CVX- COV-TGF merge GOLD spec hugh upside

[JBmurc]

Watch the 11c sells because very soon I'm going to buy up large the TGF & COV will put cash with A+ grade exploration ground -Tony sage of CFE is all over this deal an will hold a sizeable chunk of the new TGF if he didn't think much of the exploration ground COV had he wouldn't have tried to takeover COV awhile back -COV permits right next door to a 5moz an 1.5moz discoverys (rough est. COV permit hold between this amount say 2moz)

COV + TGF 30m CASH = in 2yrs a gold producer




ASX ANNOUNCEMENT 17 November 2009

ASX listed Australian gold company Tianshan Goldfields Limited (ASX: TGF) (“Tianshan”) and


fellow ASX listed Australian gold company Corvette Resources Ltd (ASX: COV) (“Corvette”) have


agreed in principle to enter into a conditional merger implementation agreement to merge the two


companies by way of a Scheme of Arrangement (Scheme). The parties will work towards the preparation


and execution of a formalised merger implementation agreement to fully document the terms of the


Scheme.


It is proposed that, under the Scheme, Tianshan will acquire all of the issued shares in Corvette in


exchange for the issue of shares in Tianshan. The consideration for the Scheme will be two (2) Tianshan


shares for every one (1) Corvette share held on the implementation date of the Scheme. The boards of


Tianshan and Corvette have unanimously agreed on the consideration for the Scheme and believe the


merger represents an opportunity to create a new entity better positioned for growth than either company


on a standalone basis.


Upon implementation of the Scheme the merged entity will have a market capitalisation of approximately


AU$60M. The board and management of the merged entity are currently being determined, but it is likely


that key executives of each company will be retained. Further details of the board and management of the


merged entity will be detailed to the market in due course.


The Tianshan and Corvette boards believe the combined corporate, management and technical strengths


of both companies will result in increased financial and support capabilities, providing a sound platform for


on-going exploration and future development activities.


The merged entity will have approximately AU$30M in the bank and the highly prospective Plumridge


Gold Project in Western Australia.

[drillfix]

JB, wasn't there a million seller at 11c ? But now they are gone.

Did you just take out 11c? or what actually happened?

[Corporate]

JB, you and I are looking at the same thing :D

TGF with $30m in the bank and shortly to be merged with COV looks very good.

What do you think is a better entry, TGF or COV?

Have you purchased yet?

[drillfix]

JB, you and I are looking at the same thing :D

What do you think is a better entry, TGF or COV?



Thats an easy one, the one which is cheapest :D :rolleyes:

Can I ask both you guys a question.

How do you guys find these stocks, before or after the events? as in do you watch the Tony Sage dude and all his activities or were you just watching either of these companies first? If the companies, then what actually drew you to these companies?

[Corporate]

Thats an easy one, the one which is cheapest :D :rolleyes:


Hey Drill, i'm not sure it is that simple. If the merger doesn't go ahead - which has the lowest downside...The one backed by cold hard cash or the asset.

CFE also owns more of COV than TGF.




Can I ask both you guys a question.

How do you guys find these stocks, before or after the events? as in do you watch the Tony Sage dude and all his activities or were you just watching either of these companies first? If the companies, then what actually drew you to these companies?

I own CFE which owns (I'm sure you know) a huge basket of assets, of which TGF and COV are two. Because of this I follow each with interest. Tony spoke VERY positively about COV and the proximaty of Plumridge to Tropicana (5moz). Every core hole has been exactly the same as those drilled in tropicana.

TGF and COV is a great marriage!

[drillfix]

Thanks Corp,

When is the deal to be finalised?
and
Where do you see this co being in 6 months time, both SP and FA wise?

[JBmurc]

Hey Drill, i'm not sure it is that simple. If the merger doesn't go ahead - which has the lowest downside...The one backed by cold hard cash or the asset.

CFE also owns more of COV than TGF.



I own CFE which owns (I'm sure you know) a huge basket of assets, of which TGF and COV are two. Because of this I follow each with interest. Tony spoke VERY positively about COV and the proximaty of Plumridge to Tropicana (5moz). Every core hole has been exactly the same as those drilled in tropicana.

TGF and COV is a great marriage!

Well I brought 860,000 TGF @11c so I'm very confindent the merge will go ahead CFE want it to happen they are the biggest COV holder an major TGF- COV need cash TGF's got 30mill penatly to drill an JORC up Plumridge to a stage that a major will prob come along an buy up the lot for 600m+ within a couple years the merged group should be worth 55m-60m

I brought TGF beacause it much of muchness an there was penatly on offer at 11c
the deal is 2:1 so paying 22c for COV the same as 11c for TGF

also worth noting TCF top 20 hold 91% of the shares CFE hold 20% tcf 47% cov

[Corporate]

Well I brought 860,000 TGF @11c so I'm very confindent the merge will go ahead CFE want it to happen they are the biggest COV holder an major TGF- COV need cash TGF's got 30mill penatly to drill an JORC up Plumridge to a stage that a major will prob come along an buy up the lot for 600m+ within a couple years the merged group should be worth 55m-60m
I brought TGF beacause it much of muchness an there was penatly on offer at 11c
the deal is 2:1 so paying 22c for COV the same as 11c for TGF

also worth noting TCF top 20 hold 91% of the shares CFE hold 20% tcf 47% cov

Only $55-60m? That is what it will be worth after the merger with the issue of the new shares.

Where did you get the top 20 list for TGF from?

Cheers
C

[Xerof]

I got into this last week, bought TGF rather than COV for the reason Corp noted - it's a cashbox worth 13 cents if the merger doesn't go through, whereas a failed merger would mean COV would then have to go to the market for some cash.

