Cove Resources Limited (CVE)

Discussion in 'Stocks & Derivatives' started by mickjohn, Feb 17, 2011.

  1. mickjohn

    mickjohn New Member

    Joined:
    Jul 29, 2010
    Messages:
    619
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Canberra
    Floated on the 27th Jan with an issue price of 20cps.

    Current state:
    Share Price: 0.30
    Issue: 32,786,001
    Market cap: 9.5mil
    Cash on hand: 4mil+

    Options: 13,000,000 (cant confirm... help?)
    Ex price: 25c (in the money already)
    Ex date: 27/1/2014

    Currently CVE have 4 projects going with some pretty decent drill results already delivered on 1.

    Drilling commenced on the Goongarrie Project on 28 Jan with results announced very quickly on valentines day. As follows:

    4 Drill holes, results:
    57m @ 1.23g/t AU from 31m. incl 3m @ 7.24g/t AU from 44m
    15m @ 1.34g/t AU from 34m. incl 1m @ 8.01g/t AU from 34m
    22m @ 2.04g/t AU from 52m, incl 2m @ 7.86g/t AU from 55m.
    3m @ 6.93g/t AU from 52m, and 2m @ 5.51g/t AU from 88m

    Project 2:
    Project 3:
    Project 4:
    http://www.coveresources.com.au/

    Looks pretty full of potential given the quick turnaround of drilling results, considering they floated a month ago.

    Interested to see others thoughts on this one.
     
  2. mickjohn

    mickjohn New Member

    Joined:
    Jul 29, 2010
    Messages:
    619
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Canberra
    uh, forgot to say the most important thing....

    CVE are a Gold explorer (for those that didnt work it out already).
     
  3. Agauholic

    Agauholic New Member

    Joined:
    Sep 20, 2010
    Messages:
    819
    Likes Received:
    1
    Trophy Points:
    0
    Location:
    Australia
    RMS is due for a big revaluation soon... $46M pretax profit guidance for the dec 1/2 (up from 13M).... 20cEPS not out of the question... up 8% today:D

    Wattle *delivering* 20g/t epic grades.

    will watch this one tho...

    I'd say if these lads find anything, RMS would be in a position (no debt, pockets of cash) to snap em up... wattle was the company maker
     
  4. mickjohn

    mickjohn New Member

    Joined:
    Jul 29, 2010
    Messages:
    619
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Canberra
    RMS production at 67,000 oz AU/year. wow.

    If a takeover bid occurs, does the ordinary shareholder HAVE to sell their stock?

    Would be interesting to see how this one develops without any such offers. Not sure that we will get that chance.
     
  5. mickjohn

    mickjohn New Member

    Joined:
    Jul 29, 2010
    Messages:
    619
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Canberra
    Solid start today.

    Market cap now sits at around $14m

    Share price up this morning to 0.385 (30.51% gain).
    Still one to keep an eye on with good neighbors and more drilling results in the future.
    Quite happy this last week between physical, CCU and now this bad boy!
     

Share This Page