Stirling Resources Ltd is pressing ahead with a re-listing the collapsed gold miner Monarch Gold Mining Company Ltd despite delays to a recapitalisation plan.
Stirling Resources managing director is Perth-based mining identity Michael Kiernan, who chaired Monarch until its demise in July 2008.
This followed the closure of Monarch's loss-making Davyhurst mine in Western Australia's Goldfields region.
"Completion of the recapitalisation deed did not occur on Friday 5 February 2010 as previously expected," Monarch's administrators, Perth's Pitcher Partners, said in a statement on Wednesday.
"Stirling has advised ... that it still intends to re-list Monarch as Swan Gold Mining as soon as practicable after completion."
Under the recapitalisation plan, Stirling pledged to pay back $55 million to creditors including iron ore miner Territory Resources Ltd and restart gold mining.
MON Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
