|By Marketwired .||
|April 7, 2014 07:01 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/07/14 -- Kombat Copper Inc. (TSX VENTURE: KBT) ("Kombat" or the "Company") announces the appointment of Justin Reid, a director of the Company since December 31, 2013, as Chairman of the Board.
Mr. Reid's appointment follows Mr. Charles Mostert's resignation as Chairman and a director of the Board. The Board and Management thank Mr. Mostert for his contribution to the company during its transition phase and wish him well in his future endeavours.
The Board has appointed Mr. Knowledge Katti as a Director. Mr. Katti is a Namibian entrepreneur who has over ten years of experience in both Namibian national and international business experience. His focus has been on developing relationships with governments, empowerment groups, and community stakeholders, with the goal of creating long-term sustainable economic and social growth. Mr. Katti was formerly a Director of UNX Energy Corp. and the Founder and Chief Executive Officer of Kunene Energy (Pty) Ltd., the first Namibian oil and gas company. He is also the Founder of the Knowledge Foundation, which is a charity that promotes education and poverty reduction in the Republic of Namibia and the rest of Africa. In connection with his appointment, Mr. Katti was granted 250,000 options in accordance with the Company's stock option plan. These options have an exercise price of $0.145 and will expire five years from the date of grant. The options will vest immediately. The grant of options remains subject to approval by the TSX Venture Exchange.
About Kombat Copper
Kombat Copper (TSX VENTURE: KBT) is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant exploration upside.
The Company holds an 80% interest in five mining licenses in the Otavi Mountainlands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past-producing mines including the Company's flagship property: the past-producing Kombat Mine. The Kombat Mine's extensive infrastructure includes an 800m production shaft which was opened in 2006, three recently-operational shafts, ramp systems, extensive underground workings, mine buildings, a tailings facility, a mill and concentrator all supported by the Company's local town site. The Kombat mine originally opened in 1962 and historically produced approx. 8.7 million tonnes of ore grading 3.1% copper and is linked to vital existing infrastructure, including power, water, roads, and rail with close proximity to the port of Walvis Bay and to one of only five commercial-grade smelters in Africa located in Tsumeb, located 100 road kilometers away from Kombat.
In addition to mining licenses, the Company holds an 80% interest in five Exclusive Prospecting Licenses ("EPLs") covering an area of more than 1550 km2. The EPLs are located within the copper-rich Otavi Mountainlands and are in close proximity to Tsumeb.
F. W. Nielsen, P.Geo., President and CEO of Kombat Copper, is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
Neither 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.
This news release may contain forward-looking statements. These statements include statements regarding the appointments, the Company's plans for the Kombat Mine, its expectations for the Kombat Mine and the expected effect on the Company's financial and operating results. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.