IGR 0.00% 50.0¢ integra mining limited

Ann: Half Yearly Report and Accounts , page-2

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    HALF-YEAR REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

    Highlights:
    • Gold production of 44,703 ounces for the half-year - up 14% on the previous 6-month period.

    • Integra is one of Australia's lowest cost gold producers with a half-year cash cost of $549 per ounce (excluding royalties) in-line with guidance.

    • Cash profit from operations of $37.2M for the half-year, up 60% on the previous 6-month period*.

    • Ore stockpile of 1.76 Mt at an estimated grade of 1.52 g/t gold for a contained 86,000 ounces as at 31 December.

    • Cash on hand $20.5 million, with debt of $16.2 million ($10m repaid during the half).

    • First pass RC/ diamond drilling at the new Imperial Prospect in Mt Monger -Newcrest JV returned:
    o 19 metres at 4.39 g/t gold;
    o 6 metres at 13.43 g/t gold and 1.5% copper; and
    o 2 metres at 31.10 g/t gold and 1.3% copper.

    Major Achievements:
    • Upgrade of processing facility to 1 Mtpa completed at the end of July - ahead of schedule and below budget cost.

    • Admitted to the S&P ASX 200 on 2 December 2011.

    • 100,000 ounce gold production milestone achieved in early January 2012.

    • Board and regulatory approval granted to commence trial underground mining at Cock-eyed Bob.

    Outlook:
    • Forecast production for the June half-year is 45,000-50,000 ounces.

    • Trial underground mining at Cock-eyed Bob to commence.

    • Exploration drilling will increase in the second half of FY12, $23M exploration budget for FY12.

    * Based on gross profit before depreciation, amortisation and royalties of $44.3M, subtracting royalties of $2.2M, and subtracting other non-cash inventory adjustments included in cost of production of $4.9M.
 
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