The detailed MT survey conducted by Zonge continues to show very good correlation with the previous regional MT survey in terms of the size and shape of the conductive zones and confirms lateral continuity (“conductive trend”).

The results from the remaining MT modelling work will be interpreted in relation to the existing gravity and magnetic targets, to enable Cohiba to select specific drill hole locations as part of its next stage of exploration work.

Cohiba’s Executive Chairman Mordechai Benedikt, said, “The company is pleased to see that the ongoing results from the detailed magnetotelluric survey in the Horse Well area have identified another potential “feeder” system in the eastern part of the area. The discovery of this potential “feeder” system, which also shows lateral continuity and is coincident with a magnetic anomaly has provided additional drilling targets for Cohiba’s next program of work. Data from additional lines in the Horse Well area are still being processed and will be released to the market when available. These data will provide a two-dimensional picture of the conductive zones at depth and alongside other magnetic and gravity data, will enable Cohiba to specifically target drill hole locations. The company is also pleased that its exploration efforts have culminated in numerous approaches from major resource companies that have expressed an interest in forging a working relationship with Cohiba, particularly in relation to the Horse Well project.”

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Figure 1A: Plan of the Horse Well area showing magnetotelluric survey lines with red lines (centre and east) denoting location of potential “feeder” systems/zones. Background shows high amplitude magnetic anomalies coincident with central and eastern “feeder” zones. Black contours represent gravity anomalies.

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Figure 1B: Magnetotelluric (MT) cross-sections from a recent survey over the Horse Tell area. The black lines correspond with the red lines in the plan view in Figure 1A. The two potential “feeder” zones are shown in the central and eastern parts of the cross-sections.

Figure 2: An isometric, cross-sectional view of the first three lines of the magnetotelluric (MT) survey conducted over the Horse well area. The central potential “feeder” zone is evident in centre of the cross section while the eastern potential “feeder” zone can be seen on the right-hand side of the figure.

Ends.

For Further information, please contact:

Mr Mordechai Benedikt

Executive Chairman

Competent Persons Statement

The information in this report / ASX release that relates to Exploration Targets and Exploration Results is based on information either compiled or reviewed by Mr Andrew Graham, who is an employee of Mineral Strategies Pty Ltd. Mr Graham is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Graham consents to the inclusion in this report / ASX release of the matters based on information in the form and context in which it appears.

JORC Code, 2012 Edition – Table

The following table is provided to ensure compliance with the JORC Code (2012 Edition) for the reporting of Exploration Results

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)