Kincora Copper seeks clarity on licence position after court caseMonday, February 11th, 2013
The company notes a recent report in the Mongolian media concerning the recent trial and conviction of the former chairman and the former director of the Geology, Mining and Cadastral Department of the Mineral Resources Authority of Mongolia (MRAM).
The piece alleged that 107 licences issues by the body, including those to foreign listed companies, violated Mongolian law and that they could be repatriated with compensation expected to be paid before any licence is cancelled.
Included are two licenses held by Kincora’s subsidiary, Golden Grouse – the GG licences.
Indeed, MRAM granted a three year extension to the nine year exploration period in the third quarter of last year, notes Kincora.
“The two GG licenses adjoin Kincora’s flagship Bronze Fox project and host the Tourmaline Hills and North Fox earlier stage exploration targets. The company’s Bronze Fox project is held by a separate wholly owned subsidiary to GG and has not in any way been associated with the above-noted case.
“Despite our efforts, neither the company nor GG have been able to determine if the allegations included in the local media report are in any way accurate with no official statement from the court nor correspondence from a Mongolian government authority, including MRAM, yet available,” the company said today.
“Kincora is investigating the issues that have been raised and will continue to inform the market of any material