Stirling Resources announced on Tuesday that company chief executive Michael Kiernan is set to relinquish his post, paving the way for the resources investment firm and its Austrian financiers to hunt for fresh bloods that would fill up its new management roster.

At present, Stirling Resources maintains a 29 percent interest in Swan Gold Mining Ltd, a 27 percent holding in copper miner Redbank Copper Ltd and a 58 percent stake in zircon producer Matilda Zircon Ltd.

Swan Gold announced last month the shelving of its two gold projects, originally slated to start production in August, citing that the proposed mining tax was getting in the way of its planned equity raising.

Stirling said that DCM DECOmetal GmBh reaffirmed its financial support and investment for the company though it reiterated that infusion of new blood to the company's management ranks should bolster further investor commitment.

Mr Kiernan said that the decision was mutually agreed upon and he expressed confidence that Stirling would reap more benefits once the company's lined up projects get underway.

He said that he was happy to see that "DCM has re-affirmed its commitment of financial support to ensure the development of, what I believe are, three outstanding projects and DCM is certainly the group to advance them."

Mining industry veteran Marty Adams is set to take the helm from Mr Kiernan in an acting capacity, with Austrian national Dr Roman Lurf taking his new role as a non-executive director while David Nabarro assumes chairmanship of the company.

DCM managing director Rohtraut Skatsche-Depisch is upbeat that gold, copper and mineral sand are all pointing towards a very solid outlook for Stirling, adding that "he is excited about this new chapter in the company's development, which should promptly result in our core projects reaching the stage of production and cashflow generation."

As of 1149 AEST, Stirling Resources shares were trading at five cents, declining by 0.1 cents or 1.96 percent.