Kincora Provides Fiscal Year Results and Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2015) - Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE:KCC) is pleased to provide a review of 2014 and initial developments to date for 2015 in conjunction with its December 31^st, 2014 year end financial results.

The Company's audited Consolidated Financial Statements, and, Management's Discussion and Analysis (MD&A), have been filed with SEDAR and are available on the Company website with an updated corporate presentation: http://kincoracopper.com/investors/corporate-presentation.

HIGHLIGHTS

Exploration

• As with previous field seasons, activities in 2014 returned extensive copper mineralization at various targets on the Bronze Fox license that warrant further exploration without yet defining mineralization that could be considered economic.
  
  
• Second last hole returned favourable gold mineralization in a new zone (Sophie North).
  
  
• Drilling and camp costs, coupled with a positive foreign exchange translation and a continued focus for minimizing cash expenditures, resulted in actual costs coming in significantly under budget with no notable health or safety incidents.
  
  
• A number of targets remain open and prospective for both copper and gold throughout the Bronze Fox license with further systematic surface exploration expected in 2015.
  
  

Return of dispute licenses

• Final resolution of two-year dispute that significantly impeded Kincora's exploration efforts, corporate discussions and strategy achieved last month, March 2015.
  
  
• Previously $6.95 million impaired from balance sheet, with minimal share price recognition post resolution, with revoked licenses returned as new with full 12-year term (previously year 5 of 9).
  
  
• No below surface exploration around disputed ground since 2012, where previous activities returned the most favourable exploration results in the wider district with over 800 metres returned at over 0.40% copper equivalent, including 37 meters at over 1% copper equivalent (and led to various confidentially agreements with industry participants).
  
  
• During the one year of unimpeded activities, nine of the 15 holes drilled in the Western license returned intervals of at least 1g/t gold, up to 7.7g/t, often with elevated copper.
  
  

Strengthened team

• Experienced team boosted with board changes, new corporate service providers and appointment of Cameron McRae to advisory board.
  
  
• Team incentivized and aligned with shareholders, with ~19% insider shareholding (ex major shareholder) and staged option strike structure for key personal.
  
  

Leading expenditure ratio and further cost reductions

• During calendar year 2014, it is estimated that over 75% of cash expenditure (ex capital raising costs) was spent on exploration, versus a peer group of less than 50%.
  
  
• Continued initiatives to reduce non value-add cash burn.
  
  

Mongolian Government update

• Significant legislative change, and continued focus, for improving private sector activities and investor sentiment towards Mongolia.
  
  
• Within the last 10 months the mining sector has benefit from: an amended and broadly positive Minerals Law; extended term for exploration licenses (globally competitive); resolution of the 106-license dispute; and, lifting of the 5-year moratorium for new exploration licenses.
  
  
• Positive recent indications from senior Government members regarding potential advancement of Oyu Tolgoi Stage 2 development, without resolution of the ongoing two-year dispute.
  
  

Funding/Corporate

• Kincora completed an oversubscribed $5 million raising in 2014 and had a net cash balance of $1.86 million at period end with no cash debt¹.
  
  
• Six groups account for 67% of issued shares and fundamentals-driven institutional and High Net Worth investment, unique for most juniors.
  
  
• Base case field season activities for the 2015 field season remain funded to refine targets.
  
  

Corporate strategy:

• Following the resolution of our disputed licenses only in the last month, Kincora has regained unimpeded control of its corporate strategy and is actively seeking potential options to enhance shareholder value.
  
  

Sam Spring, President and CEO commented, "Kincora completed one of the most active copper exploration programs in Mongolia last year, continuing recent years efforts, on one of the most advanced and prospective projects with one of the youngest exploration license portfolios. The Company firmly believes that capital constrained budgets have to be aligned with shareholders interests and during calendar year 2014 it is estimated that over 75% of cash expenditure (ex capital raising costs) was spent on exploration, versus a peer group of less than 50%. Base case field season activities for the 2015 field season remain funded to refine various prospective targets and we are well positioned should there be an improvement in investor sentiment towards Mongolia.

Under Mongolian Prime Minister Saikhanbileg's leadership since forming an unprecedented super coalition Government in November 2014, a number of measures have been actioned, and many more proposed, to resolve various issues impacting private sector activities and investor sentiment towards Mongolia. For Kincora, we have seen our long-standing case impacted by 106-license dispute resolved in the most equitable and timely manner available following two years of uncertainty, with a marked change in the bureaucratic and resolution process under the new coalition Government.

Only in the last month have we regained unimpeded control of our corporate strategy and we are now actively seeking potential options to enhance shareholder value. Resolution of the 106-license dispute and reform to the Minerals Law (including lifting of the moratorium for issuing new exploration licenses) has addressed two of the three common items of push back we have received for potential investors, the last issue remaining being Oyu Tolgoi Stage 2.

We are encouraged by recent public record comments from senior Government officials regarding moving flagship mining projects forward. Over the last few years there has been a significant negative impact from a number of disputes, however, a favorable resolution for Oyu Tolgoi Stage 2 could support a potential inflection point and catalyst. Recent statements and a number of moves in share prices relating to Mongolian asset classes provides scope for measured optimism if actions support recent words, which would support an improvement in private sector activities".

Further details on Kincora's recent results and planned activities are provided in our 2014 Annual Report and updated corporate presentation.

¹ Consolidated Statements of Financial Position as at December 31, 2014:

• Cash and cash equivalents $1.862 million
  
  
• (Non-cash) Convertible debenture - current portion $2.361 million.
  
  Note that the convertible debenture is a non-cash item with mandatory conversion into 10 million ordinary Kincora shares on or before July 18, 2015, with interest to be paid by way of issuance of common shares of the Company priced at the time of issuance in accordance with the policies of the TSX Venture Exchange (the "TSX-V"), up to a maximum of 4.35 million shares.

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, Chairman and Director of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.

About Kincora

Kincora Copper Ltd.. is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia. For further information on the Company, please visit www.kincoracopper.com and refer to its corporate presentation http://kincoracopper.com/investors/corporate-presentation. Kincora has 309,774,451 issued and outstanding common shares.

Forward-Looking Statements

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact

Kincora Copper Ltd.
Sam Spring
President and Chief Executive Officer
+61431 329 345
sam.spring@kincoracopper.com
www.kincoracopper.com