The Canadian mining company Kincora Copper announced on Monday that it has reached a tentative agreement with the Temujin Mining Corporation to acquire Temujin’s mineral exploration licenses in Mongolia.

Kincora, which signed a letter of intent, said it will issue 35 million shares to buy from Temujin all the shares of Golden Grouse, a company that holds exploration licenses for areas adjoining Kincora’s Bronze Fox project in southeast Mongolia, near the Oyutolgoi deposit.

“This transaction suits the company’s strategic goals and will add a significant tenement to the company’s prospect pool of promising targets,” said Kincora President and CEO Igor Kovarsky. “On closing of the acquisition, our tenement will encompass two of Ivanhoe’s former high priority prospects, the Bronze Fox and Tourmaline Hills.”