CVG - Convergent - Aussie Stock Forums

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  1. #1

    Default CVG - Convergent

    Floated at 20c.

    Went down to around 19c at one stage. Have come back.


    Up 0.04c, 14.81%


    36 mill shares

    36 mill options

  2. #2

    Default Re: CVG - Convergent

    For more than one year there was no posting on CVG

    Recently it seems the MD has resigned but there is limited information on website

    The information is also outdated

    Does any one know if CVG currently under liquidation ir a going concern ?

    Miner :
    All sellers are inevitably, and by the meaning of the word, buyers so DYOR .

  3. #3

    Default Re: CVG - Convergent

    Here are some notes I wrote for myself and updated after this weeks announcements...things have changed a lot since 2007/2008, their current main projects were purchased more recently than the last posts in this thread.

    ASX: CVG Convergent Minerals

    62.5 Million Shares
    (Tight capital structure)
    10c Share Price
    $6.25M Market Cap

    Global Resource: 872,000oz @ 1.62g/t (including 236,000 @ 3.69g/t)
    Target: 1Moz @ 2g/t Au open cut ounces
    $1.52M Cash (as of 31st December)

    - Increase of 169,000ozs from previous resource estimate (April 8th, 2010)
    - New tenements acquired in the vicinity of the Bounty project (April 8th, 2010)

    - Evaluating production options (optimisation study commissioned on resources)
    - Drilling to continue on Violet prospect, new geophysical targets, and prospects in newly acquired license package.
    - Experienced management team

    Bounty Project

    Bounty Resource: 748,000oz @ 1.72g/t

    The Bounty project comprises an underground mine and 10 former open pits which produced 1.3 Moz Au between 1988-2001 at a head grade of 5.21 g/t. 12 year production history as a profitable mine, historically profitable at $500/Oz gold price.

    Situated in Forrestania region of Eastern Goldfields, WA. Project area contains haul roads, tailings dams, and basic infrastructure for a 1 Mt carbon in leach processing plant (sunk project costs to date over $250m).

    Convergent has also acquired the nickel rights throughout the tenement package

    Recent Highlights:

    - Gold recovery program commenced (recovery of coarse gold from sweepings, surface soil and remnant material from the vicinity of the original plant at the Bounty gold mine and processing facility, potential to produce $1m)
    - Scaled up plant to be constructed in 4 6 weeks
    - New accommodation established for increasing workforce

    From new discovery Violet (discovered Q3 2009):
    7m @ 7.40g/t Au from 6m
    10m @ 2.51g/t Au from 15m
    5m @ 8.44g/t Au from 9m
    3m @ 4.10g/t Au from 43m

    Van Uden Project (**New**)

    Van Uden Resource: 124,000oz @ 1.19g/t

    An agreement was reached with St Barbara Ltd (SBM) over 184km2 of licenses around the Bounty project. The package contains 4 mining licenses, 2 exploration licenses, 1 prospecting licenses and 3 exploration license applications.

    Convergent will have an 80% interest in consideration for carrying St Barbara to decision to mine with both parties obliged to contribute from that point. Convergent will be responsible for expenditure.

    The 4 mining leases are located approximately 10km to the west of the Bounty project and include the Van Uden group of prospects which contain some Gold resources and some existing open cut excavations.

    Steam Engine Project

    Situated 300 km west of Charters Towers. Historical mining during 1880s produced 15 koz Au from high grade ore ranging up to 64 g/t. Project under review with one option being divestment.

  4. #4

    Default Re: CVG - Convergent

    Interestigly after no trade for 15 days suddenly the share price jumped by about 6% and then 11 %.

    is something behind ?

    ASX readings are :

    09 Apr 2010 0.100 11.11% 0.100 0.080 672,625
    08 Apr 2010 0.090 0% 0.100 0.085 949,000
    07 Apr 2010 0.090 5.88% 0.090 0.090 77,000
    18 Mar 2010 0.085 -5.56% 0.085 0.085 100,000
    16 Mar 2010 0.090 0% 0.090 0.090 765,729
    Miner :
    All sellers are inevitably, and by the meaning of the word, buyers so DYOR .

  5. #5

    Default Re: CVG - Convergent

    Quote Originally Posted by Miner View Post
    Interestigly after no trade for 15 days suddenly the share price jumped by about 6% and then 11 %.
    is something behind ?
    It's a very illiquid stock at the moment so is difficult to get a decent position without sending the SP skyward. With the announcements this week (resource upgrade & new tenements acquired) we have seen more buyers jumping up to meet the sellers. There have also been a couple of large cross trades which account for the unusual volume size.

    I think these small illiquid gold stocks will become more liquid as money flows into the sector like it did late last year...

  6. #6
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: CVG - Convergent

    MC - $8m
    SP - 3.2c
    Shares - 244m
    Options - 31.5m (unlisted)
    Cash - $3m

    Shareholder Shares
    Directors 7.3%
    Rogo Investments Pty Ltd 4.1%
    H Wallace-Smith and Co Pty Ltd 3.3%
    Technica Pty Limited 2.9%
    Blue Lake Resources Pty Ltd 2.2%
    Davies Nominees Pty Limited 2.1%

    Blue Vein advances into a Resource Definition development phase
     Exploration beneath the historical Blue Vein open cut mine in Western Australia has progressed from late-stage exploration into a Resource Definition Drilling stage
     In-fill diamond drilling is planned as part of the Companyís move towards a maiden underground ore resource at Blue Vein
     Visible gold continues to be observed in drill core
     Metallurgical test-work on core is planned as part of the projectís feasibility path
     A Program Of Work (POW) has been submitted to the WA Department of Mines and Petroleum for approval of the Resource Definition drilling
     Latest diamond drilling results include 4.0m @ 10.72g/t gold, 350m vertically below surface and 120m south of the 4.9m @ 37.82g/t gold reported earlier

    The information about Blue Vein, Earl Grey and other prospects is a little hard to put together into a post, but they are worth looking at.

    There is a broker report available here.
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