Kincora Copper has announced the closing milestone for the IBEX transaction which involves consolidation of land holding and services subsidiaries in southern Mongolia. Closure follows satisfaction of all key Mongolian processes and approvals, and acceptance by the TSX Venture Exchange.
Kincora scrip (share) consideration has been placed into escrow pending the re-registration of the IBEX licences being achieved.
As initially announced on May 25, 2016, Kincora and High Power Ventures (HPV), a private company controlled by High Power Exploration (HPX), have agreed to consolidate their respective Mongolian land holding and services subsidiaries.
The transaction results in Kincora having a 100% interest in a portfolio covering over 1500sqkm and the majority of the prospective exploration licences that dominate a key geological trend between and along strike from the Oyu Tolgoi and Tsagaan Suvarga (Devonian) copper mines.
Kincora now holds an industry leading proposition of copper-gold and gold targets, and the dominate landholding in this proven but under-explored gold-rich porphyry district.
IBEX’s portfolio is focused on porphyry targets to the east and south of Kincora’s existing licences.
Kincora president and CEO Sam Spring says, “Closing the IBEX transaction results in Kincora being the largest landholder in the belt at a time when various incumbents are again looking to increase their exploration footprint and advance exploration efforts, with increased activity of potential new entrants undertaking due diligence revisiting the Southern Gobi’s copper-gold potential.
"We look forward to providing further details of various activities that have been taking place in preparation for completion of the transaction, including the recently completed Technical Workshop, members of the newly formed Technical Committee, moving forward with ongoing and planned future exploration activities, potentially securing additional strategic land, and, other targeted corporate opportunities."