Olympia Resources’ shareholders accepted Stirling Resources as a major shareholder and approved changing the company’s name, at an extraordinary general meeting yesterday.
Stirling Resources proposed the purchase of 171 million Olympia shares previously owned by Territory Resources on 5 May.
The transaction will combine Stirling’s zircon projects on the Tiwi Islands and Cape York with Olympia’s assets in WA, the Northern Territory and Indonesia.
The shareholders also voted in favour of changing the company’s name to Matilda Zircon.
According to Olympia chairman Mal Randall, the company will now be able to fast track the expansion of its zircon projects, with first production scheduled to begin within two months.
“One of our first priorities is commencement of mining activity on the Tiwi Islands projects. We are on track to start in September, which will provide near-term cashflow for ongoing development,” he said.
“We are also immediately commencing exploration activity at Cape York. The board has allocated $500,000 for exploration during the next year. We have more than 300 km of coastline in one of the largest unexplored prospective mineral sands regions in the world.”
Matilda Zircon will aim to produce around 50,000 tonnes of zircon concentrate per annum over the next five years.
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