# CVY - Coventry Resources



## Miner (31 October 2009)

Looks like this one got lost from radar.
It was recently listed and price slumped down until today. and look at the volume - 3.8 million after no trade more than a month. Jumped from 1.2 cents to 25 cents 


The share price jumped more than 1000% - no typo
Date  	Last  	% Change  	High  	Low  	Vol *
30 Oct 2009 	0.250 	0% 	0.285 	0.250 	3,806,440
15 Sep 2009 	0.012 	-7.69% 	0.012 	0.012 	312,500
14 Sep 2009 	0.013 	0% 	0.013 	0.013 	266,773
11 Sep 2009 	0.013 	0% 	0.013 	0.013 	294,222
10 Sep 2009 	0.013 	0% 	0.013 	0.013 	230,000

Good luck


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## rhyslivs (3 December 2009)

Great announcement out today:

EXCEPTIONAL HIGH GRADE DRILLING RESULTS
– ARDEEN GOLD PROJECT

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01019105

Some very decent grades in there.

Considering the raging bull gold market this should bode well for CVY.


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## rhyslivs (8 December 2009)

Should expect some more drill results this month or next according to http://www.marketwire.com/press-release/Pele-Mountain-Resources-Inc-TSX-VENTURE-GEM-1085489.html :

"Assay results for the 20 remaining holes, 14 of which were drilled at Fisher, are expected over the next one or two months."

I will do up a bit of summary for this company soon.


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## rhyslivs (9 December 2009)

Coventry Resources was formerly known as Mobilesoft Limited. 

On 3 August 2009, the Company (Mobilesoft) announced that it had entered into an agreement to acquire a highly prospective gold exploration company, Coventry Resources Limited (Coventry). Coventry is a gold exploration company that has rights to a highly prospective gold project (Ardeen Project) located in Ontario, Canada.

"Moving from IT to gold exploration is not the easiest manoeuvre. Mobilesoft (ASX: MSO) has rung in the changes. 

The planned acquisition of Canadian gold explorer Coventry Australia Limited (formerly Coventry Resources Limited), is the catalyst; new directors, and a capital raising to kick off exploration, of up to $5 million. A change of name to Coventry Resources is on the cards."

http://www.proactiveinvestors.com.a...cquisition-move-to-gold-exploration-2460.html

The name was changed to Coventry Resources from MobileSoft

The capital raising of $5mil was closed oversubscribed

Some information about its key project:

"Coventry's major asset is the rights to earn up to 100% interest in the Ardeen gold project in Ontario, Canada.

Ardeen is a historic high grade gold mine, actually northern Ontario's first operating gold mine. Adjacent to the  mine is extensive shallow, high grade gold mineralisation.  There have been some high grade gold hits.

Mineralisation is open at depth and along strike at all key prospects. Ardeen has an initial exploration target of 400,000-500,000oz of contained gold.  (And at this early stage, it is a target).

Based on 1-1.2 Mt of mineralised material at grades of 10-15 g/t gold at the project.

Initial metallurgical test work indicates good recoveries with conventional processing (>95%).

Infrastructure is good in the area – sealed highway and mains power to within 15 kilometres, and graded, logging roads throughout the project.  And within 1.5 hours of Thunder Bay."

http://www.proactiveinvestors.com.a...cquisition-move-to-gold-exploration-2460.html

Details of the Agreement:

July 20, 2009 - Toronto - Pele Mountain Resources Inc. (TSX Venture: GEM) (“Pele” or the “Company”) today announced the signing of a definitive option agreement (the “Definitive Agreement”) for its Ardeen Gold Project with Coventry Resources Limited (“Coventry”), one of several natural resource companies controlled by Australian company MQB Ventures Pty Ltd.

The Definitive Agreement has the following terms:
· Coventry has paid Pele Gold $75,000 cash upon signing the Definitive Agreement.

· Coventry may earn a 51-percent project interest by spending $1.5-million at Ardeen within 18 months of entering into the Definitive Agreement.

· If Coventry does not spend at least $750,000 in the first 12 months, it will pay Pele Gold an additional $100,000 in cash to maintain its option to acquire a 51-percent project interest.

· Once Coventry has earned a 51-percent interest, it may then elect to increase its interest to 75-percent by spending an additional $1.5-million at Ardeen by the 42nd month after signing the Definitive Agreement.

· Once Coventry has earned a 75-percent interest, it will provide Pele Gold with a proposed budget for an additional two years of work. At that point, Pele Gold may elect to keep its 25-percent project interest by agreeing to fund its proportionate share of the proposed budget in which case a joint-venture will be formed between Coventry and Pele Gold. Otherwise, Pele Gold can elect to not fund the proposed budget and Coventry will continue to solely fund project development. Under that scenario, once Coventry has completed a feasibility study, it will have earned a 100-percent interest in the project, with Pele retaining a 2-percent net smelter returns (NSR) royalty. Until a feasibility study has been completed, Pele Gold shall retain a 25-percent project interest.

http://www.pelemountain.com/news/072009.pdf

Therefore:

*July 20, 2009* paid $75,000

*Jan 20, 2011* min $1,500,000 earns 51% interest

*Jan 20, 2013* further $1,500,000 earns 75% interest --> at this point Pele has the ability to retains its 25% interest via paying for 2 years of work.

