hole data, but on certain portions, there are drifts that intersect some of its targets at various depth. It's a question of going back and plugging in the holes between these drifts to demonstrate continuity. It's an easy way for the company to leverage this wealth of information and be able to pronounce rather sizeable results for a fraction of the cost of almost any other project out there." More >

The Metals Report Interview with Arie Papernick (4/9/13) "Integra Gold Corp. is exploring its Lamaque property, which features high-grade plugs with really good grade continuity. The company is working on an initial preliminary economic assessment (PEA) that it planned for release this year, so it is carrying out metallurgical testing and environmental studies in preparation for the report. Integra also has continued to hit high-grade intersections including approximately 44 g/t over 2.9m and 173 g/t over 3m at its No. 5 plug, which is a new exploration target that won't be included in the PEA. The company is planning to drill an additional 5,000m at this target after infill drilling in the main zones has been completed.Integra's properties are right on the Cadillac Break, so it's surrounded by lots of mills that aren't being used or are incredibly underutilized.

The company has been around for a long time and changed its name from Kalahari Resources Inc. about two years ago. It was re-organized with new management. The company has been able to finance itself on a pretty regular basis and has strong key shareholder support." More >

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