THE BOURSE WHISPERER: Without a booth to call home at the Diggers & Dealers Conference, soon to known as Tyranna Resources (ASX: TYX) – formerly IronClad Mining – chairman Ian Finch was still maintaining a visible profile.
Finch was eager to chat about the company’s announcement regarding the sale of its 57 metre powered barge for US$2 million (approximately $2.7 million).
The barge was part of the infrastructure IronClad Mining had put together to mine the Wilcherry Hill iron ore deposit, which has taken a back seat to the company’s Jumbuck gold project following the recent merger with Trafford Resources.
“The second phase of our restructure is now nearing completion,” Tyranna Resources chairman Ian Finch said in the company’s announcement to the Australian Securities Exchange.
“Phase one was completed when the merger of Trafford and IronClad was finalised in May.
“Phase two has been the recapitalisation and rebadging of the merged entity, and the barge sale has been a large part of that process.”
Although the company does have additional asset sales to come, they won’t be as big as this one.
“We do have other assets, in the form of equipment that is superfluous to our needs going forward,” Finch explained.
“At this point, however, we have no plans for sale or disposal of any of our project assets.”
Phase three of the restructure will be the ongoing drilling and development, by Tyranna, of the Jumbuck gold project, covering approximately 8,000 square kilometres surrounding the 1 million ounce Challenger Mine in the North of South Australia.
“After an extensive ‘still stand’ period during which phases one and two of our restructure were accomplished, the company is now heading into the exciting part…its quest to become the next major gold producer in South Australia.”