Mr. Sam Spring reports

KINCORA CLOSES FIRST TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT

Kincora Copper Ltd. has completed a $5-million private placement, subject to certain approvals. The successful placing attracted considerable demand from both new and existing investors, and was significantly oversubscribed. Funds from the capital raising will be used for high-priority drilling and other exploration activities at the company's flagship and wholly owned Bronze Fox licence in the coming 2014 field season.

The company has closed the first tranche of financing for gross proceeds of $4,575,000 through the issuance of 91.5 million units at a price of five cents per unit. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of Kincora for a period of two years expiring March 24, 2016, at a price of 10.5 cents per share. If, at any time following the expiry of the resale restrictions whereby the closing price of Kincora's shares on the TSX Venture Exchange is greater than 15 cents for 30 consecutive trading days, then Kincora may give notice accelerating the expiry date of the warrants to 30 days from the date of the notice.

All units issued under the offering are subject to a four-month hold period expiring July 25, 2014.

The company paid finder's fees of $190,642 in connection with the first tranche of the offering, with efforts led by the The Private Office SA (TPO) and Resource Investment Capital Ltd. (ResCap), and assisted from SkyPath Partners LLC, Pareto Securities Ltd. and the Mongolian Investment Banking Group LLC (MIBG).

The company proposes to issue a further approximately 8.5 million units for proceeds of approximately $425,000 to Khayyam Minerals Ltd., which issuance remains subject to Khayyam obtaining certain regulatory and shareholder approvals, as more particularly detailed in the news release of Khayyam dated March 10, 2014.

Commenting on this announcement, Sam Spring, president and chief executive officer of Kincora, said: "Kincora attracted significant demand for the offering, which has been well oversubscribed, illustrating strong interest and support for our proposed field season activities at Bronze Fox. I would like to welcome a number of new investors, some of which are mining sector and/or Mongolia specialist groups, who participated in the private placement, and thank existing shareholders for their continued support as we enter a very exciting period for Kincora.

"The company's focus is now mobilizing field season activities and advancing a number of corporate initiatives. Drilling and other follow-up activities are shortly planned at Bronze Fox based on extremely promising previous drill results, new geophysical and other long-lead-time/technical activities undertaken in 2013. A follow-up phase of target drilling in 2001 at Oyu Tolgoi focused on similar untested geophysical targets, with often-supportive previous drilling, and led to the discovery hole and subsequent definition of one of the world's largest copper-gold porphyries. Kincora is looking to follow a similar exploration strategy, and successful proof-of-concept activities at Bronze Fox this field season could provide visibility for significant resource potential."

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 NI 43-101.