Kincora Copper Limited (the “Company”, “Kincora”) has today received official notification from the Mineral Resources Authority of Mongolia (“MRAM”) advising that 106 mineral exploration licenses, including 15075X (Tourmaline Hills) and 15076X (North Fox) wholly owned by Kincora’s subsidiary company Golden Grouse LLC, have been revoked. The revocation of licenses is effective October 30, 2013 following Resolution № 457 issued by the Chairman of the Geology and Mining Cadastre Department. The Company’s flagship Bronze Fox license (15000X) remains in good standing, is not on the list of licenses to be revoked, and was the focus of one of the most active copper exploration programmes in Mongolia during 2013.

Kincora was unable to undertake planned exploration activities in the 2013 field season on the Golden Grouse licenses following uncertainty relating to criminal legal proceedings against former Government officials, which has brought into question the legal rights and interests for the owners of 106 exploration licenses. The Company is currently accessing avenues now available to it with receipt of official notification from MRAM expected to finally provide legal rights and potential recourse relating to the Golden Grouse licenses.

Consultations with key third neighbor governments have been ongoing and continue as the affected license holders work with the Government of Mongolia on resolving this situation. The Mongolian National Mining Association (“MNMA”) is also assisting where possible.

In April 2012, Kincora paid $5 million in script for the two licenses, incurred approximately $71,000 in legal costs relating to the acquisition and have spent approximately $1.85 million in exploration costs since. The acquisition of the licenses followed full detailed due diligence, with the licenses confirmed to be in good standing by MRAM, with exploration costs incurred following approval of the proposed exploration programmes which have been subsequently accepted, annual license fees incurred and licenses extended by MRAM. The Civil Code of Mongolia supports liability for damages caused by government officials if the rights of existing licenses holders are negatively impacted.

Kincora will continue to inform the market of any material developments relating to the Golden Grouse licenses.

The full detailed press release is attached. Also provided below are the links to our recently updated corporate presentation, fact sheet and positive preliminary field season results:

Exploration and Corporate update - October 23rd:

Presentation: Presentation_Prelim Field Season Results Update Oct13.pdf

Fact Sheet:

Source:Kincora copper


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