Vancouver, BC – January 12th, 2015 – Kincora Copper Limited (the “Company”, “Kincora”) (TSXV:KCC) wishes to provide an update following the initial tendering of the former two licenses held by its wholly owned Golden Grouse subsidiary that were revoked as part of the 106-license dispute and resulted in a C$6,952,000 impairment in our September 2013 financial statements.
As previously announced the first of up to two competitive tender’s for a total of 13 licenses impacted by the 106 dispute, including those previously held by Kincora, took place on January 9th (refer to our December 11th, 2014 press release for further details).
Following due process and as specified in the competitive selection process, a second and final tender to reissue the revoked licenses will take place on February 11th at which time the licenses will either be reissued to the former license holder (if they participate in the tender process) as new with a full 12 year term or see the former license holders have their previously incurred expenses (the agreed “threshold price”) reimbursed as cash compensation by the successful bidder.
On January 9th, a further five licenses were put to a second and final tender, and following no third party bids will be returned to the former license holders subject certain administration matters to be undertaken by MRAM. To date 23 impacted licenses for an estimated cumulative US$2.49 million of expenditure has been successfully retendered, with 16 licenses returned to the former holders, 3 remaining property of the State following no bids and 4 acquired by third parties.
Kincora will continue to inform the market of progress relating to our former Golden Grouse licenses and after a two-year period of uncertainty looks forward to the conclusion of our dispute in an equitable manner next month.
For further information, please contact:
Sam Spring, President and Chief Executive Officer firstname.lastname@example.org