The Intermin Resouces Limited (ASX: IRC) share price is up 3.7% to 14 cents today after the gold miner announced a positive mineral resource estimate for its 100% owned Anthill gold mine in Western Australia.
Intermin Resources now believes its Anthill gold mine possesses up to 135,000 ounces of gold, which is a 60% increase on previous estimates with the company now "assessing optimal mining and processing pathways for open cut mine development".
Intermin also recently announced that it has agreed to merge with MacPhersons Resouces Limited (ASX: MCP), with the combined group expected to have combined gold resources of 1.15 million ounces via tenement interests.
Intermin currently has around 235 million shares on issue, which gives it an (undiluted) market cap of $32.9 million at 14 cents per share.
The micro-cap status no surprise given it posted revenue of just $29,000 on an operating loss of $1.93 million for the quarter ending September 30, 2018. As at that date, Intermin also had $7.43 million cash on hand.
Intermin is leveraged to the gold price like other gold mining or exploring price takers such as St Barbara Ltd (ASX: SBM) or top performer Evolution Mining Ltd (ASX: EVN).