In theory, the pricing should stay in lock-step at 2:1 until the merger is finalised, and that looks like being early 2010

CFE connection was the link for me Drillfix

[drillfix]

Thanks guys, lots of good info flowing through from both of you. Excellent.

With regards to Gold, I have been a little suss on many of these WA gold type plays as they always start out with a great story but also end with Disaster, so Im just a bit overly cautious.


CFE connection was the link for me Drillfix

Thanks Xerof, the more connection / direction the better, Cheers~!

[Corporate]

Well I brought 860,000 TGF @11c

Jeez nice buying JB. That puts you into the top 20 holders!!!

[JBmurc]

Only $55-60m? That is what it will be worth after the merger with the issue of the new shares.

Where did you get the top 20 list for TGF from?

Cheers
C

yeah should have better worded it the merged group should have a market value of 55m-60m an IMHO within a couple years I could see it being taken over for 600m+ If the JORC up a large resource 3moz+ high grades
Best of all with 30mill in cash shareholders won't have to be hit up at ever 6months for more cash .

I got the TOP 20 for TGF off- E*Trade I'd say COV top 20 will also be very high 70%+

[JBmurc]

Thanks guys, lots of good info flowing through from both of you. Excellent.

With regards to Gold, I have been a little suss on many of these WA gold type plays as they always start out with a great story but also end with Disaster, so Im just a bit overly cautious.



Thanks Xerof, the more connection / direction the better, Cheers~!

Yeah for sure MON was one I had some confidence in right upto the last 6months where I become very suspect of cash-flow an mangerment blue sky issues so sold-out..
But if you what the big growth you need to take on some risk
With the likes of TGF the first risk is of course the merge which I'm 80% confindent it will happen
Once thats out of the way TCF -will have 30mill cash-A class exploration grounds(with good air-core results so far)-• Good access and developing infrastructure-An a strong largest holder in CFE

[Rodin]

Well I brought 860,000 TGF @11c so I'm very confindent the merge will go ahead CFE want it to happen they are the biggest COV holder an major TGF- COV need cash TGF's got 30mill penatly to drill an JORC up Plumridge to a stage that a major will prob come along an buy up the lot for 600m+ within a couple years the merged group should be worth 55m-60m

I brought TGF beacause it much of muchness an there was penatly on offer at 11c
the deal is 2:1 so paying 22c for COV the same as 11c for TGF

also worth noting TCF top 20 hold 91% of the shares CFE hold 20% tcf 47% cov


JB Murce, was wondering how you arrive at a projected value of 600m+ within a couple of years? Thanks.

[JBmurc]

JB Murce, was wondering how you arrive at a projected value of 600m+ within a couple of years? Thanks.

just an high end estimate Rodin if Gold goes where I think it will by then $2000oz+ an the merged group JORC's up an large resource 2moz+ at a good grade per ton average with a projected low cost per oz I think we would could well see a takeover much like what's happen with IRN an if not taken-over by a major a decent mid-cap producer.

So if gold stays at current levels say 300m-400m value much the same as DOM

either way i think buying into TGF at cash-backing levels as being pretty safe at this stage


Here's a post by the smart-- sellier- on HC - backups me forward value projections

post-merger we'll have approx. 250M shares on issue:

2 TGF for 1 COV share = 260M TGF shares /2 = 130 M shares
Exisiting COV shares ca. 120M shares + 130 M shares = 250 M shares post-merger in the new entity


If we can delineate a 4-5 M oz au resource with an NPV of around 500M$ we should reach a valuation that represents approx. 80% of NPV. ( 80% of 500M$ = 400M$)

400M$ / 250M shares = 1.60 $ AUD/share prior to production

Depending on a rising gold price over the next couple of years, this valuation could change accordingly.


Now I believe GOLD will trade upwards to $1500oz AUD next year

[JBmurc]

good to see the bids double the sells if I tried to buy 860k today I'd be paying another 5-6% more
hopefully the last of 10.5c now the bids up to 11c

[JBmurc]

JB Murce, was wondering how you arrive at a projected value of 600m+ within a couple of years? Thanks.

here's another post from the smart -sellier-on HC

post-merger we'll have approx. 250M shares on issue:

2 TGF for 1 COV share = 260M TGF shares /2 = 130 M shares
Exisiting COV shares ca. 120M shares + 130 M shares = 250 M shares post-merger in the new entity


If we can delineate a 4-5 M oz au resource with an NPV of around 500M$ we should reach a valuation that represents approx. 80% of NPV. ( 80% of 500M$ = 400M$)

400M$ / 250M shares = 1.60 $ AUD/share prior to production

Depending on a rising gold price over the next couple of years, this valuation could change accordingly.
--------------------------------------------------------------------------------------
Now I believe next year we'll see GOLD highs round 1500oz AUD with the following year north of $2000 now at that stage if the new merged TGF commands even a 3-4 M oz resource a NPV of 600m-800m

[Corporate]

Does anyone have any questimate on how far the merged group will get with $30m in cash? I.E. Definitely to a JORC compliant stage (if the resource is there of course)?

