VANCOUVER, July 20, 2012 /CNW/ - Kombat Copper Inc. (the "Company") (TSX-V: KBT) is pleased to provide this update on its Namibian copper projects as well as its broader corporate objectives for the third and fourth quarters of 2012.
Following the April 24, 2012 acquisition of the Kombat Copper Project in Northern Namibia, the Company has now completed the necessary corporate restructuring to formalize ownership of its Namibian holding and operating subsidiaries. With the restructuring and the changeover of the relevant personnel, management, and contractors complete, the Company has achieved a major milestone and continues towards its goal of returning the Kombat mine to production. Key elements of this objective include completion of a focused drill program, evaluating the economics of the existing resource, undertaking detailed engineering studies, rehabilitating the existing mill and concentrator, and dewatering the mine.
Kombat Mine Update
Since the closing of the acquisition, the Company has:
- completed the first stage of its two-stage engineering study and has commenced the second stage of mechanical and electrical evaluations of the Kombat concentrator,
- completed the dewatering study and entered discussions with parastatal organizations for a potential water off-take agreement,
- completed the collection of available historical data and is presently reviewing and digitising relevant data for the purposes of initiating a scoping study,
- engaged and mobilized a geological team to commence and co-ordinate initial exploration programs focussed on defining and developing the Kombat resource model,
- issued a RFP for an initial drilling program and is evaluating multiple tenders received, and,
- hired a local mining and operations manager and appointed local directors, lawyers, accountants, and auditors.
"Our goal remains the restart of production at the Kombat mine in Q4 of 2013," stated Alexander Helmel, President of Kombat. "This is an aggressive, but achievable target and our management team continues to meet all milestones on time and on budget."
EPL Update (Congo Namibia Acquisition)
The Company has commenced surface work and drilling at the exclusive prospecting licenses ("EPL's") located within the Voorbegin area of Namibia - approximately 30km north-east of Kombat. Company geologists have reviewed the regional magnetic data, and ten targets have been chosen for a shallow drill program which is currently underway.
Objectives for third and fourth Quarters 2012
- Complete phase I drilling program on Kombat property.
- Meet all commitments for the EPL's.
- Complete a scoping study of the Kombat deposit and update the NI 43-101.
- Complete a detailed engineering study and budget for the rehabilitation of the concentrator and mine infrastructure.
- Recruit and hire key directors and enhance the senior management team.
- Work closely with our key partner Epangelo Mining Co. (Pty.) Ltd. and other Namibian partners to achieve our objectives at Kombat and to position the Company for continued growth.
"Our objectives for the remaining quarters of 2012 and into 2013 are well-defined and underway. We look forward to keeping our shareholders informed as we advance the Company and our flagship copper project in Northern Namibia," added Mr. Helmel.
About Kombat Copper Inc.
Kombat Copper Inc. (TSX-V: KBT) is a public Canadian exploration and development company focused on the acquisition of copper assets in southwestern Africa. The Company recently acquired the Kombat Copper Project which consists of five mining licenses (three covering the existing Kombat mine and two in close proximity with additional mining possibilities), and a past producing mine, mill and concentrator with historical input capacity of 1,000 tonnes of ore per day. The project has more than 100 years of production history and is located in northern Namibia within a region known for copper production from high grade deposits. In addition to the historically producing assets, the Company has acquired five highly prospective EPL's which cover an area of over 2,250 square kilometers. These EPL's are also in northern Namibia and cover an area in close proximity to Tsumeb and the Kombat mill and concentrator. The Kombat Copper management team and founders have a considerable amount of experience in Namibia and internationally, and combine managerial, financial and technical expertise which combined generate value for project stakeholders.
The Company's immediate initiatives are strengthened by a clear commitment to community development and local partnerships. Kombat believes its socio-economic initiatives will benefit local communities and the goal of these programs is to promote sustainable economic growth, improve education levels, develop practical skills, and improve employment levels. These programs will be implemented alongside Kombat's exploration and development activities and are a critical part of our team's track record of success.
Mr. James Turner, a Qualified Person as defined by National Instrument 43-101, has read and approved the technical information contained herein.
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 of accuracy of this news release.
All statements in this news release, other than statements of historical fact, that address events or developments that Kombat Copper Inc. expects to occur, are "forward-looking statements". Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause Kombat Copper Inc.'s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the ability to raise equity capital; the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements in Namibia; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; defining the project's mineral resources; and the development of an economic resource model. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Kombat Copper Inc. expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
For further information:
Alexander Helmel, President
Direct: +1 (855) 565-8114
Kombat Copper Inc.
Suite 830 - 1100 Melville Street
Vancouver, British Columbia V6E 4A6