Click here to close now.


News Feed Item

Kincora Copper Limited: Exclusivity Agreement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/13/14 -- Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE:KCC) announces that it has entered into an agreement granting exclusive rights to carry out due diligence with respect to a potential joint venture, earn-in, strategic alliance, equity investment or other transaction in respect to Kincora's wholly owned Bronze Fox project ("Exclusivity Agreement").

The Exclusivity Agreement contemplates various work programs being undertaken by the third party during a staged review period in order to advance toward a Potential Transaction, and maintain certain exclusive rights to such a Potential Transaction and access to the properties/dataroom. The Exclusivity Agreement does not impact or restrict Kincora's ability to undertake ongoing exploration activities or other customary corporate initiatives, such as private placements, securing additional licenses etc. Neither party is obligated to proceed with a Potential Transaction.

Kincora completed one of the most active copper exploration programmes in Mongolia during 2013. The Company recently resumed drilling activities, for the first time since December 2012, at high priority copper porphyry targets, following other initial exploration activities that have already commenced (refer to our May 27th "Exploration Update" press release for further details).

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

"Kincora is the last remaining listed copper junior in Mongolia without a strategic partner. This is despite Bronze Fox being one of the more advanced copper projects, situated in the Oyu Tolgoi mineralisation structural trend, offering large scale potential supported by known widespread lower grade copper mineralization, and localized higher grades, and strategically located in one of the most rapidly developing mining centers anywhere in the globe notwithstanding being in the center one of the last underexplored frontiers.

The Company has attracted interest from various existing large-scale copper producers and welcomes advancing discussions with this particular group as we continue our ongoing drilling and other exploration activities at Bronze Fox. Kincora continues to have considerable support from new and existing shareholders, as illustrated by the recent oversubscribed private placement, and is actively pursuing various avenues to advance the technical progress of Bronze Fox."

The Company is captured under certain Confidentially Agreements that are customary for such an Exclusivity Agreement and will continue to inform the market of its exploration progress and any material corporate developments.

About Kincora Copper Limited:

Kincora Copper Limited (the "Company" or "Kincora") is a junior resource company engaged in the acquisition, exploration and development of mineral properties with a focus on copper-gold projects in Mongolia. Our key asset is the wholly owned Bronze Fox copper-gold project that hosts a large and strategically located known mineralised footprint covering over 40km2 of a 223km2 license area, in southeast Mongolia along the Oyu Tolgoi copper belt. Kincora is the last remaining independent foreign listed copper exploration company in Mongolia. Large scale porphyry deposits seldom occur in isolation with the South Gobi's geology and tectonic setting highly prospective for large size discoveries, being part of a well-recognized belt formed from middle to late Palaeozoic volcanic and sedimentary rocks that have been intruded by late Devonian and Carboniferous granitoids. Kincora's ambition is to be the leading copper-gold exploration and development company in this region.

The Bronze Fox license (15000X) is located approximately 250km from the Chinese border and within 140km of two large scale greenfield copper construction projects: Oyu Tolgoi, invested capital to date over US$7 billion, in Stage 1 production, and target production of up to 160,000t/day, owned by Rio Tinto, Turquoise Hill Resources minority shareholders and the Government of Mongolia ("GoM"); and, Tsagaan Suvarga, estimated capex of at least US$1 billion and target production of 40,000t/day, privately owned by MAK with project finance syndicated by the European Bank of Reconstruction and Development ("EBRD") and the focus of a proposed US$350m investment from the GoM. Other significant mines, including Erdenes Tavan Tolgoi and other coal mines, with associated infrastructure (including rail, power and water, all within 45kms) are under construction in this immediate region, which is one of the most rapidly developing mining centers anywhere in the globe despite being one of the last underexplored frontiers.

Kincora's objectives at Bronze Fox are to locate shallow and/or deep copper-gold porphyry deposits and ascertain the potential for shallow gold deposits with a view to the future development of open pit or underground mines. The copper porphyries are anticipated to be in the core of an intruded porphyry system, known as the Bronze Fox Intrusive Complex, with such a system confirmed by various independent consultant opinions with the focus being the delineation of economic orebodies, whereas the gold deposit potential are considered to be in the peripheral zones of a porphyry system.

Kincora completed one the most active copper exploration programs in Mongolia at Bronze Fox during 2013, on one of the most advanced and prospective projects with one of the youngest exploration licenses (noting the April 2010 moratorium on the issuance of new exploration licenses). The Company in November 2013 had a further two licenses adjacent to the Bronze Fox project, Tourmaline Hills (15075X) and North Fox (15076X), revoked as part of a total of 106-licenses following a criminal court case involving former Government officials. This resulted in a $6,952,000 write down in Kincora's September 2013 quarterly accounts. Kincora continues to lead the efforts of impacted previous licenses holders (11 foreign and 66 local groups) working with the Government to resolve the 106-license issue in a timely manner, which is in the interests of all stakeholders.

At the beginning of 2014, the Company completed an oversubscribed private placement to fund upcoming field season activities, which have a number of similar characteristics to that undertaken by Ivanhoe Mines (now Turquoise Hill Resources) in 2001 and led to the "discovery hole" at Oyu Tolgoi. All required permits have been obtained with drilling recently resumed, for the first time since December 2012, at high priority copper porphyry targets, following other initial exploration activities that have already commenced (refer to our May 27th "Exploration Update" press release for further details).

Kincora was formed in mid-2011 with its head office located in Vancouver, Canada, and regional office in Ulaanbaatar, Mongolia. The Company is a reporting issuer in Ontario, British Columbia and Alberta, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol KCC.

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, Chairman and Director of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.

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
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...