Cameron McRae Appointed to Kincora's Advisory Board
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 27, 2014) -
Kincora Copper Limited (the "Company", "Kincora") (TSX-VENTURE:KCC)
is pleased to announced the appointment of Mr. Cameron McRae to
Kincora's Advisory Board.
Mr. McRae was most recently President and Chief Executive
Officer of Oyu Tolgoi, Rio Tinto's Country Director for Mongolia,
and has over thirty years of mining industry experience. He has
broad experience across multiple mineral sectors, held three CEO
positions of operating mining companies, led successful M&A
projects and was involved in the landmark merger of RTZ plc and CRA
Ltd that created the Rio Tinto Group. In his last role Mr. McRae
oversaw over US$6 billion investment and the successful
commencement of commercial production from Oyu Tolgoi, a
world-class copper porphyry deposit. Mr. McRae was responsible for
all aspects of the project including safety, strategy, operations
and growth initiatives.
Mr. McRae will assist management and the Board of Kincora with
stakeholder relations (including Government, industry, community,
and social groups), discussions with investors (including potential
strategic groups), and provide general advice (including continued
exploration, potential development and M&A activities), as the
Company looks to advance activities at its wholly owned Bronze Fox
copper porphyry project.
Kincora recently announced some highly encouraging results from
one of the most active copper exploration programmes in Mongolia
during 2013. Bronze Fox is one of the most advanced, prospective
and youngest exploration licenses in the South Gobi copper porphyry
belt, located approximately 140km along the Oyu Tolgoi
mineralisation trend and 40km from Tsagaan Suvarga.
Mr. McRae who remains based in Mongolia, has today been
appointed Executive Chairman to SkyPath Partners LLC, an advisory,
strategic consulting and principal investment firm based in
Ulaanbaatar. Mr. McRae will be a foundation director of a new
Mongolia institute liaising with the business associations and the
Government of Mongolia in the development of the nations business
environment and policy.
Commenting on today's announcement, Sam Spring, President and
CEO of Kincora, said:
"We are very excited to have Cameron join us and being able
to benefit from his extensive experience, relationships and
networks in the industry, particularly those built overseeing Oyu
Tolgoi, the largest single mining investment project in northeast
Asia, and in his recently appointed positions. We believe Cameron
will complement our existing teams skill set, in-country networks
and proactively add-value as we look to advance our Bronze Fox
copper project.
Cameron McRae commented:
"Kincora's team and activities provides a unique opportunity
and natural fit for me. I am enthusiastic to be assisting in the
continued advancement of the Company's activities in Mongolia and
copper prospects in the South Gobi region. Bronze Fox is possibly
the most advanced and prospective exploration project in that
region with a strong existing team in place."
The Company will grant to Mr. McRae, in accordance with the
Company's stock option plan and ensuring a portion of compensation
is consistent with Kincora's long-term success, options to purchase
up to an aggregate of 725,000 common shares exercisable on or
before February 27th, 2018 at a price of $0.105 per share.
Kincora at PDAC
Kincora is pleased to announce it will be attending PDAC in
Toronto this upcoming March 2nd to 5th at booth number 2903.
The Company notes the Mongolia @ PDAC conference being held at
the Hyatt Regency on King Street on the afternoon of March 4th with
participants including the Minister of Mining, Mr D. Gankhuyag and
Mr McRae, amongst others. Refer to the North America - Mongolia
Business Council website for registration details:
http://nambc.org/registration_pdac2014.html
About Kincora Copper Limited
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.
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 exploring it's wholly owned
Bronze Fox project which hosts an extremely large and strategically
located mineralized footprint covering over 40km2 within a 223km2
licenses area. Analysis has confirmed a fertile arc for porphyry
style deposits with extensive lower grade copper-gold
mineralization, with localized areas of higher grade, intersected
in many drill holes over the last three years, and localized higher
grade, across a 7km strike (open).
Kincora recently completed one the most active copper
exploration programmes in Mongolia during 2013, on one of the most
advanced and prospective projects with one of the youngest
exploration licenses. Preliminary results of the Induced
Polarization ("IP") geophysical programme coupled with internal and
independent interpretation of geology and drilling results provides
a number of high priority large, potentially world-class size,
copper-gold porphyry targets.
The Bronze Fox project is situated only 250km from the Chinese
border and ~140km along Oyu Tolgoi mineralization structural
corridor and ~40km from Tsagaan Suvarga (with potential cross
cutting faulting). The immediate region is one of the most rapidly
developing mining centres anywhere in the globe despite being one
of the last underexplored frontiers and a productive copper
porphyry belt.
Porphyry deposits seldom occur in isolation with the South
Gobi's geology and tectonic setting highly prospective for large
size discoveries. Oyu Tolgoi ("OT"), has invested capital to date
+US$7bn with current production of 100,000t/day of ore ramping up
to potentially 160,000t/day. Tsagaan Suvarga, with an estimated
capex of US$1bn and a target production of 40,000t/day, with OT, is
one of two greenfield construction projects that are expected to
enter initial production within a 3-year construction period, a
proximity unlikely to be achieved within a comparable region
anywhere else in the world in the near-medium term.
A number of analogies between the current stage of exploration
and results at Bronze Fox and OT in 2000/01 pre "discovery hole"
(OTD150: 508m @ 0.81% Cu & 1.17g/t Au) period have emerged. The
aim of the 2013 field season was to add value at the asset level
while remaining comfortably funded by both refining existing
exploration data and specifying target generation of large scale,
potentially world-class size, porphyry copper-gold targets. Cash
balance of C$1.65m (30th Sep'13) supports at least minimum
expenditure requirements for 2014. Efforts to recover Golden Grouse
licenses, Tourmaline Hills and North Fox, following recent
revocation, as part of a total of 106 licenses, have commenced.
The Company is listed on the TSX Venture Exchange, was formed in
mid 2011, with its head office located in Vancouver, Canada, and a
regional office in Ulaanbaatar, Mongolia.
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 LimitedSam SpringPresident and Chief Executive
Officer+61431 329
345sam.spring@kincoracopper.comwww.kincoracopper.com
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