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Origo Partners PLC : Investee Company Update

03/15/2012 | 09:05am EDT
RNS Number : 4279Z
Origo Partners PLC
15 March 2012


15 March 2012

Origo Partners PLC

Investee Company Update - Kincora Copper acquires new Mongolian property

Origo Partners Plc ("Origo") is pleased to announce that its portfolio company Kincora Copper ("Kincora" or the "Company"), has reached an agreement in principle with Forbes & Manhattan Inc. ("F&M")  to acquire mineral exploration licences adjoining its Bronze Fox project in Mongolia.

Following the transaction, Toronto listed Kincora will hold licenses that cover an area close to 60,000 hectares, located 120km northeast of the Oyu Tolgoi project and on the same copper belt.  The Company is expected to spend US$2 million on the exploration of the newly acquired license areas, formerly explored by Ivanhoe Mines, over the next two years.

The licences, which include the Tourmaline Hills copper gold project, an area assigned as a high priority target by Ivanhoe, were acquired from a subsidiary of Temujin Mining Corporation ("Temujin"), a private Mongolian mid-stage copper-gold exploration and development company. Under the terms of the transaction, Temujin, which is ultimately owned by F&M, a leading Canadian merchant bank, will be issued with up to 35 million shares in Kincora, representing a maximum 12.6 per cent equity stake. 20 million shares are being granted on completion of the transaction and the remaining 15 million shares will be issued conditional on the discovery of 1 million ounces of inferred gold within the license areas which contain large gold zones.

On completion of the transaction, Origo will hold a 28 per cent equity stake in Kincora, falling to 25 per cent if the full 15 million deferred shares are issued.

Commenting on today's announcement, Chris Rynning, the CEO of Origo, said:

"We are pleased that Kincora has reached this agreement in principle with F&M. The acquisition will consolidate a large contiguous area of prospective ground which has been subject to successful historic exploration work including significant surface sampling, IP and drilling, confirming the presence of multiple gold resource target areas. Temujin also hosts the extension of the West Kasulu copper mineralised zone"

"We continue to see a great deal of potential in Mongolia and Kincora remains our primary vehicle for developing copper and gold prospects in the country.  This transaction will significantly enhance Kincora's prospects and we believe that the enlarged company will be in a stronger position to further develop the Bronze Fox and Tourmaline Hills deposits."

For further information about Origo please visit www.origoplc.com or contact:

Origo Partners Plc

Chris Rynning

Niklas Ponnert



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.

Kincora Copper

·     Kincora Copper Limited is a mining exploration and development company focused on copper-gold deposits in Mongolia. Its key asset is the Bronze Fox (Buyant License) copper-gold deposit located in southeast Mongolia along the Oyu Tolgoi copper belt.

·     Bronze Fox (Buyant License) is located approximately 140km to the northeast of the world-class Oyu Tolgoi copper/gold project, and is 250km from the Chinese border.

This noodl was issued by Origo Partners plc and was initially posted at http://www.origoplc.com. It was distributed, unedited and unaltered, by noodls on 2012-03-15 15:00:04 PM. The issuer is solely responsible for the accuracy of the information contained therein.

© Publicnow 2012
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John David Chapman Non-Executive Chairman
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Philip Peter Scales Non-Executive Director
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