13:34 AEST Mar 24, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Sydney, Australia (ABN Newswire) -
Dynasty Metals Australia Limited (ASX: DMA) refer to the announcement released on the 22nd March 2011 regarding a Board and Management Restructure, which was released prematurely due to a procedural oversight in a directors' meeting approving the restructure. This oversight has now been rectified and the board is pleased to announce that Mr Oh has been unanimously appointed Executive Chairman.
The Company also advises that a writ was served on the board on the 23rd March 2011, challenging the validity of certain proxies at the 21st March 2011 EGM. While this writ is being legally dealt with, the board decided to temporarily defer the appointment of Mr Michael van Uffelen as Company Secretary and CFO.
About Dynasty Metals Australia Limited:
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
Contact:
Richard Oh CA MAICD
Executive Chairman
Dynasty Metals Australia Limited
Tel: +61-2-9229-2710
Fax: +61-8-9322-7211
Email: admin@dynastymetals.com.au
http://www.dynastymetals.com.au
