Integra Mining director Peter Ironside tops-up shareholding

Integra Mining (ASX: IGR) executive director Peter Ironside acquired 210,000 shares indirectly at $0.48 per share on August 1 in an on market trade.

Ironside purchased the shares for a consideration of A$101,850 and now holds 3,261,503 shares through Ironside Super Fund and 3 million unlisted options through Ironside Family Fund.

Integra continues to develop the vast potential of the Randalls Gold Project in Western Australia.

On July 25 the company announced a 94% reserve boost to 480,000 gold ounces. The reserves estimate is now 6.0 million tonnes at 2.5 grams per tonne (g/t) gold for a contained 480,000 ounces, based on four open pit sources only, and comes less than a year after the first gold pour at the project.

This provides the enticing potential opportunity for underground production, which is not yet included in current ore reserves.

The increased reserve extends mine life at Randalls to six years, at an expanded mill rate from four open pit resources. Better still, FY12 forecast production cash costs are just $550 per ounce, making Integra one of Australia’s most profitable gold miners.

A 62% drop in CAPEX to $19.2 million for 2011-12 has been estimated on the project. With each $100 an ounce increase in the trend gold price,  Integra's net present value is boosted by $0.09 per share, further indicating the low valuation of Integra's current $0.50 share price.


Originally published at: http://www.proactiveinvestors.com.au/companies/news/18342/integra-mining-director-peter-ironside-tops-up-shareholding-18342.html