TTY territory resources limited

monarch plan re-listing as 'swan gold'

  1. DSD
    15,977 Posts.
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    Monarch Gold re-listing still planned February 17, 2010 - 8:39PM .
    AAP

    Stirling Resources Ltd is pressing ahead with a re-listing the collapsed gold miner Monarch Gold Mining Company Ltd despite delays to a recapitalisation plan.

    Stirling Resources managing director is Perth-based mining identity Michael Kiernan, who chaired Monarch until its demise in July 2008.

    This followed the closure of Monarch's loss-making Davyhurst mine in Western Australia's Goldfields region.

    "Completion of the recapitalisation deed did not occur on Friday 5 February 2010 as previously expected," Monarch's administrators, Perth's Pitcher Partners, said in a statement on Wednesday.

    "Stirling has advised ... that it still intends to re-list Monarch as Swan Gold Mining as soon as practicable after completion."

    Under the recapitalisation plan, Stirling pledged to pay back $55 million to creditors including iron ore miner Territory Resources Ltd and restart gold mining.

    2010 AAP

 
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