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Thursday, 21st May 2009 (1082 views)

The chairman of Intrepid Mines has said that now "is an excellent time to be in gold and a producer", as economic uncertainty fuels demand for the precious metal.

Colin Jackson pointed out that investment in gold coins and ingots has risen in the wake of the global downturn due to "disappointments in real estate and equity markets", adding that the metal has "definitely returned to favour as an asset class".

Addressing the company's annual general meeting, he added that high grades and long mine life were the keys to countering any future price volatility.

Reporting a profit of $3.83 million (£2.45 million) for the first quarter of the year, he said that increased revenue had been boosted by high gold grades at the firm's Paulsens property.

International gold producer Intrepid Mines has operations at various stages of exploration and development in Australia and Indonesia, including the Paulsens mine in Western Australia and the Tujuh Bukit project in East Java.

 

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