Click here to close now.

SYS-CON MEDIA Authors: Roger Strukhoff, Pat Romanski, Elizabeth White, Liz McMillan, Kelly Murphy

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
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...
“Oh, dev is dev and ops is ops, and never the twain shall meet.” With apoloies to Rudyard Kipling and all of his fans, this describes the early state of the two sides of DevOps. Yet the DevOps approach is demanded by cloud computing, as the speed, flexibility, and scalability in today's so-called “Third Platform” must not be hindered by the traditional limitations of software development and deployment. A recent report by Gartner, for example, says that 25% of Global 2000 companies will b...
Big Data is amazing, it's life changing and yes it is changing how we see our world. Big Data, however, can sometimes be too big. Organizations that are not amassing massive amounts of information and feeding into their decision buckets, smaller data that feeds in from customer buying patterns, buying decisions and buying influences can be more useful when used in the right way. In their session at Big Data Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positi...
JFrog on Thursday announced that it has added Docker support to Bintray, its distribution-as-a-service (DaaS) platform. When combined with JFrog’s Artifactory binary repository management system, organizations can now manage Docker images with an end-to-end solution that supports all technologies. The new version of Bintray allows organizations to create an unlimited number of private Docker repositories, and through the use of fast Akamai content delivery networks (CDNs), it decreases the dow...
More organizations are embracing DevOps to realize compelling business benefits such as more frequent feature releases, increased application stability, and more productive resource utilization. However, security and compliance monitoring tools have not kept up and often represent the single largest remaining hurdle to continuous delivery. In their session at DevOps Summit, Justin Criswell, Senior Sales Engineer at Alert Logic, Ricardo Lupo, a Solution Architect with Chef, will discuss how to ...
Over the last few years the healthcare ecosystem has revolved around innovations in Electronic Health Record (HER) based systems. This evolution has helped us achieve much desired interoperability. Now the focus is shifting to other equally important aspects - scalability and performance. While applying cloud computing environments to the EHR systems, a special consideration needs to be given to the cloud enablement of Veterans Health Information Systems and Technology Architecture (VistA), i.e....
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
The truth is, today’s databases are anything but agile – they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver new features and capabilities needed to make your organization competitive. As your application and business needs change, data repositories and structures get outmoded rapidly, resulting in increased work for applica...