But opponents of the project say an economic injection is nothing more than a carrot being dangled in front of residents, which will fail to mitigate negative effects of the operation.
Christchurch-based L and M Mining Ltd has been working with Central Otago District Council staff to activate consents for the mine, first granted in 2001 and amended following an Environment Court appeal in 2004.
The consents allow the mine to operate on a 255ha site on the Earnscleugh flats centred on the Fraser River bed.
In 2001, it was estimated the mine would provide employment for about 40 people during more than seven years, and generate about $38 million for the area's economy.
Dr Macpherson said with allied trade and construction workers hardest hit by the recession, such a mining operation would likely provide work to those who needed it most.
It would be welcome news for some Central Otago families desperate for job security over a "relatively long period of time", he said.
"This is exactly the right time for that sort of injection into the economy.
"This project will generate exactly the right sort of work," he said.
Gold Mine Action Group spokeswoman Sue Edwards, who opposes the mining, said such economic benefits were "bollocks" and not enough to mitigate negative effects.
Ms Edwards, of Earnscleugh, said miners would be in the district "a short time" creating dust, noise, traffic problems "24 hours a day, seven days a week".
She said every big project "talked that talk" about creating jobs, but it was a "carrot dangled in front of the local community to shut people up".
Dr Macpherson acknowledged perceived negative effects of the planned mining, but said conditions of consent were designed to mitigate them.
"There's always two sides to a story, and when it's in your backyard it's hard to be philosophical about the bigger picture.
"There's no long-term negatives and a significant boost to the economy," he said.
Dr Macpherson said mining would also have the potential to increase value to the land, and leave it in a better condition than it was before.
"Modern alluvial mining actually improves the land that's been mined . . . it's generally in better shape and more productive, with better fencing and management.
"I'm reasonably confident that the miners will be responsible and sensitive," he said.
A meeting between the community and L and M Mining will be held at the Earnscleugh Hall at 7pm on Wednesday.
Ms Edwards said it was "extraordinary nonsense" to hold a meeting six days after Earnscleugh residents were made aware of the company's plans.
"We need three or four weeks to absorb the information before meeting with the company," she said.
