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Gold/Mining/Energy : United Keno Hill, UKH, Toronto**** Opportunity Knocks!
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To: Brian Gerbozy who wrote (96)4/2/1997 11:54:00 AM
From: Harry K   of 1348
 
I spoke to Keno's chief CEO this a.m. - who said most of their troubles began when thir production plans were put behind by about 6 mos. due to a delay in processing their application for a licence from the Yukon Water Authority - one needs this licence to operate a mine - anyways, it didn't land on Yukon's desks until Nov-Dec - by which time Anvil-Cyrus was shut down, causing Keno's backers to get cold feet - and also withdraw their support. There is a meeting with Yukon's Water Authority next Wed. to get approval for the licence, which determines standards to be met on water usage from intake into the mine and mill, right through to the discharge into a tailings or settling pond. He feels this hearing should be reasonably non-controversial. The worst is behind them, and future news should be upbeat - however, silver prices continue to be the guiding force on the stock price at this time. He also said the two diretors that left were anxious to ensure that all the bad or potentially bad news had been released before they left.

I would expect that Yukon's Licencing dept. would be anxious to get some industry going up there, especially in light of Cyrus's closing, and grant their licence - apparently, Keno's application runs into a small publication!! News of its clearing this hurdle should help it get moving again, I would hope. In this current market climate, though, it's hard to move a stock, especially when people and funds are selling heavily. Maybe it's best to wait and hang on until the current "correction" is completed.

I see that UKH is trading around 50 cents today - that's at a previous day's low in March when it dropped last month on the news it's backers had abandonned them. It may be the "double bottom" before the long climb back up. They DO have proven ore reserves - question is: which way the price of silver?

Any thoughts?

Harry K.

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