12/11/2008 - 15:10

Mineral Sands changes name to Corvette

12/11/2008 - 15:10


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Perth-based Mineral Sands has changed its name to Corvette Resources following a vote at the company's AGM today.

Perth-based Mineral Sands has changed its name to Corvette Resources following a vote at the company's AGM today.


Full announcement below:


Mineral Sands Limited changes name to Corvette Resources Limited


Emerging gold developer Mineral Sands Limited (ASX:MSN) has formally changed its name to Corvette Resources, and will be listed under the ASX code COV.


The change, overwhelmingly endorsed by shareholders at today's Annual General Meeting, reflects the diversification of the Company beyond its origins as a mineral sands developer.


The Company's priority is the development of the exciting Plumridge gold project in the Tropicana Gold Belt, north east of Kalgoorlie, where it had identified significant gold mineralization and currently has a RC drilling programme underway.


Corvette Resources Managing Director, Patrick McManus said the name change was a logical step forward for the Company.


"The Company has evolved considerably since it first began, and the Board - supported by feedback from shareholders and the market - believes a change of name is appropriate. The change to Corvette Resources reflects the diversified nature of the business. The new name will help reposition us in the market".


The name Corvette comes from the name given to one of the primary target prospects at Plumridge.


"The name has an association with our priority project, is distinctive and will help change the market's perception of the Company from one that is purely mineral sands."


"The rebrand does not change our immediate focus or strategy. We have a portfolio of prospective mineral sands projects in Victoria, NSW, Queensland and WA which we are continuing to progress. However with the promising results from our Plumridge gold project, this will be the Company focus."


The Company's operational focus was the current RC drilling programme at Corvette. This follows promising results from an extensive aircore drilling campaign across Plumridge, which has indicated the possibility of a major gold system with grades up to 4gm/t Au.


"We have a 100% owned tenement area covering 2,200 sq km which is only lightly explored and lies in one of the most exciting new gold regions in Australia." Mr. McManus said.


Despite the current capital market environment, the Company remains committed to continuing its development programme at Plumridge.


"We have a great deal of confidence in the project, particularly with a relatively robust gold market. We have a funded drilling programme underway and look forward to releasing results from this programme to the market as soon as possible".



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