Cobre Limited: Quarterly Activities Report

Sydney, Australia - During the Quarter, Cobre Ltd.'s (ASX:CBE) exploration efforts were focussed on the Kitlanya West Project (KITW) where a 12,000m shallow Reverse Circulation (RC) and Aircore Circulation (AC) programme was completed. The drill programme was designed to provide important lithological information at the base of cover and to test a number of soil sample anomalies identified in the recently completed regional soil sampling. Initial results from this programme have proven highly encouraging with a sizeable copper anomaly (with associated zinc and lead halo) delineated over the Tlou fold target which extends for over 2km. Detailed ground magnetic data undertaken over the target highlights the similarities to ASX-listed Sandfire Resources Ltd.'s (ASX:SFR) T3 deposit. Full results from the drill programme are expected over the next month.

Geological modelling of Diamond Drill (DD) results on the neighbouring Ngami Copper Project (NCP) have demonstrated the size and scale of the project with the drill tested portion of the contact providing between 103 and 166Mt @ 0.38 to 0.46% Cu 1 with significant additional untested blue-sky potential. A further ~ 32 MOz of silver credits are associated with the exploration target model.

Cobre are testing the viability of an In Situ Copper Recovery (ISCR) process at NCP.

ISCR would utilise a series of injection and recovery wells to pump a weak acid solution to dissolve the copper within the ore body. The method relies on naturally developed fractures to focus the solution into the orebody where the copper is leached, after which the copper-rich solution is pumped to surface through recovery wells for processing into copper cathode sheets using an electro-chemical process that separates the copper from the solution. During the Quarter, a detailed hydrogeological review was completed demonstrating that the target represents a strong candidate for ISCR. In addition, further metallurgical testwork was undertaken on high and low grade composite samples using combinations of ferric sulphate and chloride added to the leach system. Results demonstrated copper recoveries of 77.4% and 71.9% for high and low grade samples respectively in addition to recovery of the silver credits.

Flying of the 8,788km Airborne Gravity Gradient (AGG) survey, undertaken collaboratively with Sandfire, has now been completed with data products expected in the next month. AGG results are expected to provide valuable information on the location of sub-basins, margins and controlling structures where copper-silver mineralisation may be focussed. Results will cover the Kitlanya East (KITE), NCP and KITW projects where they will be used to further prioritise targets for follow-on drill testing.

WESTERN AUSTRALIA

During the Quarter, the Company progressed a programme aimed at assessing the Mt Alfred area for signs of mineralisation and implementing an auger programme to test an area of conductance south-west of the Monti Prospect.

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About Cobre Limited:

Cobre Ltd. (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.

Source:
Cobre Ltd.

Contact:

Cobre Ltd. Martin Holland E: info@cobre.com.au WWW: www.cobre.com.au