🕐25.02.10 - 08:38 Uhr

Merger of Tianshan Goldfields and Corvette Resources completed



ASX Announcement 25 February 2010
Merger of Tianshan Goldfields and Corvette Resources completed Key points: - Newly merged entity has approximately A$30M cash at bank and a large and highly prospective landholding within a new gold belt in Western Australia, - 2010 exploration program at Plumridge is focused on further testing of the Corvette trend and moving to test undrilled targets to the south and north of Corvette, - The merger has also resulted in adequate funding for business development to acquire interests in other gold focused companies or projects , and - Tianshan Goldfields Managing Director, Mr Jason Bontempo remains Managing Director of the newly merged company, with board including Mr Tony Sage as Non‐Executive Chairman and Hon John Moore as Non‐Executive Director. Australian gold companies Corvette Resources Limited (ASX: COV) ("Corvette") and Tianshan Goldfields Limited (ASX: TGF) ("Tianshan") have completed all regulatory and shareholder conditions of their merger1, via a court approved Scheme of Arrangement ("Scheme"). Tianshan Goldfields Limited will change its name to Corvette Resources Limited, and will trade under a new ASX code of CVX from early March 2010. The dispatch of securities to existing Corvette shareholders has taken place and the new company now has the following securities on issue: - 500,440,386 Ordinary Shares - 21,783,334 Unlisted Options Under the terms of the Scheme, Tianshan have acquired all the issued shares in Corvette in exchange for the issue of shares in Tianshan, at a ratio of two (2) Tianshan shares for every one (1) Corvette share held. The merged entity has approximately AU$30M in the bank and 100% ownership of the highly prospective Plumridge Gold Project in Western Australia.

The Plumridge Gold Project comprises 12 granted tenements located 250km northeast of Kalgoorlie covering more than 2,300km2 of the Tropicana Gold Belt, a new gold province that is shaping up to host world class gold deposits. Plumridge is located 60km south of the 5 Moz Tropicana‐Havana gold deposit, owned by the AngloGold Ashanti Australia/Independence Group JV, who have announced plans to commence production from 2013. Regional auger‐calcrete geochemical sampling during 2007 -- 2008 delineated 6 broad areas of anomalous gold at Corvette, Viper, Sprinter, Barracuda, Charger and Roadrunner.

Follow‐up aircore drilling to define RC drill targets has focused on the Corvette zone, with first‐passes carried out at Viper, Barracuda, Charger and Roadrunner. RC drilling below the oxide zone to date has been restricted to the Corvette trend.

The Corvette trend, discovered by the Corvette exploration team, is a 10 km long mineralized gold zone.

Approximately 20% of the total strike of the Corvette trend has been tested to date with several significant intersections from prospects along the trend including:
- 3m at 40.3 g/t Au from 97m in CVRC88 at Camaro ( refer ASX announcement 20 October 2009 for details); - 8m at 10.0g/t Au from 119m in CVRC58 at Stingray ( refer ASX announcement 28 July 2009), and - 2m at 8.4 g/t Au from 67 m in CVRC127 at Cobra (refer ASX announcement 22 January 2009]) Exploration targets at Corvette, and in the untested areas to the south comprise large tonnage low to medium grade gold deposits such as Tropicana, and high grade small tonnage structurally controlled lode deposits. RC and diamond drilling is presently in progress at Corvette to follow‐up previous gold intersections, to test new zones along the trend, and to determine the structure and location of the gold mineralisation.

A detailed interpretation of the structural setting of the Corvette prospects will be completed in the June quarter to assist drill targeting. Further air core and initial diamond drilling is planned to commence in the June quarter at the other as yet untested auger and air core gold anomalies located south of Corvette. "The merged entity enjoys a strong cash position of AUD $30 m in cash with a significant portion, up to half of these funds, dedicated to Plumridge based on success," said Tianshan Goldfields Managing Director, Mr Jason Bontempo. "The remaining cash is available for investment in more advanced gold resource opportunities," he added. "The Plumridge project is a high quality and highly prospective gold exploration project with enormous potential to discover a world class gold deposit(s) in a new gold province.

In addition, the board now seek to add to Corvette's project stable a more advanced gold project that it can add significant value to with the cash funds not currently dedicated to the Plumridge Project". The merged entity's board consists of Mr Jason Bontempo as Managing Director, with highly experienced resources executive, Mr Tony Sage, assuming the position of Non‐Executive Chairman.

Former Corvette Chairman, the Hon John Moore, will take up the position of Non‐Executive Director.
To view the full announcement please click here: http://esp.gewru.com/download/files/12414/1094518/Merger%20of%20Tianshan%20Goldfields%20and%20Corvette%20Resources%20completed.pdf For further information please contact: Jason Bontempo Managing Director Tianshan Goldfields Limited Tel: 08 9221 7729 David Tasker Professional Public Relations Tel: 08 9388 0944 E: Tianshan Goldfields Limited 18 Oxford Close Leederville WA 6007
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