[JBmurc]

Does anyone have any questimate on how far the merged group will get with $30m in cash? I.E. Definitely to a JORC compliant stage (if the resource is there of course)?

i think your find they get far enough to be worth mutiables of today value esp. as CFE will be their major shareholder so extra funds if need won't be hard to come by.

more RC drill results should be annouced before Xmas

NOV-09
3D modelling at Stingray suggests the high grade intersection of 8m at 10g/t Au is located in a fold hinge in the
potassic (biotite) altered quartzo-feldspathic gneiss, and is associated with anomalous bismuth and tellurium, similar
to the host rocks at Tropicana. The trend on this fold hinge is thought to be in a north-west direction and the DC
drilling will help to confirm this trend so future drilling can better target the high grade zones.
Corvette is located 60km south of Tropicana in the Albany Fraser Foreland Belt (Figure 1) and is part of the
Company’s 100% owned Plumridge Project (2,302 sq km). The recent announcement by the AngloGold Ashanti
Australia/Independence Group JV of a possible planned production start in 2013 on the 5Moz Tropicana-Havana
gold deposit is a positive endorsement of the prospectivity of this region.

[evilroyrule]

jb, i might have picked the wrong race horse, went with corvette coz it sounded catchier! heres a plan to have a $1 e/w, you take out the 10.5 tgf sellers, and ill take out 11. but you cant drop your 10.5 into the 11 line!

[JBmurc]

jb, i might have picked the wrong race horse, went with corvette coz it sounded catchier! heres a plan to have a $1 e/w, you take out the 10.5 tgf sellers, and ill take out 11. but you cant drop your 10.5 into the 11 line!

LOL funny how the TGF sp getting sold down of late gold through 1200oz if I decide to sell me IRN's I'll be increasing my TGF holding ,COV will release drill results before Xmas should well get some market att.

[evilroyrule]

you got big kahunas JB! if the JV doesnt come up (hard to see how it wont), TGF got enough grunt to carry on on their lonesome? i been looking at other goldies this week, like the look of ekm, and hold small parcel of MSR. still quite good buying out there at the mo. im off to watch the brethern cult on TV, they from my small neck of the woods. take it easy.

[Entrep]

Interesting disccusion - what if they JV doesn't come through tho?

[evilroyrule]

i knw thats you moneybags with the 1 bid for 200k at .20.

[evilroyrule]

9.6. any need to push the panic button yet?

[JBmurc]

9.6. any need to push the panic button yet?

well i just brought another 274,000 9.8c I don't at all feel in panic think those seller do which is very weird as TGF have 30mill in cash yet some small holders sell at a value of 26mill less than cash?

when they merge with COV they will have 250mill shares outstanding
but they'll have the Largest holder (+5 Moz)• in Tropicana Gold
Belt, after AngloGold Ashanti-Independence JV now with gold likely to outperform next year an with 30mill TGF should well have penatly drill results an JORC to ann. in 2010-11

[evilroyrule]

ok team whats up???? over 1 million sell at 9.5 before open. stinks of insider work to me. something in the wind. your thoughts JB if you can tear yourself away from CUE!

[Dr_Who]

Hmmm... I should do some due diligence in this company when I get time this weekend.

Any reason why it is trading below cash holding?

[JBmurc]

Hmmm... I should do some due diligence in this company when I get time this weekend.

Any reason why it is trading below cash holding?

well penatly work to be done guess some shareholders aren't to keen on waiting to FEB 10
can't see why TGF or COV holders will vote against it still nothings a sure thing..also another thing with COV not releasing much in the way of drill results it's S/P has fallen to 18c TGF COV merge is 2:1 so =9c TGF if you buy COV at 18c(sadly I already have heaps 10.4c av )

IMPORTANT DATES
Court hearing to convene the Scheme Meeting 21 December 2009
Proxies to be received 10.00am 26 January 2010
Date and time for determining eligibility to attend and
vote at Scheme Meeting 5.00pm WST 26 January 2010
Meeting of Scheme Participants to approve Scheme 10.00am WST 28 January 2010
The EXPECTED TIMETABLE is:
General Meeting of Tianshan Shareholders 25 January 2010
Court hearing to approve the Scheme 9 February 2010
Court Order is lodged with ASIC and the Scheme
become binding (Effective Date) 10 February 2010
Close of Register for determining entitlements to Tianshan
New Shares (Record Date) 17 February 2010
Dispatch of holding statements/certificates for Tianshan
New Shares 18 February 2010


CFE will hold a 32% stake in a new merged TGF

-Upon the implementation of the Merger, the Merged Group will have:
(a) a market capitalisation of approximately $60 million;
(b) approximately $30 million cash and no bank debt;
(c) the prospective Plumridge Gold Project in Western Australia as well as
the Murray Basin Projects in Victoria and the Inkerman Project in North
Queensland; and
(d) stronger financial and operational capabilities resulting from the
combined corporate, management and technical strengths of Tianshan
and Corvette.

-interview with tony CFE on COV take over-

"Corvette was not doing very
much when we took it over, he said.
It desperately needed exploration.
We think theres a 5-7 million ounce
ore body there, but weve got to
prove it.
From article in Resourcestocks Nov/Dec09.
What would 6m ozs JORC do to the s/p

[cloggs]

Am I reading the presentation of the Corvette site correctly and they expect to be producing gold in the 2nd quarter of 2001?

[JBmurc]

Am I reading the presentation of the Corvette site correctly and they expect to be producing gold in the 2nd quarter of 2001?

