Merger on the cards for Croesus

Kalgoorlie-based gold producer Croesus Mining NL has today confirmed the company has received two approaches that could potentially help it achieve its longer-term strategy, which involves growth through either joint ventures, mergers or acquisitions.

Croesus managing director Michael Fowler said the discussions were at an early stage and the most likely outcome would be the company taking a "merger path".

The company's short-term strategy will be to review its current operations, operational procedures together with a current equipment review, while its medium-term strategy will be to develop and embark on a regional exploration program aimed at new ore body generation.

Further discussions on the company's strategies will be discussed and resolved at it's January board meeting.
The announcment, which follows an article in the Australian Financial Review, comes soon after Michael Kiernan was appointed chairman of the company. Mr Kiernan is also chairman of Monarch Mining Ltd which is currently in the process of merging with Siberia Mining Corporation Ltd.