Kincora Copper welcomes reinstatement of Mongolian gold licences with new 12-year terms
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Kincora Copper (CVE:KCC) has confirmed the reinstatement of its two gold exploration licences in Mongolia with new 12-year terms
The Golden Grouse gold prospects comprise the North Fox prospect and the Western licence and are next door to the company’s copper project, Bronze Fox,
The Western licence hosts the Khunguut copper/gold extension of the West Kasulu prospect on Bronze Fox and the Tourmaline Hills, West Fox and Southwest targets.
Drilling undertaken by Kincora so far has focused on West Kasulu and 15 holes at Tourmaline Hills.
Sam Spring, Kincora’s chief executive, said: “Uncertainty and the revocation of our Golden Grouse licences has significantly impacted Kincora and general investor confidence towards Mongolia for over two years.
“We welcome this resolution in the most equitable and timely manner available to us, taking into consideration the interests of our shareholders and avoiding the courts.
“Regaining the returned Western licence is particularly significant given its strategic importance, common geology with our Bronze Fox licence, prospective previous results and favourable structural setting.
“The 106-license dispute has materially impeded Kincora’s exploration efforts, including at Bronze Fox, and our corporate discussions and strategy.”
Elisabeth Ellis, resident managing partner at Minter Ellison, which advised Kincora added it was timely and welcome news for foreign investors with assets in Mongolia and those considering an investment in the country.
Philip Whiterow
