Dynasty Metals Australia Limited - Independent Board Committee Established
24.02.2011 | ABN Newswire
09:55 AEST Feb 24, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Dynasty Metals Australia Limited (ASX:DMA) refers to the shareholder extra-ordinary general meeting ('EGM') convened by Mr Lewis Tay to be held on 21 March 2011, and at which proposed resolutions will be put to Dynasty's shareholders for the removal of Messrs Ian Levy, Malcolm Carson, and Graham Anderson as Directors of Dynasty.
In accordance with the Company's constitution and Corporations Act, the Board has resolved to establish an Independent Board Committee ('IBC') so that the Company and its Directors may discharge their obligations with respect to the forthcoming Shareholder EGM.
Specifically the Board has:
- Established the IBC to exercise all powers on behalf of the Company with respect to and concerning the Shareholder EGM;
- Delegated all of their powers with respect to the Shareholder EGM to the Committee; and
- Appointed Ms Xiao Dong Sun (or her alternate director Mr Terry Gygar) as the sole member of the Committee.
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:
Dynasty Metals Australia Limited:
Sydney
Tel: +61-2-9229-2704
Fax: +61-2-9231-6857
Perth
Tel: +61-8-9322-2700
Fax: +61-8-9322-7211
http://www.dynastymetals.com.au