Kincora Copper finalises Mongolian earn-in with Woomera Mining

Kincora Copper Limited (ASX:KCC) has finalized the earn-in and joint venture agreement for its Mongolian assets with Woomera Mining Limited (ASX:WML). Woomera will now commence an aggressive initial drilling program at the Bronze Fox copper-gold project, aiming to test the potential for a shallower higher-grade structural zone and expand the resource base. Woomera has the right to spend up to US$4 million to earn an 80% interest. As part of the agreement, Kincora has received $100,000 in cash payments and will shortly be allotted 180m shares and 180 attaching options in Woomera, becoming Woomera's largest shareholder. This move allows Kincora to focus on its flagship NSW copper-gold projects located in the highly prolific Macquarie Arc and follows the strategy of doing deals with funding and technical partners to unlock the value of the existing project pipeline.

Executive Commentary on the Agreement

Sam Spring, President and CEO of Kincora, expressed excitement about the agreement, stating, 'As Woomera's largest shareholder and retaining a very attractive asset level exposure, we are very excited to be entering what we expect to be a transformational period with a high impact drilling program to commence in early October. This program is expected to achieve a number of very significant value catalysts and highlight Bronze Fox's strategic value as the fourth major porphyry district in the world-class Southern Gobi copper belt.'

Summary of the Announcement

Kincora Copper has finalized an earn-in and joint venture agreement for its Mongolian assets with Woomera Mining, allowing Woomera to commence an aggressive initial drilling program at the Bronze Fox copper-gold project. Woomera has the right to spend up to US$4 million to earn an 80% interest, and Kincora has received $100,000 in cash payments and will shortly be allotted 180m shares and 180 attaching options in Woomera, becoming Woomera's largest shareholder. This move enables Kincora to focus on its flagship NSW copper-gold projects and follows the strategy of doing deals with funding and technical partners to unlock the value of the existing project pipeline. The high impact drilling program is expected to bring significant value catalysts and highlight Bronze Fox's strategic value as a major porphyry district in the Southern Gobi copper belt.