Matilda in halt pending financial review

West Perth-based Matilda Minerals Ltd is expected to announced a strategic review of its financial position after shares were today placed in a trading halt.

The company said it expects to release a statement before market open this Friday.

Last month the company reported a full year net loss of $17.3 million for fiscal 2008, up from the previous year's $3.1 million, due to impairment losses and write-downs of inventories.

The loss follows the company decision in August to suspend operations at its Tiwi Islands mine due to rising operating costs and a then stronger Australian dollar.

At the end of the reporting period, Matilda said it had $619,656 in cash and cash equivalents, down from the previous year's $3.14 million.

Shares in Matilda last traded at five cents, giving the company a market capitalisation of $4.6 million.