- Peter Leaman, former Head of BHPB Mongolia and Regional Exploration Manager SE Asia for
PanAust is appointed Senior Vice-President of Exploration
- John Holliday, former Chief Geoscientist of Newcrest is appointed Chairman of a newly
formed Technical Committee
- Peter and John have extensive exploration experience and are credited with the discovery of multiple Tier 1 assets and
other economically important porphyries
- Plus Minerals LLC, including Imants Kavalieris previously one of the Oyu Tolgoi executive exploration team, appointed
Advisor to the Technical Committee
- New team joins existing board and management being aligned with shareholder value
- A workshop, site visit review and multi-target, multi-stage work schedule has been completed by the Technical Committee
ahead of the recently closed IBEX transaction
VANCOUVER, Nov. 14, 2016 /CNW/ - Kincora Copper Limited (the
"Company", "Kincora") (TSXV:KCC), following the recent closing of the IBEX transaction (refer November
7th, 2016 press release), is pleased to announce the appointment of Peter Leaman
as Senior Vice-President of Exploration and John Holliday as Chairman of the newly formed Technical
Committee. The Technical Committee will lead exploration efforts across the expanded portfolio, which following the IBEX
transaction has more than tripled in size to over 1,500km2, creating the dominant landholding in the Oyu Tolgoi-Tsagaan
Suvarga Devonian copper belt, with multiple targets currently being advanced.
A workshop and field visit including Imants Kavalieris of Plus Minerals, appointed an Advisor to the Technical Committee, has
been undertaken reviewing the extensive datasets and targets within the consolidated portfolio. Industry leading specialists and
geologists with extensive recent experience in the belt, including Mike Woodbury and Tsolmon Amgaa,
in addition to the Technical Committee have established a technical program and schedule to advance priority prospects and a
regional pipeline of earlier stage targets, which has recently recommenced.
Sam Spring, President and CEO, stated: "We are extremely excited to have Peter and John
joining the Kincora team to lead our exploration efforts. Kincora will benefit from their expertise and previous success in the
discovery of gold rich Tier 1 copper porphyries. These appointments and the involvement of such a strong wider team in the
development of our work programs further demonstrates technical confidence of further major discoveries in this belt, where Kincora
holds a dominant land position, and supports a systematic approach to advancing and testing a number of priority targets.
Kincora is also pleased that Peter and John have agreed to be compensated in predominately equity based remuneration
packages, joining existing management and board, and aligning them with shareholders, providing exposure to exploration success
while reducing cash burn."
On his new appointment, Peter Leaman noted: "Having overseen BHPB's copper exploration efforts
in Mongolia, including the regional Joint Venture with Ivanhoe, and been involved in a number of
similar style copper-gold discoveries globally to which are the focus of exploration in this belt, the consolidated Kincora
portfolio is extremely interesting and the Southern Gobi the right address for further Tier 1 discoveries. Extensive datasets
for the region have been carefully compiled, and a high level of professional geological understanding and exploration has been
applied within the consolidated license portfolio assisting the recent workshop and ongoing field season activities.
The conclusion of the workshop has resulted in a technically sound, systematic multi-phase, multi-target work schedule across
a regional license portfolio of a scale last seen in the Gobi under the BHP JV, but looking to implement significant advances in
exploration techniques since that period. We expect a number of targets to be identified and advanced from ongoing field activities
implementing and integrating geophysics, geochronology and geology."
Background
The Technical Committee has been established to lead Kincora's exploration efforts with Peter
Leaman appointed Senior Vice-President of Exploration, John Holliday as Chairman and
Sam Spring (Kincora President & CEO), the third member reporting to the Board of Directors.
Mr. Peter Leaman
Senior Vice-President of Exploration, Executive of Technical Committee
Peter has over 40 years' experience in exploration mostly with BHP Minerals, with a particular focus on Base &
Precious Metals, and PanAust Limited, where he was Regional Exploration Manager SE Asia and remains an Exploration Advisor.
Peter is a very hands on and target orientated front line leader who has been responsible for project generation, managing
mineral exploration programs and regional offices/activities in multiple jurisdictions, resulting in multiple discoveries including
the Tier 1 Reko Diq porphyry Cu/Au deposit, Crater Mountain epithermal Au/Ag and Mt. Bini (Kodu) porphyry Cu/Au deposits in
Papua New Guinea, amongst others.
Peter managed the BHP Billiton office and exploration teams in Mongolia, which included the
joint venture with Ivanhoe Mines (now Turquoise Hill Resources) to explore the Oyu Tolgoi belt for
similar deposits, including flying the regional Falcon airborne gravity gradiometer survey, undertaking extensive Induced
Polarization (IP) studies and target testing drilling.
Peter is a former Imperial College (M.Sc. mineral exploration) and Leister University (B.Sc. Hons, geology) graduate.
