Corporate and Financing update
As announced on November 29th, 2012, Kincora closed the second and final tranche of a private placement raising a gross proceeds of C$4,631,775 million. Subsequently approval from the TSX Venture Exchange ("TSXV") has been granted for an institutional group becoming an insider with the $538,906.50 of the gross proceeds of the Offering, forming part of a $1,994,700 subscription for Quantum Partners LP was released from escrow in early 2013.
Kincora's cash balance at January 31st, 2013 was approximately C$3m. The recent private placement provides Kincora a number of options and flexibility to resume optimal exploration activities in 2013 with approval of the upcoming field season's budget expected at the next board meeting. The Company continues to monitor yet unsubstantiated local Mongolian media speculation regarding two licenses held by Kincora, the proposed draft Minerals Law, up coming Mongolian Presidential election and the global markets for exploration juniors. Whilst impacted by these aforementioned factors, we continue to access various other commercial opportunities with advanced exploration and/or development projects in the immediate region and have discussions with potential strategic investors regarding technical and financial synergies.
Kincora is attending the PDAC International Convention Trade Show & Investors Exchange, Mining Investment Show from March 3rd -6th, 2013, at booth 2903, including Mongolia@PDAC Investment conference on March 5th.
A summary of detailed 2012 assay results is available on the Kincora website (http://www.kincoracopper.com/bronze-fox-project/technical-reports/2012 assay result summary).
To view Figures 1-4, please visit the following link: http://media3.marketwire.com/docs/kcc219_Fig1-4.pdf.
The new drilling results in this news release and on Kincora's website and the other scientific and technical information in this news release were 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 were reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, President & CEO of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.
About Kincora Copper Limited
Kincora Copper Limited is a mining exploration and development company based in Vancouver and listed on the TSX Venture Exchange that was formed in mid 2011.
Kincora's ambition is to be the leading listed independent copper exploration and development company in the highly prospective and proven Oyu Tolgoi South Gobi porphyry copper belt in southeast Mongolia. The Company is currently exploring its wholly owned Bronze Fox, Tourmaline Hills and North Fox projects which host an extremely large and strategically located mineralised footprint covering over 40km2.
The projects are situated only 250km from the Chinese border and within 140km of two large scale greenfield copper construction projects: Oyu Tolgoi, invested capital to date approximately US$6 billion and target production of 160,000t/ day; and, Tsagaan Suvarga, estimated capex US$1b and target production of 40,000t/ day. Other significant mines and associated infrastructure are being developed in this immediate region.
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.
Kincora Copper Limited
VP Corporate Development
+61431 329 345
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