hi all i took my car to power engineering today to be set up, but ian block tested my car before he ran it and it shows my head gasket has gone

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when i got home i pulled the head off. but i am abit confused on this wire ring mallarkey. what are the benfits of it? and where do i get new ones from to replace them? i have also heard rumours that you can just use welding wire

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any advise appreciated as i am supposed to be on track on saturday at castle combe so i have to pull my finger out.
thanks danny