PALMYRA Boy has been stripped of his Chief Minister's Cup triumph and trainer Neil Dyer fined $5000 after a marathon stewards' inquiry yesterday.

The popular grey gelding returned a positive swab to elevated levels of testosterone after his success at Fannie Bay on July 9.

It took five hours for the Thoroughbred Racing NT stewards panel to work through the evidence some involving people from as far away as Sydney and Melbourne and then deliver a verdict.

Dyer, who is based at Kyneton, an hour's drive north of Melbourne, flew north to attend the inquiry, flanked by his counsel Peter McMillan. The penalty certainly stung Dyer, who has enjoyed a wonderful affinity with the Top End in the past four years, primarily through the deeds of star charge Hawks Bay.

But the saga, which had already dragged on for two months, could drag on further with Dyer telling the NT News that he was considering making an appeal.

"We'll think about our options, we've got seven days to weigh that (an appeal) up," Dyer said.

Lane said Dyer was found guilty under rule AR175(h) of administrating a prohibitive substance.

The allowable amount of testosterone is 20 micrograms per litre, with the two samples delivered by Palmyra Boy allegedly registering above that level.

The Chief Minister's Cup victory was Palmyra Boy's 18th race start in the Northern Territory.

Trainer Paula Trenwith and the owners of Montego Bay are the winners from the verdict, with stewards amending the placings to give him the victory.

The $30,700 first-place cheque received by Palmyra Boy now heads their way, with Bolton in the record books as runner-up.

Tan Tat Jet was promoted from fourth to third.

Dyer would not be drawn on whether the finding would mean the end of his annual Territory odysseys.

No visiting horseman has enjoyed the same level of success or been a favourite of Top End punters in the past four years quite like Dyer, the former mechanic and airport baggage handler, turned successful trainer.

Story courtesy of Gregor Mactaggart, NT News