Kincora Copper Ltd. (CVE:KCC) has reached the closing milestone for the Ibex transaction in Mongolia after receiving all key Mongolian approvals, and acceptance by the TSX Venture Exchange, with Kincora scrip (share) consideration placed into escrow pending the reregistration of the Ibex licences being achieved.
As initially announced on May 25, Kincora and High Power Ventures Inc., a private company controlled by High Power Exploration Inc., have agreed to consolidate their respective Mongolian landholding and services subsidiaries into the Ibex transaction.
The transaction results in Kincora having a 100% interest in a portfolio covering over 1,500 square kilometres 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 dominant landholding in this proven but underexplored gold-rich porphyry district.
“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,” said Sam Spring, Kincora president and chief executive officer.
Story by ProactiveInvestors