Last checked at 29 Apr 2020 09:02
THIS 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.
For immediate release
29th April 2020
Cobra Resources plc
(LSE:COBR)
("Cobra" or the "Company")
Changes to Cobra Resources plc Board
Cobra Resources plc is pleased to announce the appointment of two new Directors to the Company's Board effective from the 1st May 2020:
1. Daniel Maling - Mr Maling is based in London and is an experienced corporate and commercial advisor, with over 20 years advising listed companies in the natural resources sector.
2. David Clarke - Mr Clarke is based in Adelaide, South Australia and is an eminent Australian geologist, who has been instrumental in the discovery and development of several large mining operations.
Both Mr Maling and Mr Clarke will serve as Non-Executive Directors.
Furthermore, the Board has elected to appoint Greg Hancock as Company's Chairman. Mr Hancock has over 25 years' experience in capital markets practicing in the area of corporate finance and has served as a non-executive director of the Company since 2018.
The Company has also been advised by Rolf Gerritsen that he wishes to step down from the Board, it has been agreed with the Company that this resignation will become effective on 1st May 2020.
Daniel Maling
Mr Maling is a member of the Chartered Accountants of Australia & New Zealand. He has over 20 years of senior corporate and commercial management experience primarily in the natural resource and technology sectors. He has worked with several AIM, ASX and TSX listed companies providing corporate finance, business development and strategic advice. Daniel is a partner of Orana Corporate LLP, an accounting and corporate advisory boutique based in London.
In the past five years Daniel was a director of Polemos plc (resigned in May 2018) and Solo Oil plc (resigned February 2019), save as stated above, there is no other information to disclose in respect of the appointment of Daniel Maling pursuant to Listing Rule 9.6.13.
David Clarke
Mr Clarke is a geologist with more than 50 years professional experience and more than 25 years' experience as a director of Australian public companies. Before public company life he was a senior geologist with the Commonwealth Department of the Interior and a Chief Geologist at Santos Limited.
As a director and significant shareholder in listed companies he played a role in the discovery, development and production of the million ounce Tuckabianna gold mine in Western Australia, the Newrybar mineral sand mine in New South Wales, the Mud Tank vermiculite mine in the Northern Territory, the Mindarie mineral sand mine in South Australia and 13 oil fields in the Cooper Basin of South Australia.
He was the founder and Chairman of Australian Vintage Limited, a winemaking company based in the Riverland of South Australia. He was the founder, and remains a co-owner of, Thorn-Clarke Wines, a family-owned wine producer in the Barossa Valley of South Australia.
There is no other information to be disclosed in respect of the appointment of David Clarke pursuant to Listing Rule 9.6.13.
Rolf Gerritsen
Rolf has been a driving force behind the formation of the Company and has worked tirelessly during both the listing and relisting process. The Board wishes to thank Rolf for his service, which has been instrumental in the Company's success.
About the Company:
Cobra is an exploration and mining company with its flagship project, the Wudinna Gold Project located on the Eyre Peninsula in the Central Gawler Gold Province, a 450-kilometre-long arcuate belt in South Australia which contains numerous mineral occurrences.
The Wudinna Mineral Resource estimate, as at March 2019, for the Barns, White Tank and Baggy Green deposits is shown below. This has been classified and reported in accordance with the guidelines of the JORC(2012) Code. The Mineral Resources have been reported above a 0.5 g/t gold cut-off grade to reflect current commodity prices and extraction by open pit mining.
Deposit | Classification | Tonnes (x1,000) | Grade (g/t gold) | Gold ounces |
Barns | Indicated | 410 | 1.4 | 18,000 |
Inferred | 1,710 | 1.5 | 86,000 | |
Total | 2,210 | 1.5 | 104,000 | |
White Tank | Inferred | 280 | 1.4 | 13,000 |
Baggy Green | Inferred | 2,030 | 1.4 | 94,000 |
Total | 4,430 | 1.5 | 211,000 | |
The Company is earning a 75% interest in the Project by spending A$5 million over a 6-year period.
Craig Moulton, Managing Director of Cobra commented:
"I would like to give a warm welcome to both Daniel and David, and I look forward to the energy and experience that they will bring to the Board. I would also like to thank Rolf for his contribution over the last 18 months, he has been a key contributor in the successful conclusion of the RTO and the acquisition of Lady Alice Mines."
The person who arranged for the release of this information is Craig Moulton, the Managing Director of the Company.
End
Enquiries:
Cobra Resources plc | Craig Moulton | +61 (0) 40 6932187 +61 (0) 8 9316 4938 |
SI Capital Limited (Broker) | Nick Emerson Sam Lomanto | +44 (0) 14 8341 3500 |
Peterhouse Capital Limited | Duncan Vasey Lucy Williams | +44 (0) 20 7469 0932 |