StockMarketWire.com - Miner Cobra said it had signed a drilling equity agreement with Hagstrom Drilling for drilling services at the company's Wudinna gold project.

Hagstrom agreed a fixed-price contract for the Wudinna drilling programme and agreed to take 33.34% of the fixed cost as shares in Cobra, reducing the drilling cost risk for the planned exploration programme, the company said.

The scope of the drilling contract would be the subject of a subsequent agreement between the company's Australian subsidiary Lady Alice Mines and Hagstrom, which was expected to be signed post the current fund raise.




Story provided by StockMarketWire.com