(Alliance News) - Cobra Resources PLC said Monday it has adjusted its work programme at the Wudinna gold project in Australia.
Cobra said the drilling programme will now entail three phases, which will "de-risk" the project.
The cost of the programme is also expected to reduce "significantly" and will "substantially" improve the quality of the targets Cobra has defined.
Craig Moulton, Cobra director, said: "This is a revised approach which reduces our initial funding requirements, but does not give up on the quality of work we plan to complete. In fact, the geochemical programme will significantly improve the information we have on the area and will increase the probability of early success in the drilling programme which will follow."
In late October, Cobra announced it had signed an equity agreement with drilling contractor Hagstrom Drilling Pty Ltd, to provide reverse circulation drilling services at Wudinna.
Shares in the miner have been suspended in London since March, when it agreed to acquire Lady Alice Trust Pty Ltd, which is the owner of the Prince Alfred licence, also in Australia.
By Paul McGowan; paulmcgowan@alliancenews.com
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Cobra Resource (COBR)