Welcome!

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
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, 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. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
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...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...