Herdsman-based Olympia Resources Ltd is undertaking a strategic review of its projects in light of the current financial crisis while chairman Mal Randall steps down.
Below is the announcement:
Diversified minerals company Olympia Resources Limited (ASX: OLY) is undertaking a strategic review of its current mineral sands operations and industrial minerals projects in order to conserve its cash resources in response to the current financial and economic crisis.
The Board of Olympia believes that it is prudent to undertake a detailed review of activities at its three geographically diversified minerals projects in Indonesia, the Northern Territory and Western Australia.
The review will include consideration of a slowdown in expenditure, production activities and asset rationalisation.
This decision has been taken in the context of the recent further significant deterioration in global equity and credit markets.
Olympia currently has cash resources in the order of $1.5 million. The Company believes this will be sufficient to underpin its medium term activities.
The full results of the strategic review will be announced to the market and made available to shareholders as soon as they are available and have been considered by the Olympia Board, in conjunction with any further proposed actions.
Olympia's Chairman, Mal Randall, has today advised the Board that he will not be seeking reelection as a Director at the Company's forthcoming Annual General Meeting on 21 November.
"I would like to take this opportunity on behalf of the Board to thank Mal for his significant contribution to Olympia over the past three years," said the Company's Managing Director, Mr Peter Gazzard.
"Notwithstanding the current economic climate which has impacted significantly on the entire junior minerals sector, Olympia has made substantial progress during Mal's time as Chairman in the development of a solid asset base for Olympia," he said.