COV have only been round since the end of 08 before they were MSN which was floated in 07

presentation done by COV MD worth a watch
-http://www.sharescene.com/index.php?showtopic=9639&hl=cov

[JBmurc]

just shows how tightly held TGF are-

1 Mineral Securities Holdings Pty Ltd 67,652,118 25.209
2 HSBC Custody Nominees (Australia) Limited 67,568,940 25.178
3 Merrill Lynch (Australia) Nominees Pty Limited 32,056,017 11.945
4 Macquarie Bank Limited 15,959,999 5.947
5 National Nominees Limited 15,255,031 5.684
6 Macquarie Bank Limited 9,154,764 3.411
7 Citicorp Nominees Limited 8,534,119 3.180
8 ANZ Nominees Limited 7,408,373 2.761
9 Bell Porter Nominees Ltd 5,674,200 2.114
10 Macquarie Bank Limited 5,518,182 2.056
11 Jarden Custodians Limited 2,096,549 0.781
12 Asian Lion Limited 2,047,299 0.763
13 Standard Bank PLC 1,969,937 0.734
14 Adam & company International Limited 1,500,000 0.559
15 London Wall Investments Pty Ltd 1,166,012 .434
16 International Goldfields Limited 1,095,000 0.408
17 Fitel Nominees Limited 1,026,418 0.382
18 Mineral Securities Operations Limited 750,000 0.279
19 Mrs Dyanne Leigh Butler <SG Butler Family Fund A/C>655,300 0.244
20Ms Mary Shackman & Mr GeorgeTheodore<Mary Shackman Prov/FuundA/C>500,0000

-------------------------------------------------247,588,258-------- 92.259%

would love to see the latest might even make the top20 -JBMTRADE

[cloggs]

Sorry JB, I meant second quarter 2011

[Corporate]

Tony Sage buys another 500,000 of TGF. Very tempted.

[evilroyrule]

hi corp, i read that yesterday and quickly doubled up at 10 and 10.5. i will try for more at 11 on moday. clearly its a good sign with jv announcement only weeks away. might ditch some toxic mpo for a punt. two tgf for every one cov. cov wont sell for less than 22.5 as market in recent days proven. plus factor n the lift in cov on news of jv, makes 11-14 look cheap for tgf imo. good luck. giddy up

[COLIN]

hi corp, i read that yesterday and quickly doubled up at 10 and 10.5. i will try for more at 11 on moday. clearly its a good sign with jv announcement only weeks away. might ditch some toxic mpo for a punt. two tgf for every one cov. cov wont sell for less than 22.5 as market in recent days proven. plus factor n the lift in cov on news of jv, makes 11-14 look cheap for tgf imo. good luck. giddy up

Well there'll be plenty of "sale price" shares around on Monday, everywhere, that's for sure!

[evilroyrule]

fools and their money....

so are you staying in colin or joining the wave of panic??? i just wish i had more of a warchest to go shopping with

[Corporate]

fools and their money....

so are you staying in colin or joining the wave of panic??? i just wish i had more of a warchest to go shopping with

evil, if the markets do go into a spin and everything goes tits up. There will be plenty of time to pick up some bargins.

I have moved from about 50% invested to 25% in the last few weeks/days. Only two stocks held a present.

[evilroyrule]

yep, i cant argue with that corp. all im saying is what is the news/driver for the downward trend? i am punting on a bounce back this/next week.

[Corporate]

yep, i cant argue with that corp. all im saying is what is the news/driver for the downward trend? i am punting on a bounce back this/next week.

The market has run hard and fast. The world governments have pumped a whole lot more $$ into the market and the US is still poked.

My money is on another bad week. Dow futures pointing towards another smashing on monday - down 187 at the moment.

http://www.bloomberg.com/markets/stocks/futures.html

Alot of people have made nice sums of money over the last 9 months. My pick is that we might see a panic effect as people rush to the door to save these gains.

[evilroyrule]

do we have any markets open before asx on monday?

i see nikkei down 2% to 10590, the dow down sat/fri night to 10172 losing another 200 points all after our friday close (which incidentally left most of my shares unscathed, apart from cxs). are we opening on the back of those dips?

[COLIN]

do we have any markets open before asx on monday?

i see nikkei down 2% to 10590, the dow down sat/fri night to 10172 losing another 200 points all after our friday close (which incidentally left most of my shares unscathed, apart from cxs). are we opening on the back of those dips?

Fiji!!!!!!!

But NZX will also be operating - the rest of NZ doesn't stop just because Wellington has a holiday!

[COLIN]

so are you staying in colin or joining the wave of panic??? i just wish i had more of a warchest to go shopping with

Evil Knievel: I did pull out some cash, earlier in the week, to meet some commitments, but I will be generally staying the course with the rest of my portfolio, at this stage. "Herd instinct" means that many others will rush for the exits, and there will be a bit of blood around for the next few days, but it is my firm belief that the dreaded W formation is not in prospect.

But I will be watching Phaedrus' charts closely! And I would caution you about leaping into buying mode too early in the week.

[evilroyrule]

thanks col,

nice cool head on your shoulders. i read somewhere the us banks have orchestrated the fall to say to obama, "careful buddy, were in charge". JB will certainly have thoughts on this and the role of the central bank.

[Dr_Who]

All the fundamentals are pointing to a recovery.

With unemployment at these level the central banks will keep rates low. China is still in the early stages a developing nation and cannot be compared to Japan.

This is a opportunity in the market that Doc will use to get some cheap shares. :)

[evilroyrule]

thank god for doc! jeebers, if you listened to everyone else we'd be selling the lot tomorrow and hanging . its me you and colin vs thw world! (or at least those brave enough to have an opinion either way!)

[Dr_Who]

All the so call analysts are comparing China to Japan which I dont agree with. China is still in the early stages of development. Abit like a growth company, it should trade at a much higher PE. Hence China's growth rate and inflation should be higher than other developed nations. It is normal for a developing country on a high growth path to have their assets at much higher multiples.

I am no chartist, but I am a fundamentalists, so I cant tell you where the market will be in the short term. What I do know is that rates is still at a all time low and the global economy is recovering. Opportunity in my books.

