Looks like Troy Resources' (TRY.to) (TRY.ax) is up for higher insurance premiums next time around

This kind of thing happens occasionally in the more remote gold mines of this world and it's always a possible in the wild west show that is rural Brazil. TRY is insured (the comapny is quick to point out) but all the same it's a risk. Very glad that nobody was killed or injured in the incident.

Thanks due to readers MP, MM and HP who all sent in this story. Appreciated, people.

TROY Resources said today that armed robbers stole 2000 ounces of gold dore bars from its Andorinhas mine in Brazil after taking workers hostage.

Troy said three workers were taken hostage but released unharmed after the theft on Monday and the loss is fully covered by the company's insurance.

"A group of armed robbers took three site employees hostage on the road leaving the mine and returned to the Andorinhas site where approximately 2000 ounces of gold dore was taken," Troy said in a statement to the stock exchange on today.

"The hostages were then released, unharmed."

The loss is insured and the matter is being investigated by local police, Troy's chief executive Paul Benson said in a statement.

"This is obviously a very disturbing event," Mr Benson said.

"We are cooperating with the relevant authorities and will update the market when we receive a final report."

Major gold miners can process their gold-bearing ore at the site of the mine, producing low purity dore bars.

Dore bars can contain up to 90 per cent gold.

Spot gold was trading at $US1113.30 in Sydney today.