Cohiba Minerals Limited provided an update in relation to recent drilling at the Horse Well Prospect. HWDD07 was completed to a depth of 1,519.0m and was targeting the extension of the Bluebush Fault and associated copper mineralization encountered in HWDD05, HWDD05 and HWDD05W1. Detailed logging and sampling of the drill core is still underway.

OLYMPIC DOMAIN IOCG (IRON ORE COPPER GOLD) MINERALISATION: The Olympic Domain is host to the world class copper-gold mines of Olympic Dam, Prominent Hill and Carrapateena. Bluebush prospect is 7km west of BHP's up-and-coming Oak Dam deposit. The dominant mineralisation targets are giant kilometre scale breccia pipes that are cemented with the iron mineral haematite which contains the disseminated copper and gold mineralisation.

This event occurred 1590 million years ago at Olympic Dam, and the other deposits are considered to have a similar age concurrent with the eruption of the Gawler Range Volcanics. This terrain was partially eroded, and then submerged beneath the sea, where 1 billion years' worth of flat lying sediments cover the basement rocks. Peering through the hundreds of metres of cover is the dominant exploration challenge, and relies on geophysics, generally variations in magnetic and gravity strength.

GEOLOGY: The dominant rock types encountered at Bluebush Prospect are: • A micaceous schist of unknown unit after an interbedded mixed pelite-psammite rock. Bedding is complexly folded, and crosscut by a foliation that is also folded. The schist appears to have been intruded by the Donington Granite and shares the same foliation history, making it older than Donington Granite.

• 1,850-million-year-old Donington Granite. The presence of a folded foliation differentiates this rock from the younger Hiltaba Granites. The Donington Granite is the host to the nearby Oak Dam and Carrapateena IOCG deposits.

• Mafic to intermediate intrusive makes up the bulk of the rock mass. This unit is highly magnetic and therefore responsible for the geophysical magnetic highs. The intrusive has no foliation, and usually has chilled margins indicating that it intruded the older granite and schist at a much younger time.

The intrusive is host to much of the chalcopyrite veining, and the zone of interest in the Bluebush Fault, indicating that it was emplaced prior to the mineralizing IOCG events, so tentatively giving it a Gawler Range Volcanic age of around 1,593 million years old. The Bluebush fault cuts across all rock types, in a north-south trending west dipping structure, with an upper and lower branch. The upper branch dominates, and often includes fault bound wedges of differing rock types.

Brecciation is common within the fault, and in HWDD05 there was an example of haematite matrix (iron ore) – disseminated chalcopyrite (copper) with anomalous gold breccia, that is the hallmark of IOCG (Iron Ore Copper Gold) deposits. Quartz-magnetite-chalcopyrite-pyrite veins were frequently encountered in HWDD04, HWDD05, and HWDD05W1, indicating that mineralising fluids were present at the locality. The Cohiba Minerals exploration model for Bluebush is that there is potential for the low-level copper mineralisation to develop into an economic deposit if two additional conditions are met: 1. An increase in fracturing, rock porosity, and space to deposit the mineralization.

2. A suitable geochemical reaction to precipitate iron, copper and gold from solution. The Bluebush Fault has the potential to meet these criteria, as it was open during the time of copper mineralisation and was used as a pathway for those copper bearing minerals. Additionally the fault was used as a conduit for oxidised surface fluids which oxidised magnetite to haematite and can provide the geochemical reaction to precipitate precious metals.

The results of these events can already be observed in HWDD05, only lacking the scale of an economic deposit. Examples from other IOCG systems show that once these processes gain momentum, a positive feedback loop of self-generation is created, such that massive breccias develop. HWDD07 UPDATE Drilling successfully intersected the Bluebush Fault near the expected location, giving more confidence in the orientation of the fault for step-out drilling.

Low level veining with chalcopyrite mineralisation was encountered through much of the hole, associated with quartz veins and siderite matrix breccias. Bleaching and oxidation of mafic intrusion in the footwall of the upper Bluebush Fault associated with siderite veining, and vein and disseminated chalcopyrite, are indicative that the Bluebush fault has been used as a fluid conduit for mineralising fluids with increased oxidation compared to the three northernmost holes. Brecciation, mostly with siderite and low level disseminated chalcopyrite matrix, is prominent associated with the Bluebush Fault and persistent breccia veining in the basement rocks throughout the hole.