8 Aug 2012 09:00
8 August 2012
Origo Partners PLC
Investee Company Update - Kincora Copper intersects significant high grade copper at Bronze Fox
Origo Partners Plc ("Origo") is pleased to announce that its portfolio company Kincora Copper ("Kincora" or the "Company"), has released partial assay results from the Company's Bronze Fox project in Mongolia which confirm the potential for a deep high grade porphyry style copper deposit. Bronze Fox is located in the southwest of Mongolia 140km to the northeast of Oyu Tolgoi and sits in the same metallogenic belt.
A partial drill core from hole BF62, located at the center of Kincora's exploration license area, intersected a 180m interval with continuous copper mineralization with an average copper grade of 0.5 per cent Cu and 0.1g/t Au with associated Mo mineralization up to 0.33 per cent; including 37m averaging 0.829 per cent Cu, 0.14g/t Au, and 0.04 per cent Mo between 573m to 610m or 1.11 per cent CuEq. This includes 13m between 595m and 608m averaging 1.14 per cent Cu, 0.17g/tAu and 694 ppm Mo equating to a CuEq of 1.57 per cent.
The mineralization begins from the surface and remains open at depth. Further core cutting and sampling is ongoing with the hole continuing below 1,000m. These results increase Kincora's confidence that the exploration program could be reaching the edge of a large high grade copper and gold resource. Further drilling will test the extent of the mineralisation and will track the halo east and west which runs for 2km.
Between April and July 2012, a total of 7168m of diamond core drilling was completed. Partial cores containing 2219 samples have been sent to laboratories for assaying with 2184 results now received and further core cutting and sampling is ongoing.
In addition to the drilling results, Kincora has also announced the appointment of John Rickus, a director of the Company, as President and CEO, effective 1 August, 2012. Mr Rickus, who is currently Head of Technical Services at Origo and a former President of Resolution Copper, has over 40 years' experience in the mining industry. He spent 24 years at Rio Tinto during which time he held positions such as Head of Technical Services and mining executive within the Rio Tinto Copper Group. Mr Rickus succeeds Mr Igor Kovarsky who resigned effective 31 July, 2012.
In July, Origo participated in a private placement offering with Kincora subscribing for up to $2.5 million of a three year convertible note. The proceeds of the placement will be used for the further development of the Company's mineral properties in Mongolia and for general working capital purposes.
Commenting on today's announcement, Chris Rynning, CEO or Origo said: "Kincora is one of our primary vehicles to carry out our investment strategy and the recent drilling results confirm Kincora's large potential. Our recent investment in Kincora reinforces our commitment to our Mongolian operations and copper as an investment target. Origo remain confident in China's growth prospects and will continue to look for attractive mining prospects in its neighbouring territories."
For further details regarding the partial assay results please see the announcement released today by Kincora at http://www.kincoracopper.com/.
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners Plc
Chris Rynning - chris@origoplc.com
Niklas Ponnert- niklas@origoplc.com
Nominated Adviser and Broker:
Liberum Capital Limited
Simon Atkinson / Richard Bootle
+44 (0)20 3100 2222
Public Relations:
Aura Financial
Andy Mills / Nina Legge
+44 (0)20 7321 0000
Notes to editors
Origo Partners:
·; Origo is an AIM-listed private equity investor and strategic consultancy business which provides its shareholders with exposure to China-linked investment opportunities.
·; Based in Beijing, Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean tech and technology, telecom and media.
·; Origo invests directly in high growth Chinese companies as well as in companies based around the world with significant exposure to Chinese export markets.
·; Origo has a wholly-owned Mongolian subsidiary in Ulaanbaatar, providing corporate finance and advisory services to local investee and non-investee companies seeking to raise development funds and to assist portfolio companies in their development.
About Kincora:
Kincora Copper Limited is a mining exploration and development company focused on copper-gold deposits in Mongolia. Its key assets are Bronze Fox, Tourmaline Hills and North Fox located in southeast Mongolia along the Oyu Tolgoi copper belt. The licenses are located 140km northeast of the world class Oyu Tolgoi copper gold project and 250km from the Chinese border.