Sorry to be off topic.

[evilroyrule]

hi corp, i read that yesterday and quickly doubled up at 10 and 10.5. i will try for more at 11 on moday. clearly its a good sign with jv announcement only weeks away. might ditch some toxic mpo for a punt. two tgf for every one cov. cov wont sell for less than 22.5 as market in recent days proven. plus factor n the lift in cov on news of jv, makes 11-14 look cheap for tgf imo. good luck. giddy up

so did anyone get in? i guess tony buying a cool 500k days before was the giveaway. cutting it pretty fine wldnt he be, surely he had an "idea" of what was coming. i dint care, im happy!

[soulman]

Tony only buys it on his term - a special crossing at 8.5 cents, so he's up a cool 35% on current prices. Not holding but looking.

[JBmurc]

Only 755,000 up for sale once the merge is done watch the market re rate the cash rich jnr with the prime permits -drilling has been ongoing once the merge is done the ongoing RC drilling results will be announced hopefully high grades 3g/t+ with intervals of
5m+ under >100m of depth
- has 10 bagger potential IMHO 30c-40c my 2010 target thats if the GOLD prices keeps bullish
- tony believes there's 4-6mill+ oz reserve likely

the next 5Moz Tropicana-Havana gold deposit in the making?

[evilroyrule]

struggling to follow this one. if for every two tgf you get one cov, and cov presently 22.5, why is tgf trading at 12/12.5?

[drillfix]

struggling to follow this one. if for every two tgf you get one cov, and cov presently 22.5, why is tgf trading at 12/12.5?

ER, its called a premium

Why?? well thats the markets for ya hey, full of surprises every day of our live's :rolleyes:

[macduffy]

It just indicates that someone is prepared to bet that the merger won't go ahead.

:cool:

[evilroyrule]

hi macdaddy, well i wondered thaT TOO, but on volume of 3million + today, thats a lot of people betting.

cant see why the merger being off wld be good for tgf. they got no assets really, only 29 mill in bank. cov shareholders approved, tgf shareholders approved, now dwn to fed crt to approve. looks a done deal to me

surely it has to be something else. any other options, is annoying me why tgf shld be trading at 12.5/13 when cov at 22.5. not glaringly obvious to me, but admttedly not sharpest knife in the drawer. vol today suggests smething is up (not just the sp!) thanks in advance

[JBmurc]

COV holders will receive 2 new TGF shares for every 1 COV share -currently buying COV shares looks the best entry into the merged company which will in time be renamed corvette resources -COV ticker no-doult

very postive to see TGF up to 12.5c on good volume

[evilroyrule]

hopefully a stock that heads north on back of fed crt approving merge. who knws, its just as likely to **** itself like me and the rest of my stocks this year!

miss you jb. where are you big boy????

[JBmurc]

hopefully a stock that heads north on back of fed crt approving merge. who knws, its just as likely to **** itself like me and the rest of my stocks this year!

miss you jb. where are you big boy????

working out at sea mate super pissed I wasn't home watching the market could have saved me-self a few thousand

TGF is one shining light in my portfolio could well be a market daring if the drilling results show up a massive resource which many believe they will get with new merged groups assets just out of Kalgoorlie

[JBmurc]

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.

[JBmurc]

feeling real bullish on gold going for a new high this month currently $1135USD ---TGF will be announcing further drill results soon could well be large surge in the SP with TGF upside with 2 large gold discoveries recently on the same gold belt only kms each side of TGF's large land holdings.
- most drill result by COV intersecting gold anomies..the best results so far intersected 3m @ 40.33g/t gold at Camaro
-now with the merge TGF have 30mill in cash 15mill will be spent drilling the hell out of this prime gold land an in turn give the market an idea how big the gold resource is-Tony sage of CFE (largest holders of TGF)believes it could well be as big as 5moz Tropicana discovery which will be producing gold in 2013(only 60kms away from TGF gold land)


also Early March should see the changes from,
TGF & COV to now be CVX ticker code.

[JBmurc]

�� Tropicana JV - Bankable Feasibility Study continuing.
‐ Pre-feasibility Study initial open cut reserve of 45M t @ 2.3 g/t Au for 3.3M oz
(excludes inferred resources).
‐ TFD181 intersected 7m @ 2.1 g/t Au and 14m @ 3.5 g/t Au 550m north-east of the
proposed Tropicana open cut and may represent the fault off-set continuation of the
Tropicana-Havana gold system.
‐ Further significant gold intercepts (21m @ 2.5 g/t Au, 13m @ 2.4 g/t Au, 2m @ 25 g/t
Au) intersected south of the current Havana open cut resource.
‐ 17m @ 2.3 g/t Au intersected at the Voodoo Child Prospect 50km north of
Tropicana/Havana.


-------------------------------------------------------------------------------------------------------------


from COV announcement


Managing Director, Patrick McManus said “We are particularly excited about this bonanza gold result and the
presence of multiple gold intersections over an increasing strike length. We are also very encouraged by the field
reports of similar sulphide alteration and veining recorded in the holes drilled to the south and anxiously await these
results. These results further support the occurrence of high grade gold zones at Corvette, similar to the high grade
gold shoots at Tropicana”.



Bring on the Intensive drilling JORC late 2010 early 2011

$1 potential IMHO

[percy]

JB thank you for your reseach.I brought in yesterday at 11c.

[Dr_Who]

JBMure, have they completed the pre feasibility study?

