ASX / MEDIA
RELEASE
1 JULY 2009
MONARCH CREDITORS ACCEPT STIRLING
PROPOSAL
Australian resources
developer, Stirling Resources Limited (ASX: SRE), today announced that at a
meeting of the creditors of the various Monarch companies yesterday, creditors
approved the resolutions necessary to vary the Deeds of Company Arrangement to
accept the Recapitalisation proposal offered by Stirling Resources Ltd.
Managing Director
Michael Kiernan said Stirling will now be working closely with the
Administrators Pitcher Partners to ensure a shareholders? meeting can now been
convened in the shortest possible time for Monarch?s shareholders to also
consider approving the Stirling Recapitalisation proposal.
Mr Kiernan said this
is a very positive first step on the road to recovery for the Monarch Group
which is planned to recommence the operations at the Davyhurst and Mt Ida gold
projects located in the Western Australian Goldfields.
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
Keith Vuleta
Chief Financial Officer
Tel: 08 6389 6800
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.
The Company?s website
is www.stirlingresources.com.au
