Closing achieved for Kincora consolidating the dominant landholding in the Southern Gobi copper (gold) belt

Background to the IBEX transaction

• IBEX's portfolio is focused on porphyry targets to the east and south of Kincora's existing licenses with the consolidated landholding now being the dominant position in the Oyu Tolgoi-Tsagaan Suvarga (Devonian) copper belt.
• A large and high quality regional geophysical and surface geochemical dataset supporting various style targets: i. Devonian porphyries; ii. "Traditional" gold rich copper porphyries; and, iii. epithermal and Carlin-style gold deposits.
• Consolidates a regional portfolio in an underexplored but potentially world-class gold rich copper province analogous to exploring the majority of the Northern Chile copper belt from the 1970's.
• Strengthened team with discovery experience and complementary skill sets for exploration through to project development internationally and in Mongolia.
• Fully winterized camp, fleet, permitted landing strip, IT and exploration equipment.
• Kincora has placed 5,895,000 common shares and 2,947,500 warrants a exercise price of $0.54 (equal to 1.8 times the price per security of the July 28^th, 2016, private placement of Kincora) and a term of 24 months into escrow pending re-registration of the IBEX licenses. There is no cash consideration relating to the IBEX transaction.
• It is intended that these Kincora securities will ultimately be held by the shareholders of HPV, the largest of whom are HPX Techco Inc. ("HPX Techco") as to 65.78%, a subsidiary of High Power Exploration Inc., a private company, and GoviEx Uranium Inc., a TSX venture exchange listed company, as to 21.64%.
• HPV will have certain rights to maintain their ownership percentages by participating in further capital raisings and, at a threshold of share ownership, have the right to a board seat.
• A Relationship Agreement with HPX Techco has also been executed which provides Kincora conditional access to HPX's suite of geophysical technologies.

About HPX
HPX is a privately owned metals-focused exploration company deploying proprietary geophysical technologies to rapidly evaluate buried targets.

More information about HPX can be found at http://www.hpxploration.com

About Kincora
Kincora 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: www.kincoracopper.com.

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 Mike Woodbury, a consultant geologist to Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.

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.

SOURCE Kincora Copper Limited