[JBmurc]

Not that I know of sure they do one once they get a better idea how big the gold discovery is likely mid year IMHO they do have Good access and developing infrastructure

from the gold presentation COV did late last year the plan was

-Intensive RC and DC drilling for all of 2010

-Aircore drilling Corvette and regional,untested targets -early 2010

-Environmental Studies,second year of Baseline studies-mid 2010

-JORC resource target-late 2010 early 2011

[JBmurc]

looking forward to some good annoucements from the New goldie CVX will break the 10.5-11.5 trading range we've been in for the last couple months

[evilroyrule]

looking forward to some good annoucements from the New goldie CVX will break the 10.5-11.5 trading range we've been in for the last couple months

jb, my cvx shares still show in my db portfolio as tgf? any idea whts happening there. have you received a new srn following merger?

[JBmurc]

I don't know how your DB work but if it's anything like ASB sec your have to change it yourself -I held my TGF in my E*trade account so it was changed by them as unlike the kiwi platforms they are far more user friendly -

[evilroyrule]

cool. i give them a bell. thanks

[gazprom1]

cool. i give them a bell. thanks

ERR,

Let me know what DB say as mine are still showing TGF.

Cheers
Gaz

[drillfix]

Let me know what DB say as mine are still showing TGF.


Commsec show the code up as CVX

[evilroyrule]

db dont want to reply to me. nothing new there. hope alice is reading this

[JBmurc]

just topped me holding up direct /indirect holding 1.216mill shares 10.5c av now bring on the news of further high-grade results could well pay me new house off in a couple years if gold an CVX go where i believe they will..

sellers losing patience with no news

[evilroyrule]

yee haaa. here we go JB. high grade gold discovery. watch this baby run

[JBmurc]

I wish market pretty ho-hum they will wake up in time certainly a longer term play

[JBmurc]

Very unloved of late does look like the weak holders are happy to walk away with a loss no volume today don't think there'll be much till the next annoucement which I believe will be soon the MD has been over in londan an is due back soon (CFE roadshow to brokers and investors is in London and New York this week?) so it looks like CVX MD is also meeting with the same brokers an investors---

CVX -have 6c per share in cash ---Both north an south of CVX tenaments are major gold discoverys on the same gold belt --should be only a matter of time before CVX get the right results
Bids 8.5c offers 9.5c

the Top 20 shareholders hold 90% of the shares-(big holders)
CFE, Macquarie Bank Limited , Gold 2000 Limited, Anglo Pacific Group Plc

[steamroller]

Has anyone done TA on this to see if it's a good time jump in? Outlook is good at first glance.

[JBmurc]

Has anyone done TA on this to see if it's a good time jump in? Outlook is good at first glance.

They have only be listed for a couple months so not all that much T/A to go on.

[Ketel One]

Has anyone done TA on this to see if it's a good time jump in? Outlook is good at first glance.

I'm away from my computers with charting software, but just had a quick look at a web chart:

http://iforce.co.nz/i/tvbmmd3p.gif

Looks like it hasn't broken it's downtrend yet. This is in a rising market too so i'd be careful. I think until a commercial discovery is made, there's definitely potential for it to drop to its cash backing (6c if JBmurc is correct). Nothing is certain though, and I don't know the coy that well, so I could be completely off the mark!

[JBmurc]

Couldn't resist another 100,000 CVX at 9c could well be taken over by CFE for much higher waiting to here back from MD Jason B

[gazprom1]

JBM,

Great work on the purchase. I bought my last parcel at 9.5 and have been too timid since then to buy anymore. I hope that CFE gobble it up....

Gazprom

[evilroyrule]

jb, that you unloading 500k @ 8c? ive had enough too. but it seems that order will only further suppress the sp, hot doggit, another frickn sock draw share!!!

[JBmurc]

jb, that you unloading 500k @ 8c? ive had enough too. but it seems that order will only further suppress the sp, hot doggit, another frickn sock draw share!!!
No looks like someone doesn't believe CVX has a potential large gold resource
I just did an add up of the total amount of shares traded since listing as of today there's been just over 10mill shares traded CVX has 500mill shares so it's not like a major selling spree it dosn't help there very little buying support-even if the current volume continues for the full year it will only be round 10% of shares outstanding
Even if I wanted to sell I wouldn't as the bid depth is to weak the two major postive a CVX S/H should remember
-CVX have 28.2mill AUD in the bank 90% of it collecting interest(If CVX didn't have the cash I wouldn't have invested the cash is a very good backstop to the S/P slid,how many explorers have good grounds but little cash CVX will not need to raise cash till they have drilled the prime gold belt to swiss cheese an hopefully discovered a major 5moz gold belt )
-CVX has some very good names in the top 5 shareholders-CFE,Anglo pacific!!,Macquaire bank!!! the top 7 hold 60% of CVX many producers would give their left one to have these guys as major holders -Now if one of the majors starts to sell then worry otherwise do some study on the above holders it speaks volumes of what CVX may be sitting on.

[Corporate]

Prior to the merger TGF and COV had a combined market cap of >$50m. Now $40m (down 20%) for the merged entity CVX. This isn't good and they haven't been able to produce the grades that I thought that would.

The depth does not inspire any confidence.

Good luck to all.

[JBmurc]

no nothing good so far has been found still doesn't mean they won't hit the mother lode one day soon I hope getting sick of the sell off even though its only small timers

[steamroller]

Share price nearing their cash reserves, maybe a good time to buy after weakness across the board?

[JBmurc]

Share price nearing their cash reserves, maybe a good time to buy after weakness across the board?

yeah the cash reserve should halt the sell-off -be a great time for CVX to go shopping for some undervalued assets

[evilroyrule]

17 million xt trade!. whats that JB?

