Cobra Resources PLC Wudinna Project - Drilling Equity Agreement (5136Q)
21 Octubre 2019 - 02:07AM
UK Regulatory
TIDMCOBR
RNS Number : 5136Q
Cobra Resources PLC
21 October 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
For immediate release
21 October 2019
Cobra Resources plc
("Cobra" or the "Company")
Execution of Drilling Equity Agreement
Cobra (LSE:COBR), is an exploration, development and mining
company which today announces that, in conjunction with its
Australian subsidiary Lady Alice Mines Pty Ltd ("LAM"), it has
signed a Drilling Equity Agreement (the "Agreement") which will see
Hagstrom Drilling Pty Ltd ("Hagstrom") provide Reverse Circulation
(RC) drilling services at the Wudinna Gold Project.
Key Highlights:
-- Hagstrom drilling is an experienced drilling contractor
located in Perth, Western Australia with a fleet of over 22
drilling rigs, refer to https://www.hagstromdrilling.com.au/ for
more information.
-- Hagstrom has agreed to a fixed price contract for the Wudinna
drilling programme, reducing the drilling cost risk for the planned
exploration programme.
-- Hagstrom has also agreed to take 33.34% of this fixed cost as shares in Cobra.
-- The scope of the drilling contract will be the subject of a
subsequent agreement between LAM and Hagstrom, that is expected to
be signed post the current fund raise.
Craig Moulton, Director of Cobra commented:
"This is a fantastic outcome, and a great vote of confidence in
the Wudinna Gold Project. It will reduce the cash cost of drilling
at Wudinna, and will also reduce the cost risk of the proposed
exploration programme. We look forward to this Agreement being the
start of a great relationship between Cobra and Hagstrom"
The person who arranged for the release of this announcement on
behalf of the Company was Craig Moulton, Director of the
Company.
End
Enquiries:
Rolf Gerritsen +44 (0)20 7129 1471
Cobra Resources plc Craig Moulton +61 (0)8 9316 4938
Nick Emerson
SI Capital Limited (Broker) Sam Lomanto +44 (0)14 8341 3500
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END
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