Territory lifts its stake in Olympia

Territory Resources, the iron ore company headed up by WA mining businessman Michael Kiernan, has lifted its stake in mineral sands producer Olympia Resources, following Olympia's rejection of its $15.5 million take over bid yesterday.

Territory has today increased its share holding in Olympia from 36.41 per cent to 38.2 per cent.

The increase follows Territory's offer of 10 cents per Olympia share, based on its share price of 6.8 cents, which was rejected by Olympia based on a valuation by independent expert BDO who assessed the preferred value of shares were in the range from 21 cents to 25c.

Territory already has a 36.41 per cent holding in Indonesian-focused Olympia, and has a substantial interest in another mineral sands producer, the Tiwi Islands-focused Matilda Minerals.

Territory's offer of 10 per Olympia share will remain open until 26 April 2008.