Kincora Copper Ltd. (CVE:KCC) said on Wednesday it has held assets unchanged but sharply cut back liabilities, as it reported third quarter results.
Assets were C$47.9mln at Sept 30, unchanged from the end of 2015, but liabilities shrank to C$401,000 from C$2.9mln at Dec 31.
Among highlights of the first nine months of calendar 2016, Kincora noted its 2015 exploration results. Field season activities focused on advancing and de-risking two coppergold open pit targets, one on our recently returned Western (Tourmaline Hills) license and the other on the Eastern (Bronze Fox) license, where previous drilling intersected promising copper and gold mineralization, surface geology and geophysics are favourable, but these targets have not been sufficiently tested and remain open.
Since the period, earlier this month the company successfully completed the closing milestone for the IBEX transaction. This follows satisfaction of all key Mongolian processes and approvals, and acceptance by the TSX Venture Exchange, with Kincora scrip (share) consideration placed into escrow pending the re-registration of the IBEX licenses being achieved. Read more.
In the three months to Sept 30, Kincora’s comprehensive loss stood at C$1.1mln, up from C$433,000 for the same period in 2015.