[sparrow]

Nice rise by this one today, up to 8.5 cents from 6.7 a couple of weeks ago.
Guess I'll wait for a retrace, now.
Although if you are in CFE, you are in CVX indirectly anyway

Sparrow

[evilroyrule]

been some pretty steady buying since the 6's. the drill must be going ok. i was hopin g this would be 20c this year. now just struggling to get even!

[JBmurc]

been some pretty steady buying since the 6's. the drill must be going ok. i was hopin g this would be 20c this year. now just struggling to get even!

I decided to sell my rest after the last drill results still have some in-direct skin in the shares but decided my funds would be better of in SSN AMU

[evilroyrule]

thats a shame JB we cooking today on above average volume. although i do see that your substitute purchases have been outperforming cvx anyway. im picking a new acquisition on the cards given all that money they have sitting there.:mellow:

[gazprom1]

ERR,

Huge rise today...must be a leak somewhere!!! I have put a third of mine up for sale a bit higher than the curent price. Hope it runs further though...

[evilroyrule]

hey gp,

its not a big % of my portfolio. unfort. mine is made up of 50% cfe 30% stx 15 hzn and 5% cvx so im happy to let it run. i calculate if it gets to 2.00 im about even for the year! haha. fat chance. but it looks abit like tim finns boat to me. usually unloved, today its on heat. time will tell. i given up any attempt at trading. im fairly positive about cfe/stx long term prospects so will keep hanging in there.

[gazprom1]

I am postive about CFE as well ERR but don't like the worshipping of Sage. He is obviously a smart astute investor and I think he will make us some money. CVX is only a small part of my portfolio as well but would love a good ride. HZN has made me a lot of money but I only own a few now.

I really like TAP....4 wells before the end of the year all funded out of cashflow and no debt. It is a leveraged play on a discovery. It is a double down stock (that dirty word) for me if the market goes south!!!! Also like CVN for similar reasons.

Gaz

[gazprom1]

15th biggest gainer on the ASX so far today......

[evilroyrule]

I am postive about CFE as well ERR but don't like the worshipping of Sage. He is obviously a smart astute investor and I think he will make us some money. CVX is only a small part of my portfolio as well but would love a good ride. HZN has made me a lot of money but I only own a few now.

I really like TAP....4 wells before the end of the year all funded out of cashflow and no debt. It is a leveraged play on a discovery. It is a double down stock (that dirty word) for me if the market goes south!!!! Also like CVN for similar reasons.

Gaz

cool. ill check out TAP. you make me wonder if hzn might have run its course???

shld expect another push on cvx tommorrow as it triggers some indicators overnight. then it will become ppty of traders and slowly churn back to 6=7c. maybe

[gazprom1]

cool. ill check out TAP. you make me wonder if hzn might have run its course???

shld expect another push on cvx tommorrow as it triggers some indicators overnight. then it will become ppty of traders and slowly churn back to 6=7c. maybe

ERR,

CVX is in play for sure. I sold some at 8.4 today. Will be interesting to see what happens tomorrow. I have been looking for an exit so would sell into strength at levels above 9. Traders could push it all over the place. Would like to see a strong night overnight in Europe and US.

Re TAP, have a look at their latest report and presentation. They have an important drill underway. I think cash was around $66 million and locked in third party gas sales with a current value (using DCF) of $70 million odd. MCap of around $140 million. No brainer for me. Don't have huge reserves so the upcoming 4 wells are important in terms of replacing reserves.

HZN - have been disappointed with performance recently. I started selling when the price went over 30 cents and sold right through to 38. Still hold some. I believe they are worth more than current value as they have strong cashflow but the market thinks otherwise.

STX - anything of interest on the horizon for them? I hold a few but don't follow too closely.

Gaz

[evilroyrule]

you still with me gp, still inching up on increasing vol. i will be interested to see what shakes out in next few weeks. unfounded rumours of more gold plus acquisition favourite theories at the mo. i have no clue.

[percy]

Well I hope it is something good as I paid 11c a share in early march.

[gazprom1]

you still with me gp, still inching up on increasing vol. i will be interested to see what shakes out in next few weeks. unfounded rumours of more gold plus acquisition favourite theories at the mo. i have no clue.

I am still holding although I did sell some at 8.9 and 9.3 yesterday. My concern is that this thing will fall back as it tends to do. Flip side is that there may be some good results coming and the thing will go higher. Volumes have been reasonably good compared to the past few weeks. I have more for sale at 10.5...main reason is that I am happy to have recovered my investment and prefer other stocks and/or cash at the moment.

Gaz

[evilroyrule]

i hear you GP, but im going to wait for the news that is driving the sudden interest. i got no where else i wld put funds at the mo, although reducing the mortgage a bit wld help. if we break past 10, it cld be all on!

[evilroyrule]

you wld have to admit GP been some pretty determined buying of late. that fact not waiting for sp to fall back before acquiring leads me to think news due to be released. lets see how today pans out. what fun to actually have a share going up. up over 50% in a fortnight.

[gazprom1]

ERR,

It all looks positvie for CVX at the moment alright. Will be interesting to see if any news develops over the next week...the buying has been sustained this time around and has pushed the SP up. It has been a very good week for me....CVN came out with good news that has pushed the price to 30% higher than my purchase price and TAP had some news out on a drill today which pushed it over $1 for the first time in a while...and CVX has been a stellar this week. One more good week and I will be looking at SPENDING some money...=)...

Enjoy the weekend.

