West Vancouver, British Columbia – June 22, 2015 - Cobra Venture Corporation (the “Company” or “Cobra”) is pleased to announce that Magnum Goldcorp Inc. (“Magnum” – TSX-V: MGI), the Company’s joint property partner for the “LH” gold exploration property (the “LH Property), has provided an update and details of its 2015 drill program which is presently underway. The LH Property consists of 19 contiguous crown granted claims and four mineral claims located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 8 km south of Silverton and then via Red Mountain Road for 2 km and a four-wheel drive road along Fingland Creek for 5 km.
On June 19, 2015, Magnum announced that it had received an approved Mines Act Permit for its proposed 2015 field program. Magnum has also indicated that for 2015 it has proposed a two phase drill program in the upper Fingland Creek basin. The Phase I drill program will target high grade gold mineralization previously identified in the LH underground workings. Phase II will undertake additional testing of high grade gold mineralization previously identified and associated with the underground workings of the LH Mine and/or along the Ridge Zone.
Magnum has indicated that the current drill program will consist of approximately 800 metres of helicopter-supported diamond drilling to make an initial test of an interpreted steeply dipping mineralized zone. Oriented approximately east-west, the high grade, gold-bearing mineralized zone was interpreted based on work, including underground chip sampling and diamond drilling, completed in 1985 on behalf of Noranda Exploration Co. Ltd.
According to Magnum, the first hole to be drilled will be an inclined hole drilled north from surface, from a pad located above and south of the LH workings. Additional holes are proposed from a second pad north of the underground workings, drilled to the south as either a vertical and/or horizontal fan to further develop and test the mineralized zone.
This news release has been reviewed and approved by Rick Walker, P. Geo., who is acting as the Company’s Qualified Person for the LH Property project, in accordance with regulations under NI 43-101.
By option agreement dated September 6, 2012, Magnum was granted an option by International Bethlehem Mining Corp. (TSX-V: IBC) to acquire a 51% interest in the LH Property (the “Option”). Under the Option, Magnum has agreed to incur expenditures on the LH Property totaling $500,000 and to issue 3,000,000 shares to International Bethlehem. By purchase agreement dated February 24, 2015, the Company purchased one half (25.5%) of Magnum’s 51% interest in the LH Property for $300,000. Under that agreement, Magnum is required to spend $200,000 in exploration expenditures on the LH Property (see Magnum’s News Release dated March 5, 2015 for further information on the agreements with the Company and with International Bethlehem). The LH Property is subject to certain net smelter return royalties.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922 2030.
Cobra Venture Corporation
“Daniel B. Evans”
Daniel B. Evans, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.