Source: Kincora Copper Limited

Kincora Copper Limited has signed a letter of intent with Forbes and Manhattan (F&M) and Temujin Mining Corp. to acquire the firm Golden Grouse LLC from Temujin Mining Corp. for its Manlai mineral exploration licenses, which are adjacent to Kincora Copper's Bronze Fox project.

The licenses, called the Manlai licenses, are located to the immediate west of and north of the borders of Kincora Copper's Buyant license. They lie on an east-west trending splay off the Zuunbayan fault zone, where there is supposedly porphyry-style copper and gold mineralization at Suvarga, Tsagaan Suvarga, Shuteen and Olut Ulaan, and possibly Kharmagtai. The entire distance totals to a 150-kilometer strike length.

“This transaction suits the company's strategic goals and will add a significant tenement to the company's prospect pool of promising targets,” said Igor Kovarsky, president and chief executive officer of Kincora Copper. “On closing of the acquisition, our tenement will encompass two of Ivanhoe's former high priority prospects, the Bronze Fox and Tourmaline Hills.”

Kincora Copper will issue 35 million of its shares to Temujin which shares are intended to be dividended out by Temujin to its shareholders. It will also appoint one nominee of Forbes and Manhattan (F&M), the Canadian merchant bank which currently holds Temujin Mining, for election to its board. Concurrent with the Acquisition it is intended that F & M will subscribe for units of the Company (the "Units") for proceeds of up to $2.8 million, and that certain insiders and other investors may also subscribe for Units with proceeds to Kincora of up to a further $3.2 million for combined proceeds of up to $6 million.