GAz

[evilroyrule]

gp, found this on GP so take with grain of salt:

a friend of mine in Perth knows someone in the Laboratory and tells me that a good batch of results have been anaysed and sent back to the company.

but my plan is to sell into any ann. does explain the buying pattern. cld also be shameless ramp. time will tell.

[gazprom1]

gp, found this on GP so take with grain of salt:

a friend of mine in Perth knows someone in the Laboratory and tells me that a good batch of results have been anaysed and sent back to the company.

but my plan is to sell into any ann. does explain the buying pattern. cld also be shameless ramp. time will tell.

Thanks for that ERR. Possibly a ramp but there is something in the wind....I am hoping that it will push through 10 cents and I will get out. The price has recovered much faster than anticipated.

ERR - did you see the TAP announcement on Friday? Mkt liked it but there is no certantity that there is a commercial find there unless I have not interpreted the ann. correctly. It may be that the wording indicated that it is a good find. Views?

GAz

[evilroyrule]

gp, i was a little surprised the market reacted the way it did with no certainty. still, take it to the bank.

im still crying over my move from cue into stx. dick!:mellow:
ps. based on the misconception there is no smoke without fire i bought some more at 9.7 for fun. nothing like a gamble!

[gazprom1]

Err,

STX has been nasty....CUE would have treated you very well. I do not hold CUE but hold a few STX. CVX - you are brave but if it comes off good luck to you. I am just a little shy of it due to past experience. Would be happy to see it higher!!!

TAP reality hit home after the update. Will be interesting to see if the deper samples are commercial or not. More drills to come so fingers crossed.

I topped up on a few BUR this morning at 6.8 and 6.9. Has not had any news for a while. A little bit of a punt but, like you, a little bit of fun to top up at these levels.
Good luck,
GAZ

[evilroyrule]

lock HZN in eddie. PNG drill results due soon, and director just exercised 200k options.
and...if cvx does not tick higher on close i just blew some more dosh! have to wait for the ann. to get up over 10 me thinks

[gazprom1]

Go HZN!!! CVX has ticked down a little ERR - light volume though.....I was thinking it was going to be a very good day but with TAP coming off and a couple of others underperforming it has turned into a flat day!! MAk is the only highlight for me...up just over 4%.

[evilroyrule]

how typical of my year. flicked out recently at 9.4. now it looks like its going to run....

i think ive done my time here, and done most if it badly. its been fun, good people and thanks to all. pacman, gaz, shrewdie, shasta, doc, jb, mr p, etc.

i guess we shld do what we do well. im not sulking, just acknw. my own shortcomings. ill be back when i have a horse ready to win. later skaters.

ps. the venga bus never did arrive for my cfe shares which i will continue to hold.

[gazprom1]

how typical of my year. flicked out recently at 9.4. now it looks like its going to run....

i think ive done my time here, and done most if it badly. its been fun, good people and thanks to all. pacman, gaz, shrewdie, shasta, doc, jb, mr p, etc.

i guess we shld do what we do well. im not sulking, just acknw. my own shortcomings. ill be back when i have a horse ready to win. later skaters.

ps. the venga bus never did arrive for my cfe shares which i will continue to hold.

ERR,

Disappointing to hear that you are leaving.....CFE has had a bit of a rally today albeit from a low base. I think that CFE will offer you a decent return in due course. I am holding a reasonable amount which has been a drag on performance. If you take the 38 cent closing price plus the 7.5 cap return it is effectively (excluding tax) at 45.5. Not sure what your average is but you shoudl be in the money or close to it.

CVX - I sold out today as well at 9.9. I just had enough of holding the stock. It is all about timing. It will probably come out with some amazing announcement tomorrow=)=)

Don't be a stranger...there is money to be made provided the research is done. and it would be great to have you back.

Take care,
GAz

[JBmurc]

how typical of my year. flicked out recently at 9.4. now it looks like its going to run....

i think ive done my time here, and done most if it badly. its been fun, good people and thanks to all. pacman, gaz, shrewdie, shasta, doc, jb, mr p, etc.

i guess we shld do what we do well. im not sulking, just acknw. my own shortcomings. ill be back when i have a horse ready to win. later skaters.

ps. the venga bus never did arrive for my cfe shares which i will continue to hold.

Yeah you hold onto those CFE Evil or least for the next 6 months then when their above $1 I'm sure your be back looking to invest in others I for one made some pretty large losses 2 years running during the GFC

[JBmurc]

CORVETTE INVESTS IN ADVANCED GOLD EXPLORATION PROJECT IN LIBERIA, WEST AFRICA
20 October 2010
Highlights:
 Corvette to acquire an initial 25% interest in major West African Gold project for $US1M with an option to acquire all existing shares of Bukon Jedeh Holdings for approximately 70 million Corvette shares within 18 months.
 Project area exceeds 1,575km2 of prospective Birimian greenstone geology in three granted concessions.
 Bukon Jedeh concession is most advanced with major artisanal workings located within the licence which host drill ready targets.
 Trench sampling has confirmed broad zones of gold mineralisation in saprolite with mineralised intersections including:
 66m at 1.05g/t gold,
 62m at 1.06g/t gold,
 24m at 1.83g/t gold, and
 20m at 1.47g/t gold.
 Surface geochemical sampling has outlined extensive gold anomalous zones extending for over 5km with samples up to 12g/t gold returned with no previous drill testing.
 Reverse Circulation drilling targeting the Bukon Jedeh gold anomaly is planned to commence in November.
 The River Gee and Maryland concessions are strategically located on major regional structures with identified zones of gold mineralisation. No modern exploration has occurred within these licence areas and they represent high-priority targets for exploration activity.

[percy]

code is now IGS and name change to International Goldfields Ltd.,