Proactive investorsLogo Proactive Investors UK Website

Search field
Get Adobe Flash Player Download
Flash
Player ►

And
Enable
Javascript

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: CVY
News: Latest news
Web Site: Coventry Resources Limited
Other Articles: 09-02-201022-01-201023-12-2009

RSS - Subscribe to the News Today on Proactive UK ▼

Tuesday March 16, 11:29Mercator Gold to sell exclusive Copper Flat option to Canada's THEMAC Resources

The deal will allow the group to retain a substantial interest in the promising Mexican copper-gold-molybdenum-silver project without the associated costs.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Wednesday March 17, 03:46Access Pharmaceuticals’ Cobalamin oral platform could offer new way to administer insulin

This morning, Access Pharma reported that two independent animal studies confirmed earlier findings that Cobalamin offers significant bioavailability of orally delivered insulin

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Monday March 15, 08:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

FULL ARTICLE ►
Coventry Resources Limited

Coventry Resources Limited

Coventry Resources Limited is an Australian Stock Exchange-listed company (ASX Code: CVY) based in Perth, Western Australia and focused on acquiring, exploring and advancing quality projects in Ontario, Canada. Coventry Resoruces' key asset is the Ardeen Gold Project, a high-grade vein Archaean gold deposit in the Shebandowan Greenstone Belt, which forms part of the Superior Province of Canada.
Wednesday, December 23, 2009

Coventry Resources acquires 100% interest in Cameron Lake Gold Project, Canada

company news image

Coventry Resources (ASX: CVY) has entered into an agreement with Nuinsco Resources and its subsidiary Cameron Lake Corporation to acquire a 100% interest in the advanced and high-grade Cameron Lake Gold Project in northwestern Ontario, Canada.

The news saw shares in the Coventry increase 5.8% to 27.5c during the morning trade.

Executive chairman Mike Haynes said the acquisition provided the Company with an exceptional opportunity to develop a substantial gold-mining operation in the near term, during a period of record high gold prices.

"It complements the Company’s Ardeen Gold Project, which is also located in the province of Ontario, and strengthens the Company’s project pipeline, with most mining permits already in place at the Cameron Lake Gold Project," Mr Haynes said.

The Cameron Lake Gold Project is located approximately 90km southeast of the city of Kenora in northwestern Ontario, Canada. The Project comprises a granted mining lease encompassing 979 hectares, together with twenty unpatented mining claims covering 1,984 hectares, and seven licences of occupation covering 72.5 hectares.

Gold was first discovered in the Kenora District in the 1890s. A number of small deposits produced approximately 250,000oz of gold, prior to the cessation of all operations before the Second World War.

The Cameron deposit was discovered by prospectors in 1960.

As previously announced by Nuinsco, independent consultants to Nuinsco have calculated a NI 43-101 compliant resource for the Cameron Lake Gold Deposit. Applying a 3.0 g/t cut-off, the measured, indicated and inferred resource comprises 2,567,000 tonnes @ 5.42 g/t Au for 447,421 oz gold

Coventry intends calculating a new resource for the deposit in the first quarter of 2010, taking into consideration current substantially higher prevailing gold prices.

A considerable amount of ore was mined and hauled to surface when the Cameron Lake Gold Deposit was subject to underground exploration between 1986 and 1990. Some 14,000 tonnes of mineralised material at an average grade of 4.46 g/t gold, containing 2,000 ounces of gold, was crushed and stockpiled.

Permitting for the project will be accelerated, with the aim of obtaining all permits necessary to commence
operations within 6 months of Settlement.

Numerous other regional targets will also be further evaluated, and opportunities to consolidate ownership of gold assets in the district will be prioritised.

Coventry has agreed to acquire a 100% interest in the Cameron Lake Gold Project from Nuinsco for C$100,000 on execution of a binding Heads of Agreement, C$5,900,000 on execution of a Definitive Sale and Purchase Agreement and the issuing of 12 million shares in Coventry Resources on execution of the Definitive Agreement.

Nuinsco will retain a 3.0% NSR royalty, although Coventry will have the right to buy-back 2.0% of this royalty at any time in the next five years by issuing Nuinsco C$2 million worth of shares in Coventry Resources at the prevailing market price.

Coventry is currently well financed with approximately $5.65 million cash at bank.

Numerous parties have expressed considerable interest in providing assistance to finance this transaction, and the Company anticipates finalising arrangements early in 2010.

On completion of this transaction the Company will be exceptionally well placed to rapidly advance the high grade Cameron Lake Gold Project in Ontario into production, while continuing to advance an exceptional pipeline of high grade gold assets elsewhere in Ontario.

AddThis Feed Button
Register here to be notified of Proactiveinvestors One2One Forums.

Investors interested in Coventry Resources Limited recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.