Rugby owns 100% of the Cobrasco project, subject to a 1% NSR. The Cobrasco Copper Project hosts an undrilled, large scale porphyry copper-molybdenum-gold target which was recognised during a joint German-Colombian government sponsored exploration programme conducted in the mid-1980’s. No systematic exploration or drilling has been conducted since that time. The final permit required for Cobrasco drilling is outstanding and Rugby recently submitted an application necessary to obtain this permit.
The Company is currently working closely with the Colombian Mining Association to foster strong relationships with stakeholders. The Colombian Mining Association is also working diligently with mineral exploration and mining companies to promote educational information about the benefits of developing a copper industry to the people and government of Colombia. Copper is believed to be a viable future source for jobs and significant government revenues, similar to neighboring countries like Chile and Peru.