Mr. John Rickus reports

KINCORA DE-RISKS BULK TONNAGE EXPLORATION TARGETS

Kincora Copper Ltd. has provided an overview on its internal interpretations of last year's exploration program at the company's flagship Bronze Fox licence, having integrated them with previous geology and geophysical results. This follows the recent receipt of positive findings from three independent consultants, further reinforcing an independent groups' technical review late 2012, advancing and refining multiple bulk tonnage copper porphyry targets.

Key findings include:

• Favourable regional setting within the same tectonic and intraoceanic arc as Oyu Tolgoi and Tsagaan Suvarga copper deposits;
• Geochemical footprint matching other major globally significant porphyry deposits, many of which are major mines;
• Fertile signatures for economic porphyry deposits confirmed at many proposed drilling targets and various zones within the known 40-square-kilometre mineralized area at Bronze Fox;
• Previous results coincident with lower-priority induced polarization chargeability anomalies supporting IP being an effective exploration tool;
• Multiple large-scale copper porphyry targets with favourable geology and geophysics drill ready supporting the possibility of bulk tonnage ore mineralization in finger type porphyries similar to Oyu Tolgoi or Northparkes in New South Wales;
• Happy Geo prospect has emerged as an attractive, earlier-stage, at- or near-surface follow-up exploration target, plus the potential for porphyry targets at depth.

Commenting on today's announcement, Sam Spring, president and chief executive officer of Kincora, said: "Internally we are very pleased because drilling in late 2012 was extremely encouraging with localized higher grade, for example over 4 per cent copper in our last hole, and broad lower-grade intersections, including at least 800 metres at plus 0.40 per cent copper equivalent, with 37 metres at plus 1 per cent copper equivalent, in an earlier hole. Our 2013 field season deployed some of the same wide-ranging and detailed exploration techniques used at Oyu Tolgoi to significantly increase the confidence in high-priority and large-scale targets that demonstrated exceptional corresponding prospectivity. Last year's activities, independent consultants analysis and discussions with various industry groups have assisted to 'explain' previous results, convincingly prove a fertility signature for copper porphyries and in derisking multiple drill ready targets.

"Considering the size of the anomalies and advance stage of target areas, two key attractions and relatively unique characteristics of Bronze Fox, successful proof of concept activities in 2014 could provide visibility of significant copper-gold resource potential of Oyu Tolgoi or finger-style copper porphyries. While earlier stage, the Happy Geo prospect has too emerged as an attractive exploration target, reinforcing that Bronze Fox continues to look better as more activities are undertaken. Kincora is persisting with additional measures to add shareholder value and is encouraged by initial, and further proposed, reform to the Mongolian mineral sectors legislative environment, amongst other efforts to provide additional advantages to the private sector."

Copper-gold porphyry targets refined and derisked

Since 2010, Kincora has undertaken soil geochemistry, Vector IP and some sections of DDIP, ground magnetic surveys, and drilled a further 70 holes inside of the Bronze Fox licence area. Drilling has expanded the known mineralization footprint to about 40 square kilometres, remaining open, confirming porphyry style of copper-gold resource potential with extensive lower-grade intersections from at or near surface and proven to 1,360 metres. Results of the last drilling program, in late 2012, were extremely encouraging with a number of porphyry intersections confirming the potential for a high-grade deposit (localized over 4 per cent copper in the last hole -- F72 -- drilled into a new target area based upon then recent IP analysis) with broad lower grade (for example over 800 metres at over 0.40 per cent copper equivalent, including 37 metres at greater than 1 per cent copper equivalent -- F62) intersections.

Various lithogeochemcial and petrographic analysis undertaken in 2013, including extensive sampling and site visits, has independently supported that Bronze Fox is in the same tectonic and arc environment as Oyu Tolgoi and Tsagaan Suvarga, and increased the confidence that Kincora is exploring in the right terrain, or a fertile arc, at the company's various prospects, and prospects targeted in 2014, encouraging further exploration. The porphyry fertile signatures and visual interpretation of core inspected indicated that the current drilling concentration area at the West Kasulu prospect is possibly the distal peripheral of a porphyry system, the later interpreted to be within a relatively short distance of this previous drilling concentration area in the Bronze Fox licence. This analysis also indicates a geochemical footprint across multiple prospects at Bronze Fox that matches other major globally significant porphyry deposits.

Previous geology and geophysics supported the potential of a copper-gold resource. Indeed early stage studies had commenced on a potentially small scale near production heap-leach SX-EW operation utilizing near-surface oxide mineralization, and deeper drilling results at the end of the 2012 confirmed the potential for high-grade copper porphyry mineralization. However, the lack of IP data below 400 metres depth, and only in certain areas, limited the ability to reconcile previous drilling and indications of significant scale hydrothermal fluids that support potential concealed higher-grade copper porphyry mineralization. Given the limited zones of outcropping primary mineralization, known regional (block) faulting and target of Oyu Tolgoi or finger porphyry-style copper systems, induced polarization, coupled with existing magnetics, has been proven to be an effective exploration tool when integrated with proper geological information and interpretation. The success of similar IP programs at OT and the technical successes experienced by Kincora in late 2012, with drilling at previous IP anomalies returning alteration, sulphides and copper mineralization (over 4 per cent localized copper intersection in F72), adds significant substance to IP analysis particularly given existing geological data available at Bronze Fox, which is one of the most advanced copper exploration projects in Mongolia.

