monarch plan re-listing as 'swan gold'

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