Kincora Copper Limited Announces Closing of an Agreement to Acquire 100% of … – SYS
VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 04/23/12 — Kincora Copper Limited (TSX VENTURE:KCC) (“Kincora”) – Further to a news releases of Mar 15, 2012 and Jan 16, 2012, Kincora is greatfully to announce a shutting of a transaction (the “Transaction”) contemplated by a share sell agreement (the “Agreement”) with Temujin Mining Corp. (“Temujin”), a closely reason private company, to acquire 100% of a shares of Golden Grouse LLC (“Golden Grouse”), an surreptitious wholly-owned auxiliary of Temujin. Golden Grouse is a Mongolian association that binds vegetable scrutiny licenses 15075X and 15076X (the “Properties”) adjoining Kincora’s Bronze Fox plan in Mongolia.
The terms of a Transaction are as follows. In sell for 100% of a shares of Golden Grouse, Kincora released to Temujin, a portfolio association of Aberdeen International Inc., an investment house and a member of a Forbes amp; Manhattan Group of Companies, 20 million shares of Kincora. On closing, Temujin defended 1,516,545 Kincora shares and paid by division a remaining shares to a shareholders in suitability with their pro rata land of Temujin common shares. Upon a find within 4 years of shutting of a Transaction of a smallest of 1 million ounces of unspoken bullion resources or bullion homogeneous (being a value of other metals voiced as bullion ounces formed on a 3 year trailing normal prices of bullion and such other metals) personal as “Inferred Mineral Resources”, or a aloft apparatus difficulty for a functions of National Instrument 43-101 – Standards of Disclosure for Mineral Products within a Properties acquired, Kincora will emanate a serve 15 million shares (the “Bonus Shares”) to Temujin. Under a terms of a Agreement, Kincora agrees to spend no reduction than $2 million on a scrutiny of a Properties over a subsequent 2 years (the “Minimum Work Commitment”). If Kincora does not finish a Minimum Work Commitment within such 2 year period, it will emanate a Bonus Shares to Temujin.
Commenting on today’s announcement, Igor Kovarsky, President and CEO of Kincora, said, “We now reason dual of Ivanhoe’s former high priority aim properties in Mongolia, a Bronze Fox and Tourmaline Hills. Kincora now has one of a largest land land along a rarely impending copper belt hosting Oyu Tolgoi.” Mr. Kovarsky serve commented, “Tourmaline Hills is a mid-stage scrutiny tenement with a series of poignant bullion targets. Our 2012 scrutiny and drilling module that starts this week have been practiced accordingly fixation Kincora in a clever position to brand both a poignant copper-gold and bullion deposition this year.”
Kincora Copper Limited is a mining scrutiny and growth association focused on copper-gold deposits in Mongolia. The company’s pivotal resources are targets located in a Bronze Fox and Tourmaline Hills permit areas, located in southeast Mongolia located within a Oyu Tolgoi copper belt. Extensive scrutiny has suggested a poignant footprint with endless copper and bullion mineralization. The licenses are located 120km north easterly of a universe category Oyu Tolgoi copper bullion plan and 250km from a Chinese border.
Neither a TSX Venture Exchange nor a Regulation Services Provider (as that tenure is tangible in a policies of a TSX Venture Exchange) accepts shortcoming for a endowment or correctness of this news release.
Kincora Copper Limited
President and CEO
+1 604 689-2599
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