Tax Act from Mongolian Tax Authority
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A Mongolian subsidiary of Kincora has received a Tax Act ( 2021 tax assessment ) for 2.7 billion MNT, approximately US$950,000, from the Mongolian Tax Authority ( MTA ) relating primarily to the 2016 merger with IBEX
The 2016 IBEX merger required a tax assessment ( 2016 tax assessment ) as a condition precedent to closure and for reregistration of the merged entities
The 2021 tax assessment is a retrospectively calculated liability and is not in-line with the 2016 tax assessment
Three independent external legal opinions support Kincora s view that the 2016 tax assessment and merger transaction were properly formulated and supported by the Mongolian authorities at that time
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New high grade gold with copper rock chip samples on margin of Tourmaline Hills Intrusive Complex at the West Fox prospect:
Average grade of 8.8g/t gold from 39 samples with 16 greater than 1g/t
Results include: 118g/t gold with 0.33% copper; and, 34g/t gold with 0.86% copper
West Fox is an intermediate sulfidation epithermal prospect with an out/sub-crop area of 3km by 1.2km identified for follow up exploration activities, including three new target areas
Other epithermal target areas on the margin of the two neighboring large intrusive complexes within the Bronze Fox project are identified for similar field reconnaissance
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Binding term sheet executed with Resilience Mining Mongolia Pty Ltd ( RMM ) for Kincora s Mongolian asset portfolio retaining significant upside to exploration, project generation and development successes
Benefits to Kincora:
to own 9.9% of RMM upon successful listing and raising on the ASX
first right of refusal to gain a 20% interest in any new project generated by RMM in Mongolia
VANCOUVER, BC, Dec. 14, 2020 /CNW/ - Kincora Copper Ltd. (the Company , Kincora ) (TSXV:KCC) is pleased to announce a binding Option and Acquisition Agreement ( Agreement ) with Resilience Mining Mongolia Pty Ltd ( RMM ). RMM is a private Australian company that is an active explorer and project generator in Mongolia, lead by an executive team and board with extensive in-country Mongolia experience.
Kincora to retain carried upside to Mongolia portfolio
Binding term sheet executed with Resilience Mining Mongolia Pty Ltd ( RMM ) for Kincora s Mongolian asset portfolio retaining significant upside to exploration, project generation and development successes
Benefits to Kincora:
to own 9.9% of RMM upon successful listing and raising on the ASX
first right of refusal to gain a 20% interest in any new project generated by RMM in Mongolia
Vancouver, BC - December 14th, 2020 -
Kincora Copper Ltd. (the Company , Kincora ) (TSXV:KCC) is pleased to announce a binding Option and Acquisition Agreement ( Agreement ) with
Resilience Mining Mongolia Pty Ltd ( RMM ). RMM is a private Australian company that is an active explorer and project generator in Mongolia, lead by an executive team and board with extensive in-country Mongolia experience.