kiernan article worth a big full read, page-8

and here is another article from miningnews.net - FUTURE MERGER OF TTY AND MAL???????????? interesting


Rebecca Lawson
Monday, November 19, 2007

TERRITORY Resources has picked up Northern Mining's entire stake in Olympia Resources, which saw Olympia's share price jump nearly 45% late last week.

Michael Kiernan

Earlier this morning Olympia announced that Michael Kiernan-led Territory acquired 20.3 million shares in the company at the close of trading on Friday, which prompted its share price to close up 3.1c or 44.93% to 10c on no news and triggered a 'please explain' from the Australian Securities Exchange.

The mineral sands hopeful said its director Alan Lockett and his wife agreed to sell their shareholding of 6.7 million shares to Territory, which also snatched up the 7.3 million shares held by Northern Mining where Lockett is an executive chairman.

The remaining 6.3 million shares were acquired on market. MiningNews.net understands Territory's interest in Olympia is around 14%.

MNn was unable to reach Lockett or Kiernan for comment at time of writing.

Territory's substantial stake in Olympia comes on the back of an increased interest in fellow mineral sands play Matilda Mineral, where the iron ore miner lifted its stake to 8.6% and Kiernan flagged a future merger of the two companies last month.

Between both Territory and Crawley Resources - which Kiernan has associations with - the two companies hold a 19.5% interest in Matilda.

Matilda operates the Tiwi Islands mineral sands mine in the Northern Territory.

Olympia intends to start mining operations at its Harts Range garnet project in the NT by year-end and develop its Keysbrook mineral sands project in Western Australia in the second half of 2008.

Shares in Olympia climbed 1c or 10% to 11c at lunchtime today.