Kincora Copper has two Mongolian exploration licences revoked
Junior copper and gold explorer Kincora (CVE:KCC) revealed it has had two exploration licences revoked by the Mongolian authorities but its flagship Bronze Fox is in good standing.
The Tourmaline Hills licence and the North Fox, owned by subsidiary Golden Grouse, were included in a list of 106 licences that were revoked.
It is estimated that 11 foreign and 67 local groups make up the total owners of these 106 licences.
Currently 24 companies holding 31 licences of these 106, including Kincora, are actively seeking direct discussions with the government authorities, said Kincora.
The firm highlighted that its flagship Bronze Fox licence remains in good standing and is not on the list.
It was the focus of one of the most active copper exploration programmes in Mongolia during 2013.
Meanwhile, Kincora was unable to explore on the Golden Grouse licenses following uncertainty relating to criminal legal proceedings against former Government officials, which has brought into question the legal rights and interests for the owners of 106 exploration licenses.
In April 2012, Kincora paid $5 million in script for the two licenses, incurred approximately $71,000 in legal costs and has spent around $1.85 million in exploration costs since.
Last month, the firm said it had identified a number of "large scale, high priority" follow up targets at Bronze Fox.
Particularly, these are near surface and merit further drilling, the firm said, updating on previous and current fieldwork and corporate matters.
It comes after a recently completed Induced Polarization (IP) study and other geological work.
The Tourmaline Hills licence and the North Fox, owned by subsidiary Golden Grouse, were included in a list of 106 licences that were revoked.
It is estimated that 11 foreign and 67 local groups make up the total owners of these 106 licences.
Currently 24 companies holding 31 licences of these 106, including Kincora, are actively seeking direct discussions with the government authorities, said Kincora.
The firm highlighted that its flagship Bronze Fox licence remains in good standing and is not on the list.
It was the focus of one of the most active copper exploration programmes in Mongolia during 2013.
Meanwhile, Kincora was unable to explore on the Golden Grouse licenses following uncertainty relating to criminal legal proceedings against former Government officials, which has brought into question the legal rights and interests for the owners of 106 exploration licenses.
In April 2012, Kincora paid $5 million in script for the two licenses, incurred approximately $71,000 in legal costs and has spent around $1.85 million in exploration costs since.
Last month, the firm said it had identified a number of "large scale, high priority" follow up targets at Bronze Fox.
Particularly, these are near surface and merit further drilling, the firm said, updating on previous and current fieldwork and corporate matters.
It comes after a recently completed Induced Polarization (IP) study and other geological work.
Comments
Post a Comment