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Wednesday, 25th February 2009 (848 views)

Production has improved at Intrepid Mines' western Australian project.

The firm has announced that a cash margin of A$1,000 (£454.47) was attained at its Paulsens mine last week following the continued containing of costs and improved production rates.

Explaining the significance of such results, chief executive of the firm Brad Gordon said: "For an underground gold mine to have achieved such a strong performance - albeit for a week - is, I believe, exceptional and a very rare occurrence indeed."

Mr Gordon stated that it is not yet known whether the cash margin is sustainable, adding that "safe and efficient" gold production is the focus of the company.

The mine is on track to produce over 20,000 ounces of gold during the first three months of the year.

Earlier this month, Intrepid Mines announced the results of drilling at its Tumpangpitu Prospect in Indonesia, stating that at 226m there was 0.72g/t of gold.

 

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