News Bulletin

Tianshan Goldfields and Corvette Resources Agree to Merge

Wednesday, 25 Nov 2009

Tianshan Goldfields and Corvette Resources have agreed in principle to merge via a Scheme of Arrangement. Unanimously approved by both boards, the merger is subject to shareholder approval.

It is proposed that Tianshan will acquire 100% of the issued shares in Corvette, with Corvette shareholders to receive two Tianshan shares for each Corvette share held. Upon implementation of the Scheme the merged entity will have a market capitalisation of approximately AU$60M, with an estimated AU$30M in cash reserves.

The merger is expected to provide a strong platform for growth through ongoing exploration and development activities, focusing on the Plumridge Gold Project in Western Australia. This key asset, located in the Tropicana Belt, contains an extensive mineralized gold system with significant high-grade intersections reported from recent drilling.

Source: Tianshan Goldfields Ltd public announcement, November 2009.

 

     

     

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