 |
Perth, Feb 23, 2010 (ABN Newswire) - West Australian resources developer Stirling Resources (
ASX:SRE) advises it is completing funding and documentation arrangements for the A$15m recapitalisation of Monarch Gold with formal settlement to occur later this week.
Settlement date for the transaction is set for 26th February 2010 and on completion Stirling will own and control 35% of Swan Gold Mining Limited (the renamed Monarch Gold company).
Stirling reached agreement last year with Administrators Pitcher Partners to inject funds into Monarch to restart operations at the Carnegie and Mt Ida gold projects in the West Australian Goldfields.
Monarch shareholders subsequently approved the recapitalisation proposal and name change.
Managing Director Michael Kiernan said once the transaction was settled Swan Gold would be in a position to hit the ground running to recommence mining and processing operations.
"We have put together a Board and management team with a track record of project development and operations and whom have excellent gold experience in the region," he said (For biographies please click the link at the bottom of release).
"We currently have mining consultants SRK reviewing the Carnegie open pit Resources for Riverina, Sandking and Missouri pits, with a focus on grade control methodology, with an aim to recommence operations as soon as practicable," he said.
"Planning is also underway to look at the possibility of restarting the very high grade underground Mt Ida gold mine within three months, involving toll treatment of ore at a third party plant to take immediate benefit from the very attractive cash margins which can be generated," Mr Kiernan said.
Mr Kiernan said the Company will be making an immediate application to re-list on the Australian Securities Exchange as Swan Gold Mining Limited (ASX code: SWA).
The key assets for Swan Gold comprise:
- The high grade Mt Ida underground gold mine, with established Resources, Reserves and existing mine infrastructure.
- The Carnegie gold project, which includes established Resources and a 1.2 mtpa gold processing facility currently on care and maintenance.
- 2,700 square kilometres of granted tenements in the Eastern Goldfields north of Kalgoorlie which includes a large and significant geological data base.
Mr Kiernan said Mt Ida was targeted to produce 40,000 ounces per year, while Carnegie has a production target of 60,000 ounces per year.
For a corporate overview on Swan Gold, please visit: http://www.swangoldmining.com.au
For Biographies please click the link below:
http://www.abnnewswire.net/media/en/docs/62336-ASX-SRE-481379.pdf
ASX:SRE) advises it is completing funding and documentation arrangements for the A$15m recapitalisation of Monarch Gold with formal settlement to occur later this week.Settlement date for the transaction is set for 26th February 2010 and on completion Stirling will own and control 35% of Swan Gold Mining Limited (the renamed Monarch Gold company).
Stirling reached agreement last year with Administrators Pitcher Partners to inject funds into Monarch to restart operations at the Carnegie and Mt Ida gold projects in the West Australian Goldfields.
Monarch shareholders subsequently approved the recapitalisation proposal and name change.
Managing Director Michael Kiernan said once the transaction was settled Swan Gold would be in a position to hit the ground running to recommence mining and processing operations.
"We have put together a Board and management team with a track record of project development and operations and whom have excellent gold experience in the region," he said (For biographies please click the link at the bottom of release).
"We currently have mining consultants SRK reviewing the Carnegie open pit Resources for Riverina, Sandking and Missouri pits, with a focus on grade control methodology, with an aim to recommence operations as soon as practicable," he said.
"Planning is also underway to look at the possibility of restarting the very high grade underground Mt Ida gold mine within three months, involving toll treatment of ore at a third party plant to take immediate benefit from the very attractive cash margins which can be generated," Mr Kiernan said.
Mr Kiernan said the Company will be making an immediate application to re-list on the Australian Securities Exchange as Swan Gold Mining Limited (ASX code: SWA).
The key assets for Swan Gold comprise:
- The high grade Mt Ida underground gold mine, with established Resources, Reserves and existing mine infrastructure.
- The Carnegie gold project, which includes established Resources and a 1.2 mtpa gold processing facility currently on care and maintenance.
- 2,700 square kilometres of granted tenements in the Eastern Goldfields north of Kalgoorlie which includes a large and significant geological data base.
Mr Kiernan said Mt Ida was targeted to produce 40,000 ounces per year, while Carnegie has a production target of 60,000 ounces per year.
For a corporate overview on Swan Gold, please visit: http://www.swangoldmining.com.au
For Biographies please click the link below:
http://www.abnnewswire.net/media/en/docs/62336-ASX-SRE-481379.pdf
| Tweet |
About Stirling Resources Limited
Stirling Resources Limited (ASX:SRE) is a West Australian resources developer focusing on investment and development of copper, zircon, coking coal, gold and iron ore projects. The Company consists of highly experienced resource development and mining personnel with track records of creating shareholder value.
Previously the group took control of a financially distressed manganese producer and developed it into a diverse mineral commodity producer to become included in the ASX 200 and was ultimately taken over by an international conglomerate for A$1.25b. The Company grew from being a small unreliable manganese producer to ultimately supplying 10% of the world's high grade manganese to global customers and developed significant projects in chromite, nickel, copper, zinc and iron ore.
The Company's strategy for creating shareholder value is to identify projects that comprise either commodities that are considered to have strong future demand or geological characteristics that have potential and yet for various reasons have not achieved their possibilities. The focus is on brown fields projects close to development or production.
Driven by the underlying fundamentals of the Chinese economy and the continued massive urbanisation process commodities such as copper, zircon, gold and iron ore will continue to be in strong future demand. The Chinese growth is augmented by the Indian economic growth particularly in the steel industry leading to increasing demands of coking coal.
|
||
|
 |
Related Companies |
>>>       Monarch Gold Mining Company Limited>>> Stirling Resources Limited |
| |
Related Industry Topics: |
Financial General | Mining | |
| |
This Page Viewed: (Last 7 Days: 80) (Last 30 Days: 390) (Since Published: 29620) |
Events & Exhibitions
|
Site Search
| ENGLISH All Languages |
Upcoming WebCasts
 | Mr Mark Paton CEO Cue Energy Resources Tuesday, June 12, 2012 |
 | Mr Alan Hopkins CEO Pan Asia Corporation Tuesday, June 12, 2012 |
 | Mr Barry Dawes Martin Place Securities Tuesday, June 12, 2012 |
 | Dr Andrea Grant CEO Living Cell Technologies Monday, July 02, 2012 |
|
Stirling Resources Limited | ||||||
|
|||||||
Companies in the News
Mobile Video TV
|
||
|
||
){kind=link}