OT-style mineralization generally features relatively narrow (comparing with North and South American porphyries), long strike orebodies, and good extension to depth. As such, the Search IP system, utilized in the 2013 IP survey, which has penetrated to over 800 metres to 1,000 metres, was selected as the optimal tool to assist locating the mineralization or alteration zone with disseminated sulphides (which is normal for porphyry mineralization) with good extension to depth which may indicate disseminated pyrite/sulphides channels, and support the possibility of ore mineralization based on the comparison of previous drilling results and the distribution of the IP chargeability anomalies. It is thought that those mineralization or alteration zones with good extension to depth have a better chance to host higher-grade mineralization, and economic orebodies.

At Bronze Fox, the 2013 IP analysis illustrates that prior drilling failed to adequately test most large chargeability high anomalies with previous encountered mineralization coincident with lower priority IP chargeability zones. Prior to the 2013 program earlier geophysics could not provide an adequate guide for either depth extension potential of identified mineralized zones nor for targets below 400 metres below surface, with drilling being largely lead from encouraging mineralization encountered in previous core. For example the aforementioned holes, F62 and F72, illustrate the grade of copper equivalent and IP chargeability co-relationship, which support that high chargeability is coincident with sulphides of mineralization zones. The new IP results coupled with the latest alteration and veining studies have explained previous results, particularly the extensive 0.20 to over 0.30 per cent copper intersections to date, and lead to a reinterpretation and refinement of targets. In F62, over 800 metres graded at least 0.4 per cent copper equivalent with subsequent IP analysis indicating the hole only interested the periphery of a relatively weak anomaly target (noting higher grades, including 37 metres of over 1 per cent copper equivalent, were coincident with being within less than 500 metres from the interpreted IP anomaly zone) and subsequent alteration and veining studies indicate a less prospective portion of the interpreted porphyry system. The application of the 2013 Search IP program, coupled with existing geology and geophysics, and independent analysis undertaken by Prof. Tony Crawford and Plus Minerals (Imants Kavalieris) has advanced and refined target generation.

A number of analogies between the current stage of exploration and results at Bronze Fox and Oyu Tolgoi prediscovery hole have emerged after the company's 2013 field season, including geophysical anomalies remaining largely untested with favourable mineralization coincident nearer-surface and lower-priority IP targets. At Oyu Tolgoi, previous BHP and Ivanhoe drilling failed to reach the geophysical targets, with a change in exploration approach to test the geophysical and hypogene potential resulting in OTD 150, between previous shallow holes (BHP 9 and BHP 10), being the first deep hole and credited as the discovery hole.

At Bronze Fox nine drilling target zones have been identified following the latest IP survey results being integrated with geology, soil geochemistry, rock chip assay result, ground magnetic survey and historical drilling results. IP survey results illustrate multiple significant strike (over one to two kilometres) chargeability high anomalies with good extension to depth that may indicate disseminated pyrite/sulphides channels.

Two targets of particular note are:

• Sophie North -- a classical geophysical circular feature approximately two kilometres by three kilometres from an estimated approximately 300- to 500-metre depth to over 900 metres. Previous drilling failed to enter IP target zones but returned anomalous copper and gold mineralization (holes lost in an alteration zone);
• Eastern West Kasulu/Leca Pass -- numerous holes close to IP targets have returned favourable grades but have failed to test the target zone. Multiple specific one- to 1.5-kilometre anomalies targeted for potential drilling with regional scout holes and geology providing favourable results.

Successful proof of concept activities at the identified targets, including Sophie North and Eastern West Kasulu/Leca Pass, with economic-grade (or high-grade) intersections, could support a significant copper ore resource. Collectively there is large-scale copper-gold resource potential which is one of the underlying attractions of Bronze Fox. Previous phases of exploration have been favourable, refined and derisked target generation, and while there is no certainty of exploration success, numerous drill ready targets have been defined, with few other activities that could meaningfully further derisk these targets (ex-Happy Geo, discussed further below) based on previous experience at Bronze Fox and other porphyry exploration projects.

Happy Geo prospect

Following the very high and large chargeability anomalies identified by the Search IP surveyed in 2013 and 3-D IP undertaken in 2012, a further 68 rock samples were collected in late 2013 from various alteration zones focused around the Happy Geo prospect. This region is a relatively early stage exploration area, activities really only commenced in 2013. Favourable soil and rock chip samples, with good gold anomalies and outcrop, were returned during the 2012 and 2013 field seasons. Plus Minerals' short wave infrared spectrometer analysis of the 68 recent samples confirmed zones of argillic, sericitic and and silicification alteration with pyrite coincident with the IP chargeability anomalies. The SWIR analysis indicates alteration maybe related to an underlying porphyry system but further analysis is planned and required to confirm this.

Further integration of data and analysis on this area is continuing and while early stage, and very different to the more advanced northern targets, it could indicated some additional resource potential besides the known copper potential areas in Sophie North, West Kasulu, Leca Pass and the rest. Two zones of outcrop, both with at least a one- to 1.5-kilometre strike, have been identified at Happy Geo with rock chip samples of up to 91 grams per tonne gold.

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, 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 National Instrument 43-101.