Cobra Resources PLC - Australia-focused gold and rare earth exploration company - Says it will begin testing for extensions of roll-front uranium mineralisation from the Yarranna uranium project, adjacent to the company's Boland ionic rare earths discovery in southern Australia. The Yarranna project is held by IsoEnergy Ltd, an Oxfordshire, England-based uranium company. In January, however, Cobra was granted an additional exploration tenement which extends to the southeastern portion of the Yarranna prospect. Historical water samples at Yarranna include U3O8 up to 12,300 micrograms per litre. Uranium's current spot price of USD106.00 per pound is at its highest level since 2007.
Chief Executive Officer Rupert Verco says: "Cobra has acquired a valuable, scalable asset with significant upside potential. We believe we can cost effectively grow a valuable uranium asset alongside our [Boland] exploration strategy."
Current stock price: 1.03 pence per share, up 8.4% in London on Monday.
12-month change: down 31%
By Hugh Cameron, Alliance News reporter
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Cobra Resource (COBR)