Gold miners Tianshan Goldfields (ASX:TGF) and Corvette Resources (ASX:COV) have arranged to merge their operations, with Corvette to fold into Tianshan.

Under the scheme, Tianshan will offer two of its own shares for every Corvette share, the companies said.

The merged company would have a market capitalisation of around $60 million, with executives from both companies sitting on the converged board.

The directors of both companies have unanimously agreed on the proposal, but the deal still requires the approval of shareholders and regulators.