Mr. John Holliday
Chairman of the Technical Committee
John has over 30 years' experience in metals exploration mostly with BHP Minerals and Newcrest Mining, including the
positions of Chief Geoscientist and General Manager, Property Generation and more recently in the junior sector. John was a
principal discoverer and site manager of the undercover Cadia and Marsden porphyry Tier 1
gold-copper deposits in NSW, and was a principal geological advisor on the acquisition of many significant projects, including
Namosi and Wafi-Golpu.
John has worldwide experience in gold-copper deposit exploration, discovery and evaluation, with extensive experience in
exploration and discovery of concealed copper-gold porphyries such as those that the Oyu Tolgoi-Tsagaan Suvarga copper belt is
prospective for.
John has a geophysics/geology honours degree from Macquarie University and economics/politics degree from Sydney University. He is a member of the Australian Institute of Geoscientists, the Australian Society of
Exploration Geophysicists and the Society of Economic Geology.
Plus Minerals LLC
Advisor to the Technical Committee
Plus Minerals LLC, including Ms. Khashgerel Bat-Erdene and Mr. Imants Kavalieris, has been
appointed an Advisor to the Technical Committee.
Imants has extensive experience in Mongolia and is recognized as one of the industry's leading
copper porphyry exploration geologists, having been involved in the exploration and delineation of the Oyu Tolgoi copper-gold
porphyry deposits where he was one of the 6 executive exploration team, and has worked on some of the largest porphyry Cu-Au
deposits in SE Asia.
Plus Minerals has considerable experience with both the Kincora and IBEX licenses, having provided consulting services to both
entities over recent years, and additionally has a leading knowledge of other existing projects in Southern Gobi region.
Remuneration aligned to shareholders
In light of the IBEX transaction, increase in regional exploration efforts and current market conditions, the
Remuneration Committee of Kincora has undertaken a review seeking to provide competitive packages to retain and attract key
executives, align all senior executives/directors to the creation of value for shareholders and minimize the cash overheads of the
Company.
As a result of such review Kincora proposes to issue shares to the senior executive management, the technical committee and
independent directors of the Company on account of a significant portion of their remuneration under Shares for Services
Agreements. In this regard the Company proposes to issue annually shares having a dollar value of up to US$458,160 (CDN$603,000). Such shares would represent over 70% of the total
compensation to be paid to the senior executive management, the technical committee and independent directors of the Company and
would be issued quarterly in arrears. The proposed Shares for Services Agreements require TSX Venture Exchange acceptance and, as a
condition thereof needs Disinterested Shareholder approval. The Company intends to seek Disinterested Shareholder approval by way
of written consent.
It is acknowledged that any Shares issuable under the arrangements detailed above shall be issued at a deemed price equal to the
greater of (i) the closing price of the Shares on the TSX Venture Exchange on the last trading day prior to the date such Shares
are issuable and (ii) the volume weighted average price of the Shares traded on the TSX Venture Exchange for the 5 trading days
immediately preceding the date such Shares are issuable, with a minimum deemed price of $0.05 per
Share.
Background to the IBEX transaction
- IBEX's portfolio is focused on porphyry targets to the east and south of Kincora's existing licenses with the consolidated
landholding now being the dominant position in the Oyu Tolgoi-Tsagaan Suvarga (Devonian) copper belt.
- A large and high quality regional geophysical and surface geochemical dataset supporting various style targets: i. Devonian
porphyries; ii. "Traditional" gold rich copper porphyries; and, iii. epithermal and Carlin-style gold deposits.
- Consolidates a regional portfolio in an underexplored but potentially world-class gold rich copper province analogous to
exploring the majority of the Northern Chile copper belt from the 1970's.
- Strengthened team with discovery experience and complementary skill sets for exploration through to project development
internationally and in Mongolia.
- Fully winterized camp, fleet, permitted landing strip, IT and exploration equipment.
- Kincora has placed 5,895,000 common shares and 2,947,500 warrants a exercise price of $0.54
(equal to 1.8 times the price per security of the July 28th, 2016, private placement of
Kincora) and a term of 24 months into escrow pending re-registration of the IBEX licenses. There is no cash consideration
relating to the IBEX transaction.
- It is intended that these Kincora securities will ultimately be held by the shareholders of HPV, the largest of whom are HPX
Techco Inc. ("HPX Techco") as to 65.78%, a subsidiary of High Power Exploration Inc., a private company, and GoviEx Uranium Inc.,
a TSX venture exchange listed company, as to 21.64%.
- HPV will have certain rights to maintain their ownership percentages by participating in further capital raisings and, at a
threshold of share ownership, have the right to a board seat.
- A Relationship Agreement with HPX Techco has also been executed which provides Kincora conditional access to HPX's suite of
geophysical technologies.
About Kincora
Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with
a focus on copper-gold projects in Mongolia. For further information: www.kincoracopper.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Kincora Copper Limited
