Welcome!

News Feed Item

Kincora Copper Limited: Proposed Win-Win Outcome for the 106-License Issue

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/28/14 -- Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE:KCC) is pleased to announce that the Mongolian Ministry of Mining ("the Ministry") has proposed a win-win solution for all stakeholders to resolve disputes relating to the revocation of 106 mineral exploration licenses in late 2013.

The proposal, which follows constructive face to face discussions with the Ministry, is expected to be presented as a resolution to the Spring session of the Mongolian Parliament, which recently commenced. Kincora is one of 11 foreign investors and 66 local groups impacted by the decision to revoke 106 licenses following a criminal court case involving former Government officials.

Resolving the 106-license case has been a priority for the Ministry since the issue came under its jurisdiction and it has been working together with impacted investors to resolve the matter. A case by case investigate of the impacted licenses has been conducted and supported a resolution to be presented to Parliament that recognizes security of tenure and a proposed mechanism to compensate for the time lost due to original judicial process and returning the licenses back to compliant license holders. As such the proposed resolution is considered to be a win-win outcome for all stakeholders.

In its September 2013 quarterly accounts, Kincora wrote off C$6,952,000 relating to the 15075X (Tourmaline Hills) and 15076X (North Fox) licenses, which were revoked as part of the 106. Kincora's two licenses were acquired from a private Canadian group in 2012, following full due diligence, and are lower priority exploration licenses adjacent to our flagship Bronze Fox project. Bronze Fox remains unencumbered and Kincora is in advanced stages of mobilizing activities there ahead of further exploration activities in the upcoming field season. We are confident that Kincora is/was a compliant license holder and that our revoked licenses will be returned.

While the resolution still requires Parliamentary approval, it follows the approval of other recent positive legislative reforms such as the Investment Law, to promote private sector activity. The Ministry is also proposing a number of other resolutions to be heard in the Spring session of Parliament relating to the Long Name Law, revision of the tender regulation (which would see the three year moratorium for new exploration licenses lifted) and other amendments to the existing 2006 Minerals Law.

Commenting on today's announcement, Sam Spring, President and CEO of Kincora, said:

"This case has had a major, negative impact on investor sentiment towards Mongolia and the way in which the Government responds to investor concerns about the revocation of licenses, we hope, will set a positive and visible precedent as to how future investors will be treated. Although Kincora has recently successfully raised capital to explore our flagship and unencumbered Bronze Fox project, uncertainty relating to the 106-license issue has significantly impacted investment and asset valuations in Mongolia, not just amongst those directly impacted by the 106.

Kincora has been proactively working with the Ministry of Mining to achieve a win-win solution for all stakeholders and I very much believe the key concepts in the resolution put forward to the Mongolian Parliament would achieve that. The proposed resolution of the 106-license issue is probably the most transparent and tangible recent example of the Government of Mongolia, via the Ministry, working with investors to revive private sector activities, learn and move on from past mistakes acknowledging security of tenure. While Parliamentary approval is still required, a timely approval of the resolution, and its implementation, could support compliant former licenses holders undertaking field season activities this year.

Kincora is in the advanced stages of mobilizing field season activities at our Bronze Fox project, noting the extremely competitive environment for service providers."

To view the image associated with this release, visit the following link: http://media3.marketwire.com/docs/941905-F1.pdf.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Kincora Copper Limited:

http://media3.marketwire.com/docs/941905-F2.pdf

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...