Croesus Mining suspended pending strategic review20:00, Friday,...

Croesus Mining suspended pending strategic review
20:00, Friday, 17 March 2006

Sydney - Friday - March 17: (RWE Australian Business News) -
Croesus Mining NL (ASX code: CRS) has been suspended from quotation, at
the request of the company, pending release of the results of a review
of gold production forecasts at its Norseman gold operations in WA.
In a statement released today, the company said: "The Croesus
board is conducting a review of all aspects of the company's business,
including its current hedge book structure, production forecasts and
overall production planning moving forward, which will also include a
review of the requirement for capital.
"Several alternative solutions are currently being reviewed and
the board considers it prudent to halt trading while this review is
undertaken. This review should take some two weeks, at which time the
company will make a comprehensive announcement as to the current state
and further direction of the group."
Chairman Mr Michael Kiernan noted the Norseman ore-bodies were
sound and the company's regional tenements highly prospective but "from
a cost point of view" the operation had "simply gone off the rails even
in this time of high gold prices".
Croesus shares last traded at 27.5c.