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Integra Mining managing director boosts holding with on-market purchase

Integra Mining (ASX: IGR) managing director Chris Cairns has boosted his indirect stake in the company with an on-market trade.

Cairns spent $25,000 to acquire 54,347 shares, for an average entry price of $0.46 - and now holds just under 1.87 million shares and 4 million unlisted options.

In afternoon trade Integra last changed hands at $0.49 - and there is a lot of interest in the stock caused by the jumping spot gold price and the falling Australian dollar.

In Australian dollar terms, an ounce of gold today is worth $1700, up from $1400 just one week ago.

With this in mind, Integra is well positioned to take advantage, with the company continuing to progress the Randalls Gold Project in Western Australia - and just last month boosted the Reserves 94% to 480,000 gold ounces.

The financial year 2012 forecast cash cost of production is just A$550 per ounce, and with the Australian value of a gold ounce heading north - the economics at the project just became a whole lot better.