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  1. 358 Posts.
    A bit of life let in the old snake yet...

    Drills for Nickel at Greenvale as Qld Exploration Kicks Off


    HOMEX - Adelaide

    Cobra Resources Ltd (ASX: CBO) is preparing to kick off a drilling
    program in the Greenvale laterite nickel-cobalt project near Cairns
    in far north Queensland, previously operated by Queensland Nickel, as
    its 2002 field season gets underway.

    Greenvale, part of Cobra's Three Rivers Project, contains significant
    remnant ore from previous mining operations which the Company plans
    to evaluate together with ore from the nearby Lucknow Project.

    Cobra's Chairman, Mr Laurie Ziatas, said previous drilling had
    indicated significant areas of mineralisation remaining within the
    old Greenvale pit which may be amenable to low-cost, low-temperature
    and pressure acid leaching techniques.

    "Some of this ore is beneath waste dumps left by previous mining," he
    said. "The current drilling program is designed to test the
    continuity of the remnant ore zones and possible extensions of the
    ore to the south of the pit."

    "We have already commenced metallurgical evaluation of the ore at
    both Greenvale and Lucknow, with a view to determining further
    development options," Mr Ziatas added.

    At Cobra's Marlborough Project, further to the south inland from
    Rockhampton, Cobra is currently evaluating the laterite nickel-cobalt
    potential of the Mt Redcliffe area within its Cabbage Tree EPM, along
    with other areas of previously recognised laterite potential.

    Mr Ziatas said metallurgical evaluation of nickel-cobalt ore
    previously drilled on the nearby South Slopeaway tenements was also
    in progress, including the potential reactivity of the ore with
    dilute sulphuric acid. "This data will give an indication of which
    ores may have potential to be processed using low-pressure acid
    leaching technologies."

    A number of chromite occurrences within the Cabbage Tree tenement are
    also being evaluated for their gold and PGM potential, particularly a
    number of small chromite lenses previously tested by other operators
    which occur within shear zones.

    The Perth-based Company also today (Thursday) announced the sale of
    the nickel-cobalt and platinum rights to its Walhalla tenements in
    Victoria to Perth-based Goldstar Resources Limited.

    Cobra had previously sold the Victorian tenements to Perseverance
    Mining Pty Ltd (a subsidiary of Perseverance Mining Corporation NL),
    but retained the nickel-cobalt and PGM rights. Under an agreement
    announced today, Cobra will transfer its nickel-cobalt and PGM rights
    to Goldstar in return for a 4% Nickel, Cobalt and PGM Net Smelter
    Return payable quarterly in arrears.

    The agreement is subject to Goldstar's successful listing on the
    Australian Stock Exchange.

    Cobra is focusing on its Queensland and PNG laterite nickel projects
    and Marlborough chrysoprase projects in Queensland as its prepares to
    launch its new exploration spin-off, Musgrave Minerals Ltd.

    The Company has received shareholder approval for the spin-off, which
    will see Musgrave raise up to $6 million to pursue the exploration of
    a promising portfolio of projects in the West Musgrave region of
    Western Australia, with Cobra and Cobra shareholders directly
    receiving a substantial stake in the new entity.

    Musgrave Minerals expects to lodge a Prospectus with the Australian
    Securities and Investments Commission (ASIC) within the next week,
    with the Record Date for priority entitlements to the new issue for
    Cobra shareholders to be announced shortly.

    Mr Ziatas said final underwriting agreements were currently being
    negotiated for the IPO.

    Released by: On behalf of:
    Jan Hope / Nicholas Read Laurie Ziatas
    Jan Hope & Partners CHAIRMAN
    Telephone: (08) 9388-1474 Cobra Resources Ltd
    Telephone: (08) 9325-4096

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