Report in MiningNews.netKiernan quits Windimurra board Colin...

Report in MiningNews.net

Kiernan quits Windimurra board

Colin Jacoby
Friday, 29 February 2008

MICHAEL Kiernan has stepped down as chairman of emerging miner Windimurra Vanadium as the Kiernan-led Territory Resources sells its $26 million stake in the company.



Michael Kiernan

In a statement released yesterday, Windimurra said Kiernan would be stepping down from the board as of close of business today to focus on his other business interests. These include his role as chairman of Territory Resources and Monarch Gold, vice chairman of India Resources and non-executive director of Matilda Minerals.

It has been reported in The West Australian that Kiernan’s departure from the board may have been triggered by his strained relationship with Windimurra’s major shareholders in the United Kingdom who opposed key motions of director fee increases and a vanadium offtake deal at the company’s annual general meeting in November last year.

MiningNews.net was unable to contact Michael Kiernan for comment prior to publication as he is currently overseas.

Windimurra also announced the resignation of non-executive director Andrew Simpson, citing an increased workload with his recent appointment as chairman of India Resources and his desire to focus on the continued expansion of Swick Mining.

Meantime, Territory Resources has sold its holding of 13 million shares in Windimurra to clients of Euroz Securities at $2 per share, scuttling any plans of Windimurra eventually folding into Territory.

Euroz Securities was the underwriter of Windimurra’s recent $54.8 million entitlements issue, which will fund the commissioning of the company's namesake flagship vanadium project in Western Australia's Mid-West.

Perth-based Windimurra claims its flagship 90%-owned project hosts one of the largest proven vanadium ore reserves in the world.

Construction is expected to be completed by year-end and production is anticipated soon after.

Shares in Windimurra Vanadium were 11c lower at $2.13 in morning trade.