Rugby Resources Ltd. reported on exploration progress at its Cobrasco Copper Project, Colombia. Field work continues on the Cobrasco Project, including geological mapping and reconnaissance soil and rock chip sampling. Environmental work continues and includes both soil and vegetation categorization work.

The focus is to identify and document areas with limited forest cover and relatively good access for future drill sites. This work was conducted by independent environmental experts. Over 600 additional soil samples were collected during the current campaign, taking the total number to 793 samples.

The program has delineated a significant copper-molybdenum anomaly where elevated "C" horizon geochemical values are similar to other global tier 1 porphyry copper deposits. The Cobrasco copper-molybdenum porphyry system is well defined for future drill testing. An additional 79 rock chip samples were collected at Cobrasco North, mostly within the soil sampling grid.

Outcrops are limited however due to dense vegetation cover and intense weathering of the altered porphyry. Regardless, the reconnaissance team located some outcrops of highly mineralised copper porphyry. Mapped lithocap alteration was noted west of the drilled area within a continuation of the magnetite destruction zone, but masked by earlier rocks, indicating that potential for buried and fully preserved porphyry systems may exist below an area of low surface geochemistry.

Rugby is currently exploring mechanisms for financing ongoing drilling. Whilst that proceeds, the company continue to advance fieldwork to evaluate and enhance its knowledge of the Cobrasco porphyry system. The ongoing program includes geological reconnaissance and geochemical sampling of the southern block.

This area was neglected in 1980's sampling by the Colombian Geological Survey (Ingeominas)/German (BGR) technical teams which defined the Cobrasco Porphyry occurrence, although 2 elevated copper stream sediment samples indicate continuing potential for further discoveries. Rugby's airborne magnetic survey also indicates an important northwest trending corridor of magnetic lows by possible hydrothermal destruction of magnetite in the hostrocks. This continues through the north-eastern portion of the southern Rugby Block (Cobrasco South).