Kincora Copper announces new President and Chief Executive Officer
Vancouver, Canada – October 17, 2011 – Kincora Copper Limited (TSX.V: KCC) (the “Company” or “Kincora”) is pleased to announce that Igor Kovarsky has joined as President and Chief Executive Officer and member of the Board of Directors, effective 17th October 2011.Igor Kovarsky succeeds Stephen Fabian, who will remain as the Chairman of the Board of Directors and will provide support to Mr. Kovarsky as the programme in Mongolia accelerates.
Igor Kovarsky has over 30 years of experience in the construction and mineral sectors, managing exploration, engineering, development and mining operations in a number of large projects. He worked with Centerra Gold Inc. and its predecessor Cameco Gold since 1992, in which he served in various roles including Director and Vice President, Government Affairs & Business Development for Centerra's subsidiaries in Kyrgyzstan, Mongolia and its head office in Toronto. Simultaneously he acted as President of Centerra Gold Mongolia LLC.
His significant role in bringing the Kumtor Mine in Kyrgyzstan, one of the world's largest gold mines, and Mongolia's Boroo Mine into full production has given him a valuable perspective for working in the region.
He played a key role in the acquisition, feasibility work and successful development of the Kumtor gold mine in Kyrgyzstan and was instrumental in acquiring an ownership interest in the Australian gold exploration company AGR Limited, which directly led to the development of the Boroo mine in Mongolia and growth of the Boroo Gold Company and Centerra Gold Mongolia LLC. Most recently Mr. Kovarsky worked at Kola Mining Corporation as President and CEO, leading the strategy of development of the cornerstone Souker Nickel Project in Russia, as well as being President, CEO, and Founder of Experto Crede Consultancy Corporation, and Executive Vice President of Puget Ventures Inc.
In connection with his appointment the Company has granted Mr. Kovarsky 5,000,000 options having an exercise price of $0.40 per share and a term of 5 years. The options will vest as to 2,000,000 after 12 months, 2,000,000 after 24 months and the balance after 36 months.
Concurrent with the appointment of Igor Kovarsky to the Kincora Board of Directors, Mr. David Cowan has graciously agreed to step down from the board in order to provide the necessary vacancy for Igor. David was also a member of the board of Kincora’s predecessor, Brazilian Diamonds Limited, for over 10 years and has provided considerable advice to the Board, especially during the recent RTO transaction with Kincora Group to form Kincora Copper. He will continue to remain as a special advisor to the Kincora Board.
Stephen Fabian, Kincora Copper’s Chairman comments, “I am particularly pleased that someone with the calibre and experience of Igor has agreed to join us at Kincora. His vast experience in all stages of mining from exploration through to the development of large mining projects in Mongolia will be invaluable for the Kincora Copper. I also would like to personally thank David Cowan for his contribution to the Company over the years and expect he will continue to provide sound counsel for the years to come”.
About 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 copper-gold deposit located in southeast Mongolia along the Oyu Tolgoi copper belt. The Bronze Fox Project is located approximately 140km to the northeast of the world-class Oyu Tolgoi copper/gold project, and is 250 km from the Chinese border.