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Wudinna Gold Project Resource Update
Wudinna Gold Project Resource Update.
About this update from Cobra Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1048Y Cobra Resources PLC 07 May 2019 \n\nTHIS 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.\nNOT 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.\n \n7 May 2019\n \nCobra Resources plc\n \n(\"Cobra\" or the \"Company\")\n \nWudinna Gold Project Resource Update\nCobra (LSE:COBR), a company formed to explore, develop and mine precious and base metal projects, today announces that it has received an updated Mineral Resource estimate for the Wudinna Gold Project, located in the Eyre Peninsula of South Australia approximately 25 km north of the township of Wudinna (the \"Wudinna Gold Project\"). \nThe Wudinna Gold Project is 100% owned by Andromeda Metals Limited (\"Andromeda\"), a company listed on the Australian Securities Exchange. On 31 October 2017, Andromeda entered into a binding agreement with Lady Alice Mines Pty Ltd (\"Lady Alice Mines\"), pursuant to which Lady Alice Mines can earn an up-to 75% interest in the Wudinna Gold Project (the \"Wudinna Agreement\"). On 6 March 2019, the Company entered into an agreement to acquire the entire issued share capital of Lady Alice Mines and 100% of the units in the Lady Alice Trust (the \"Lady Alice Acquisition\"). Further details of the Wudinna Agreement and the Lady Alice Acquisition can be found in the Company's announcement entitled \"Proposed Acquisition of Lady Alice Mines\" released via regulatory news service on 7 March 2019 (the \"Acquisition Announcement\"). \nDefined terms used but not defined herein shall have the same meanings given to such terms in the Acquisition Announcement. \nFollowing the geological reinterpretation of the Barns, White Tank and Baggy Green deposits by Lady Alice Mines in 2018, Cobra instructed Optiro Pty Ltd (\"Optiro\"), a well-renowned mining services company based in Perth, Western Australia, to re-estimate the gold resources for the Wudinna Gold Project in accordance with t...