Kombat Copper Confirms Nominal Consideration Received for the Sale of the Town of Kombat
TORONTO, CANADA--(Marketwired - Oct 26, 2015) - Kombat Copper Inc. (TSX VENTURE:KBT) ("Kombat" or the "Company"), as previously announced on March 25, 2015, has sold its interest in Grove Mining (Proprietary) Limited ("Grove"), a subsidiary of the Company holding ownership rights to the town of Kombat (the "Town") and related infrastructure, to a local Namibian private entity.
The divestment of Grove was for nominal consideration and transferred all responsibility for the maintenance and security of the Town to a local Namibian private company without affecting any current mine operations, assets or property.
The Company has become aware that certain media are reporting that the sale of the Town by the Company was completed for non-nominal consideration. The Company confirms it only received nominal consideration for its interest in Grove and since its divestment of Grove the Company has not had any involvement as an owner or administrator of the Town.
About Kombat Copper
Kombat Copper (TSX VENTURE:KBT) is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant upside.
The Company holds an 80% interest in five mining licenses in the Otavi Mountainlands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past-producing mines including the Company's flagship property, the past-producing Kombat mine. The Kombat mine's extensive infrastructure includes an 800 m production shaft which was opened in 2006, two additional recently-operational shafts, three ramp systems, extensive underground workings, mine buildings, a tailings facility, a mill and concentrator. The Kombat Mine opened in 1962 and historically produced 12.46 million tonnes of ore grading 2.62% copper over a period of 45 years. It is linked to vital existing infrastructure, including power, water, roads, and rail with close proximity to the port of Walvis Bay and to one of only five commercial-grade smelters in Africa located in Tsumeb, located 100 road kilometers away from Kombat.
Cautionary Notes
Neither 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.
This news release may contain forward-looking statements. These statements include statements regarding the drill program, possible mineralization and deposits, the anticipated timeline regarding future exploration work and availability of results, Company's expectations regarding mineral resources and potential development work and the Company's plans for the Kombat Mine, including its dewatering and any financial impact. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Contact
Kombat Copper Inc.
Bill Nielsen
President and CEO
+1 (416) 861-1685
Kombat Copper Inc.
Rob Hopkins
Manager, Investor Relations
+1 (416) 861-5899
info@kombatcopper.com
www.kombatcopper.com