VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 6, 2015) - Kincora Copper Limited (TSX VENTURE:KCC) (the "Company" or "Kincora") wishes to provide an update on its exploration efforts, corporate strategy and settlement of the July 2012Origo convertible note.
Exploration
Following two positive reviews by experienced independent copper porphyry consultants, Kincora is refining our field season program that will be funded from existing cash reserves. Activities will focus on surface exploration activities, including infill mapping and geochemistry, around both the Bronze Fox and Tourmaline Hill Intrusive Complexes located on both our existing Bronze Fox (eastern) and, recently returned, Tourmaline Hill (western) licenses.
Drilling prior to the 2014 field season was predominately within the Bronze Fox Intrusive Complex (BFIC), with 2014 activities impacted by the then ongoing dispute relating to our Western license and focused on volcanics on the southeastern margin of the intrusive in interpreted down faulted/preserved porphyry targets with targets prioritized by Induced Polarization, supported by magnetics.
The key objective for the 2015 field season will be refining discrete magnetic anomaly highs around the BFIC, including a series of large targets that cross or are adjacent to the eastern and western license boundary, and undertaking magnetic modeling to refine potential drilling targets.
Corporate strategy
Following the March 2015 resolution of the previous two-year dispute relating to our Western and Northern licenses, Kincora has regained unimpeded control of our corporate strategy and remains committed to exploring the prospective land package already in place. That said, in light of current market conditions, the Company is actively seeking potential options to enhance shareholder value both in and outside of Mongolia, both with near construction and production assets that would not otherwise be available at more favorable points in the commodity cycle.
Convertible note
Notwithstanding the Company's news release of July 23, 2015, Kincora advises that it remains in discussions with Origo Partners PLC ("Origo") regarding the settlement and/or extension of the $2.5 million convertible note held by Origo (the "Origo Note") due as of July 19, 2015 and there is no certainty that the Origo Note will be converted into shares of Kincora at $0.25 per share or at all.
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.
About Kincora
Kincora Copper Limited. is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia. For further information on the Company, please visit www.kincoracopper.com and refer to its corporate presentation http://kincoracopper.com/investors/corporate-presentation. Kincora has 309,774,451 issued and outstanding common shares.
Forward-Looking Statements
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE
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