Knelson Joins IAMGOLD in Move to Bullion

February 4th, 2002

Knelson VP of Finance Mike Lloyd (centre) along with Doug Corsan; VP Sales (left) and Brett Knelson; VP Business Development (right) display recently purchased assortment of gold bullion along with a laboratory scale Knelson Concentrator. Knelson is the leading supplier of patented fluid-bed centrifuges used extensively in the recovery of gold and platinum worldwide.

Langley, Canada - Following the lead of TSE listed IAMGOLD who announced their new gold money policy earlier this month, Knelson has moved a significant portion of their cash holdings into the yellow metal.

"We support what IAMGOLD has done, and also feel that holding physical gold reduces our exposure to the US dollar", said Mike Lloyd, VP of Finance at Knelson.

While Knelson has previously used gold to pay employee bonuses, the plan to hold hard currency instead of paper represents an important shift in fiscal policy.

"Our company relies on the gold industry to provide a significant portion of our annual revenue and with the launch of this new policy we are showing our support for the gold industry, and our belief in the fundamentals of gold as a safe haven against the volatility of paper currency", Lloyd commented.

Related news:

Micro-Newswire - IAMGOLD purchase more bullion