Kincora Copper advises that Mongolian tax authorities have signed off on the company’s proposed transaction with IBEX which is likely to lead to a consolidated landholding of more than 1500sqkm in the prospective South Gobi copper-gold region of Mongolia.
Kincora’s president and CEO Sam Spring says the sign off is a key milestone towards completion of the proposed mergers of the respective Kincora and IBEX subsidiaries.
The original tax position of the parties to the IBEX transaction, High Power Ventures Inc., (HPV) and Kincora, have been upheld, with the subsequent administration processes related to closing the transaction ongoing and expected to shortly complete.
Sam Spring said, “It is pleasing to pass this key milestone towards completion of the IBEX transaction and we look forward to providing further details on the company’s near-term strategy in due course. I would like to thank all involved, including the Mongolian Tax Authority, who ensured this matter was addressed.”
The transaction will result in a consolidated landholding of over 1500sqkm, the majority of the prospective exploration licenses which dominate a key geological trend between and along strike from the Oyu Tolgoi and Tsagaan Suvarga (Devonian) copper mines, supporting an industry leading proposition of copper/gold and gold targets.
IBEX’s portfolio was secured and targets advanced by former key executives of Oyu Tolgoi’s exploration team and focused on ‘Tier 1’ gold-rich copper porphyry targets.
The transaction will also results in a strengthened team with discovery experience and complementary skill sets for exploration through to project development internationally and in Mongolia.