Iriana suspended from trading on Toronto Stock Exchange

Junior mineral explorer Iriana Resources Corporation announced on Friday that the Toronto Stock Exchange (TSE) had suspended the company?s shares from trading.

Iriana said the suspension was made after TSE completed its expedited review of the Iriana listing and determined that it no longer meets the TSE requirements for continued listing.

?The Iriana board of directors will be continuing efforts to maximize any residual value of the company for shareholders in light of Mutiara Resources Corporation's pending enforcement of its security for the Company's loan position to it,? the company said in a statement.

The company?s suspension might stem from the company?s inability to pay debts to Mutiara Resources, its major shareholder and/or the company?s decision last week to write off C$2.2million of its Indonesian assets.

Iriana Resources Corporation is a mineral exploration and development company with properties in Canada and Indonesia. In Indonesia Iriana has several mineral exploration areas such as Papua and East Nusa Tenggara. (alex)