Further up the evolutionary tree, Focus Minerals (FML, 4.7c) already produces from four WA deposits, based on its recommissioned mill at Three Mile Hill near Coolgardie.
Focus expects to produce 80,000 oz this year, which implies it can string out its 1.9mo resource (including 843,000 oz in the higher measured and indicated category) for a few more years.
Unlike quite a few others, Focus isn't a black-hole repository for investors' hard-earned: it made a net $4.88m for the December half after posting a maiden profit of $3.14m in 2008-09.
Criterion views all three stocks as speculative buys. Intrepid and Focus are both debt-free and hedge-free and are well placed to benefit from the heady gold price.
www.theaustralian.com.au/business/opinion/...9lo-1225869372124