Oct 7 2014
Kincora Copper Limited has concluded drilling and other key field season activities at various copper porphyry and gold targets at its wholly owned Bronze Fox project. The Company is currently waiting assay results, integrating results and analysis from previous geological and geophysical programs.
During the 2014 field season, thirteen holes were completed for a total of 10087 meters, including 3027 meters of RC drilling. Various mapping, surface sampling and trenching activities took place, particularly at the Sophie North and Happy Geo prospects. Drilling activities were focused on Sophie North, Leca Pass and the south-eastern section of the previously known West Kasulu prospect, recently named Shargal Tolgoi ("Yellowish Hill") and areas of known mineralization that remained largely untested with favourable Induced Polarization ("IP") and magnetics. Refer to Exhibit 1 for a high level summary, noting various prospects and targets remain open.
The Company will continue to inform the market of its exploration progress.
106-license update
Kincora, and the association of active former license holders, continue to have active discussions with Government officials from the Ministry of Mining, Ministry of Finance and MRAM relating to the 106-license dispute. The Government has announced that former license holders must corroborate the expenses incurred for the said area and that verified expenses will form a "threshold price" that will form the starting point for a competitive tender process to reissue the licenses. It is specified in the competitive selection that if such a former license holder participates in the tender process but does not win, its expenses incurred (agreed "threshold price") will be paid, or reimbursed as compensation by the successful bidder, with the license being granted with a full term of tenure (ie up to 12 years) either to the former license holder or successful third party bidder.
The first 14-licenses with agreed threshold prices impacted by the 106-license dispute were retendered on September 22nd with ten of these to have a second retender on October 22nd.
Kincora is yet to have its "threshold price" confirmed, continues to advocate for the costs previously written down directly relating to our two former licenses as per our audited 2013 Financial Statements ($6,952,000), and is yet to be provided with an indicative timeline for when our impacted Golden Grouse licenses might be retendered.
As at the end of June, Kincora's cash and cash equivalents was $4,466,000.
Source: http://www.kincoracopper.com/