26/06/2008 - 08:49

Change aplenty at Monarch,Territory

26/06/2008 - 08:49

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Shares in Territory Resources Ltd have been placed in a trading halt pending the release of an announcement on the re-alignment of the company going forward.

Change aplenty at  Monarch,Territory

Shares in Territory Resources Ltd have been placed in a trading halt pending the release of an announcement on the re-alignment of the company going forward.

The trading halt comes a day after Michael Kiernan resigned as chairman from the company following a clash with the Territory board when it decided not to throw a $3 million funding lifeline to Monarch Gold Mining Company Ltd.

Today Mr Kiernan was appointed as managing director of Monarch Gold as had been widely anticipated.

Yesterday Mr Kiernan also stood down from a deputy chairman position of India Resources Ltd and as director of Matilda Minerals Ltd.

Monarch is teetering on the brink of administration following the recent closure of its loss-making Davyhurst gold mine near Kalgoorlie.

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