SCOTTSDALE, Arizona, March 2, 2016 /PRNewswire/ --
Intertech Solutions Inc. (OTCPK: ITEC) ("Intertech Solutions Inc.," "ITEC" or the "Company") The Company would like to provide an update as to the recent upward trend in the price of gold and the corresponding increase in value and how this affects ITEC's streaming agreement with the West Port Gold Mine (WPG).
The West Port Gold Mine is a Placer Alluvial operation with a low cost of operations at $25 per ton when maintaining a consistent grade throughput of two grams, this allows for a cost of less than $400 per ounce. At the current price per ounce of $1,225 the West Port Gold Mine can net over $800 per ounce. With Gold up over $115 per ounce in the last 30 days this equates to a 16% increase in profitability to ITEC within its gold streaming agreement. Furthermore this price increase in gold potentially increases the number of tons available for processing at the West Port Gold Mine as gravels and ore materials closer to the surface and on the periphery of the claim can now be processed at a net benefit.
Bloomberg reports that Gold's comeback is dominating 2016 with the precious metal being the year's best-performing major asset. Its 16 percent gain is topping gauges of high-yield and investment grade bonds, Treasuries, all currencies and major stock indexes in developing and emerging countries. Turmoil across global equity and currency markets has sparked demand for a safe haven. Speculators raised their net-long position in gold to the highest in a year.
Deteriorating global economies have increased concerns that the slowdown will be a drag on U.S. growth, raising gold's appeal as a safety asset. At the same time, there is increasing doubt that the Federal Reserve will move as quickly as it planned to raise interest rates because the expansion may weaken. That increases the allure of bullion as a store of value.
Citi Bank has turned bullish on the gold-mining sector in July 2015, but favors "quality names with a low-cost structure, net cash or limited debt, and a disciplined approach to return on capital."
Intertech Solutions Company President Craig Wiita states, "The recent upward trend in the price of gold bodes very well for ITEC with the commencement of initial production on the West Port Gold Mine planned to launch in July of this year."
About Intertech Solutions Inc. (OTCPK: ITEC)
Intertech Solutions is a fully integrated, gold project finance, management and services consulting Company that provides development capital, engineering, project supervision and technical management to gold projects. The Company operates from its offices in Scottsdale, Arizona. Visit us at: http://www.itecgold.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, scope and type of consulting services provided by ITEC, use of proceeds, future acquisitions, success of projects, growth and strategic plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Intertech Solutions Inc.
To find out more about Intertech Solutions Inc. (OTCPK: ITEC), visit our website at http://www.itecgold.com
SOURCE Intertech Solutions Inc.