16/01/2007 - 22:00

Kiernan lifts his stake in Monarch

16/01/2007 - 22:00

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Kiernan lifts his stake in Monarch

MICHAEL Kiernan, director and executive chairman of West Perth-based gold explorer and developer, Monarch Gold Mining Company Ltd, directly and indirectly bought almost 14 million shares for more than $3 million on-market this month. The buy-up brings his direct and indirect interest in the company to 32.5 million shares and 10 million options. The former managing director of Consolidated Minerals Ltd has also indirectly reduced his stake in Precious Metals Australia, in which he is a non-executive director, by 200,000 shares for $440,000 in on-market trade. He now indirectly holds 30,000 shares and 250,000 options. Mr Kiernan is currently also chairman of Uran Ltd, Mineral Resources Ltd, India Resources Ltd and Croesus Mining NL. He is also non-executive director of Australian Zircon and Matilda Minerals. In December, Matilda Minerals raised $4.5 million in a placement to Mr Kiernan’s Crawley Resources Ltd, which also represents the interests of Hong Kong’s Noble Group Ltd. Meanwhile, base metals, diamonds and precious metals explorer and developer Conquest Mining Ltd managing director, John Terpu, directly bought 7.5 million shares worth $750,000 from the exercise of options on January 12 2007. Mr Terpu currently directly holds 15 million shares and indirectly holds just under 3.6 million shares.

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