ASX / MEDIA
RELEASE
22 MAY 2009
STIRLING
COMPLETES ACQUISITION OF MATILDA ZIRCON ASSETS
Australian
Resources developer Stirling Resources (ASX: SRE) announced today it has
completed the acquisition of the high grade zircon assets previously owned by
Matilda Minerals (ASX: MAL). Stirling through its 100% owned subsidiary has
received all the necessary approvals and is now the owner of all of the
acquired tenements in the Tiwi
Islands and in Cape
York.
The
final settlement for the transaction occurred today immediately following the
reconvened shareholder meeting at which the transaction was approved.
The
payment to the Matilda Administrators, Ferrier Hodgson, for $4.525 million has
been released from the trust account to the Administrators and the transaction
is now finalised.
Stirling
Resources Managing Director Michael Kiernan said now the
transaction is complete, we intend to recommence mining at the Tiwi Islands zircon project and commence a significant
exploration programme on the Cape York tenements as soon as practicable.
The
Tiwi Island Zircon Project acquired by Stirling was
previously producing and shipping zircon concentrate to China.
The assets acquired include a complete operating plant and support equipment as
well as the high grade tenement package.
The
Cape York Zircon Project, north of Weipa in Queensland,
includes more than 300 kilometers of highly
prospective coastline. Previous preliminary exploration has identified high
grade zircon occurrences and significant strandlines, with potentially low
strip ratios and slime levels.
?The Cape
York Peninsula and Urquhart Point area potentially encompasses what
is arguably the largest unexplored prospective mineral sands terrain in the
world,? Mr Kiernan said.
Mr
Kiernan said the mineral sands investment was a further step forward for Stirling,
which was building a strategic and diversified resources portfolio,
specifically focusing on investment opportunities in zircon, copper, gold,
coking coal and iron ore.
For more information:
Michael
Kiernan
Warrick Hazeldine / Ryan McKinlay
Managing
Director
Purple Communications
Tel:
08 6389
6800
Tel: 08 6314 6300
Mob:
0417 944 616 / 0408 347 282
Stirling Resources
Overview
Stirling
Resources Limited 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
$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
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
substantial urbanisation movement, 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.
For
more information, visit www.stirlingresources.com.au
Issued by
Purple
Communications
Level 3, 28
Kings Park Road, WEST PERTH
WA 6005
Ph: 08 6314 6300 Fax: 08 6314 6355
purple@purplecom.com.au