Drilling completed at Humbug play

A 90-hole, reverse-circulation drill program totalling 36,000 ft. has been completed at the Humbug gold property in Lemhi Cty., Idaho.

International Gold Resources (IGR) confirms the property has a geological resource in excess of 1 million oz. and reserves of 16.4 million tons averaging 0.037 oz. gold per ton.

The TSE-listed company has ceased efforts to sell the property, and will now proceed with development.

IGR has entered into discussions with government agencies, and permits are expected to be in hand by January, 1997. Mine construction will follow.

Plans call for a single open pit, with gold extracted by heap-leach methods. Annual production is projected at 60,000 oz. over a mine life of eight to nine years.

Engineering studies are under way and a final feasibility study is expected by year-end.