announcement out

Cobar Consolidated Resources Limited
19 November 2010
ASX Release
Share Placement
Cobar Consolidated Resources Limited (ASX:CCU) (?Company?) announced today that it had agreed to place up to 16M shares at 40.8 cents per share to raise up to $6.5M to Magna Resources Corporation Pte Ltd.
Magna is the majority shareholder of PT Barito Pacific Tbk and currently holds 13M shares (9.9%) in the Company.
Commenting on the share placement, Cobar?s Managing Director Ian Lawrence said, ?We?re pleased to see Magna increase its interest in the Company. The proceeds from the placement will assist us to continue moving the Wonawinta Silver Project forward.?
The shares are expected to be placed in 2 tranches. The first tranche of 7.5M shares is expected to be issued by Friday 26 November 2010. The second tranche of 8.5M shares is subject to Foreign Investment Review Board approval.
The placement of both tranches is within the Company?s capacity to issue shares under ASX listing rule 7.1, without shareholder approval. It is anticipated that Magna will hold 19.7% of Cobar?s issued capital when the placement of both tranches is completed.
Investor and media enquiries;
Trevor Shard
Company Secretary