The company has been flooded with exception gold hits the details of which can be found here:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01019105

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01005239

Some great prospects here, lets see how in unfolds.


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## rhyslivs (4 March 2010)

Wheres the love???

Good announcement out last yesterday regarding funding for its acquisition of a near term producer.

From ann:

"The Company now anticipate settling the acquisition in late March 2010. The Company intends implementing an aggressive 15,000 – 20,000 metre drilling  programme at the project shortly thereafter."

Further:

"The resource base at the Cameron Lake Gold Project now comprises 11.3 million tonnes at 2.77 g/t gold for 1,005,833 ounces of gold (1.5 g/t gold  cutoff). The Company’s medium term target is to delineate 1.5-2.0 million ounces of gold at the Cameron Lake Gold Project as it *moves this project through feasibility studies and towards production during 2010*."

1M Oz of gold moving towards production within 24 months is not bad for a market cap of $20M!

Should be seeing further drill results from both Ardeen and Cameron Lake.


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## exgeo (5 March 2010)

When stuff's on sale, it's time to buy up big. But it can be lonely being the first in (value/contrarian investing normally is, because you don't have the company of others yet). But with such a small and poorly-known stock it might take a while before payday. But it should be worth the wait IMHO.


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## rhyslivs (12 March 2010)

Another great announcement out today from Coventry which can be found here.

Some highlights:


Postulated “starter” open pit would see mining of 5.0Mt at 2.09 g/t gold to recover 310,000 ounces of gold.
Indicative “starter” open pit operating cost of approximately US$595/oz gold.
Indicative undiscounted positive cash flow from “starter” open pit mining
operation of >US$156 million.
Significant additional high-grade gold resources are located below the base
of the “starter” pit and are expected to be recoverable from underground
mining operations. Underground mining studies have commenced.

More results are due this month as well on both Ardeen and Cameron Lake.


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## Greenbow (22 June 2010)

Only a few weeks away from the first drilling results.

Patersons gave me this one - been in for a few months.

Ave price 23.7c

Anyone else? Thoughts of an exit price etc?


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## lazyfish (22 June 2010)

Greenbow said:


> Only a few weeks away from the first drilling results.
> 
> Patersons gave me this one - been in for a few months.
> 
> ...




Yeah been holding this for a few months, averaged at about 21 cents. They got a nice open pittable deposit with good hits from shallow levels. They got information on the old underground workings (I assumed anyway) and a well understood geological model. The head grade is pretty decent for an open pit too. I am expecting a strip ratio of about 5-7, floatation/roasting to be used and a cash cost of about 550-650 AUD per ounce. In fact, this is very similar to the mine site I work on atm .


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## Greenbow (28 June 2010)

Absolutely no interest in this one still with volumes way down and few buyers, even with imminent results due - i am starting to get a little concerned about this one.


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## rhyslivs (23 August 2010)

CVY has shown some life over the last week and a bit.  It seems typical of this stock. It is dead for long periods and once it has crept down a bit in price a bigger buyer comes in and cleans up. You can almost predict it like clockwork

0.245 has been a point of strong resistance in the past so it will be interesting to see how it goes if it gets up around that way on this run.

I continue to hold, I think the remainder of Q3 and Q4 will bring a lot of results to market (hopefully positive) which should help the stock to grow steadily.

Still very cheap for a relatively near term producer with a good stash of close to $6mil in the bank.


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## Greenbow (23 August 2010)

I still hold. Volumes are good, hoping for V positive drill results this round.

Would expect by the end of the month you reckon rhyslivs?

30c would be nice.


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## rhyslivs (24 August 2010)

From their announcement dated 27 July 2010.

"- Drilling to continue for a further 2-3 months in this initial 20,000
metre drilling program.

- Numerous and regular announcements containing results
anticipated."

I think it would be very likely to see some further results by the end of month or early next month.

Might explain some of the recent buying.


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## rhyslivs (2 November 2010)

I haven't seen strength in this company for a long time. I have been holding for a while and watch it run up to 25-27 cents then drop back to 20 repeatedly. But now it has broken that 28 cent resistance with plenty of volume to back it up.

Any speculation on what has caused this interest? It is just playing catch up to all the other small gold explorers? Is there a good announcement in the wings? Is there some takeover speculation? Is it just another pump and dump?

From previous experience with the run ups and sell offs it is tempting to sell out, but this one feels a bit different and my gut tells me there is something more going on.

Anyone else got any thoughts?


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## exgeo (28 April 2011)

*BONANZA GRADE GOLD INTERSECTED IN FIRST PASS DRILLING AT THE NED PROSPECT*

This kind of over-egging the pudding on a mediocre result is what loses trust with shareholders. Sure the peak grade was good (13 centimetres at 150.0 g/t) but the "real" mineable result is the first one quoted, ie/ 1.0 metre at 1.42 g/t Au which is interesting, but hardly bonanza, especially over 1m, from 59m downhole.

I sold out on this news. They seem to have done an awful lot of drilling and not come up with much, yet anyway (not to say something better isn't around the corner of course).

If this 13cm at 150g/t is the elephant's tail, then that's another story of course. It might be the very edge of a good zone, but that's for the rotary lie detector (drill) to tell us later isn't it?


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