🕐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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