SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, PagerDuty Blog, Michael Jannery, Javier Paniza

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
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
"Application monitoring and intelligence can smooth the path in a DevOps environment. In a DevOps environment you see constant change. If you are trying to monitor things in a constantly changing environment, you're going to spend a lot of your job fixing your monitoring," explained Todd Rader, Solutions Architect at AppDynamics, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Desktop as a Service is emerging as a very big trend. One of the big influencers of this – for Esri – is that we have a large user base that uses virtualization and they are looking at Desktop as a Service right now," explained John Meza, Product Engineer at Esri, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
“We are strong believers in the DevOps movement and our staff has been doing DevOps for large enterprise environments for a number of years. The solution that we build is intended to allow DevOps teams to do security at the speed of DevOps," explained Justin Lundy, Founder & CTO of Evident.io, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...