Emerging gold explorer and aspiring gold miner, Cervantes Corporation Limited (ASX: CVS) is involved in identifying opportunities in mining areas that have been overlooked by previous explorers. The company has developed a portfolio of gold properties in traditionally producing and well-known gold districts with a strategy to apply unique development and exploration thinking.
Substantial Progress in Cervantes’ Projects
Cervantes holds a strong portfolio of projects in Western Australia, including Albury Heath Gold, Primrose Gold and Abbotts Gold. So far, the company has made substantial progress with its projects that have recently undergone surface geochemical sampling. Let us take a look at the results of the soil sampling survey conducted at the company’s projects below:
Cervantes’ Sound Management Team
Cervantes’ considerable progress in the exploration and development of project areas has been backed by an efficient and strong management team that provides confidence in the ability of the company to sustain the projects development.
The company possesses a sound management team with extensive experience, which includes the following members:
Mr Collin Vost, Chairman
Mr Collin Vost has worked at several public companies for more than 20 years. He was appointed to the Board of Cervantes on 9th October 2007. He also played a key role at the time of raising capital to recapitalise the company in mid-2007. He holds Diploma of Financial Services Licenced Securities Dealer.
Mr Vost has served on the Board of numerous, generally junior resource companies. He has been engaged in the securities dealing business since 2001. He now operates his own securities dealing firm (New York Securities Pty Ltd) under his own financial securities license.
Mr Vost has previously held Directorships in the following entities:
- Baraka Energy and Resources Ltd: Appointed on 18th May 2009 and resigned on 10th August 2018.
- JV Global Ltd: Appointed on 29th May 2009 and resigned on 12th March 2018.
Mr Justin Vost, Non-Executive Director
Mr Justin Vost joined the Cervantes’ Board as the Non-Executive Director on 23rd November 2011. He holds extensive experience in mining, manufacturing and capital markets within Australia & overseas. He holds Diploma of Financial Markets and is presently engaged in the capital markets.
Mr Justin Vost has previously held Directorships in the following entities:
- Baraka Energy and Resources Ltd: Appointed on 15th March 2011 and resigned on 10th August 2018.
- JV Global Ltd: Appointed on 19th April 2011 and resigned on 8th February 2018.
Mr Marcus Flis, Non-Executive Director
Mr Flis was appointed to the company’s Board as the Non-Executive Director. He holds graduate and a master’s degree in geology and geophysics. He has been a fellow of the Australasian Institute of Mining and Metallurgy. Mr Flis possesses experience of more than 35 years in multi-commodity exploration, including sedimentary hosted gold in the WA Proterozoic, substantial stints in gold exploration in classic Archaean Eastern Goldfields setting, alluvial gold in NZ and VMS-related gold in Indonesia and Greece.
He has held the Exploration Manager position in both small and large listed companies, including and Iron Ore Company of Canada, Royal Resources and Rio Tinto.
Mr Pat O’Neill, Company Secretary
Mr O’Neill joined Cervantes as the Company Secretary on 28 August 2017. He holds Bachelor of Business and Chartered Accountant degrees and is the principal of the accounting firm, Jackson Greeve. He had served as the Company Secretary of Baraka Energy & Resources Ltd and JV Global Ltd previously.
It can be inferred that the company possesses a well-qualified and skilled management team that has considerable experience in their respective fields. The company’s strong and robust management team has been a major contributory factor in its speedy progress.
Let us now take a quick look at the financial performance of the company:
In March this year, the company reported robust financial results for the half-year ending 31st December 2018. The company recorded a significant rise of over 7000 per cent in its revenue, from A$5,722 in the prior corresponding period (pcp) to A$407,211 during the half-year. The company also made a significant recovery from a loss of A$255,223 in pcp to a profit of A$154,282 in the half-year ending 31st December 2018.
Cervantes’ cash and cash equivalents at the end of 30th June 2019 stood at A$114,000.
Cervantes is vigorously pursuing capital investment by interested parties to expand and expedite the exploration of its existing and new projects. The company has recently raised a capital of $150,000 and is considering raising further equity capital through a Placement of shares and options.
CVS last traded at A$0.004 on 7th May 2019.
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