Robin Bromby From: The Australian February 10, 2010 2:44PM BACK...

Robin Bromby
From: The Australian February 10, 2010 2:44PM

BACK on December 28, when Pure Speculation was gearing up for the grind of yet another difficult year on the markets, we took time out to look at a few stocks that might be worth following in 2010.

One of those was Coventry Resources. As we pointed out, the company (formerly the listed Mobilesoft) had been put in the hands of resources veteran Mike Haynes, who is also responsible for Black Range Minerals. Both companies are busy in North America, BLR with uranium in Colorado and CVY was looking for gold in Ontario.

As Haynes explained to us at the time, he was astonished that gold explorers and miners operating in Ontario were not up with the game nearly so much as the average Australian gold company especially on open-pit mining.

Of course, no one took a blind bit of notice, and CVYs price slid from 26c then to 18.5c yesterday. But today everyones piling in, sending the stock up 4.5c.

CVY has upgraded its Cameron Lake gold resource in Ontario by 125 per cent to just over 1 million ounces of gold. This was the second project in that Coventry picked up in the Canadian province. The company adds that the mineralisation is thick and comes to surface. The important thing is the Coventry is thinking that this can become a near-term mine development, and another big round of drilling will start late next month. In addition, further open-pit mining studies are under way on the planned operation.