Integra Gold (ICG.V) announced it has received C$440,000 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. Additionally, the company is compiling a project description report which will be submitted to the CEAA later this year to get to know whether or not a federal impact study will be required for the Lamaque project.
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 total number of drill rigs has been decreased from 8 to 5 as the 24,000 meter drill program on the Triangle Zone is almost completed. The rig count is expected to go down to 4 in early May, of which three rigs will continue to drill exploration holes whilst the fourth one will be used for cementing.
According to CEO Steve De Jong Integra Gold has a current working capital position of C$4.5M, so the company is well-funded. There is no apparent reason for the most recent drop in the share price other than a technical reason as Integra Gold has now filled the gap which occurred in February.
Disclosure: The author holds a long position in Integra Gold. Integra is not a sponsor of the website, but we were compensated by a third party to initiate coverage. Please see our disclaimer for current positions.