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 Mon Dec 1, 1997
Report Sept-Dec 1997: Kenrich Mining Corp - 1997 Annual Review
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Kenrich Mining Corp (KRC-V)

Outlook: Hold for rebound next year

www.kenrichmining.com
Tel: (800) 322-3311

Iss: 23,900,000
Dil: 27,800,000
WC: $250,000

Initial Buy Range: $0.50-$0.75
Hi-Lo-Close: $1.12-$0.29-$0.31

Kenrich did not get much done in 1997 in terms of exploration on its Corey property in the Eskay Creek area of northwestern British Columbia, but it did hammer out a complex but sophisticated option agreement with Prime Resources Group, operator of the nearby Eskay Creek gold-silver mine. Prime took down a private placement of 1,500,000 Kenrich units at $1.00, with all but $300,000 earmarked for the 6,000 ha northwestern portion of the Corey block in which Prime can earn 70% by exercising warrants, spending $6.8 million to earn 51%, and spending $10 million on a feasibility study. Kenrich meanwhile can explore the remaining 12,700 ha southern part of the property, in which Prime can back in for a 50% interest for $7 million and 200% of expenditures provided it has vested for 51% of the northern part. This deal enables Ken Trociuk to keep Prime on its toes, so long as Kenrich can raise money for its own exploration. Kenrich still has $800,000 in trust for Prime to spend in 1998. Work in 1997 did not include major drilling, which should happen in 1998. The stock is currently in a hiatus, but should develop an uptrend as next summer's work season approaches.
 
 

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