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Gold/Mining/Energy : Kensington Resources

KRT 24.47

+2.0%

Jan 30 9:30 AM EST

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To: Steve Atwal who wrote (4296)	4/18/1997 9:20:00 AM
From: T.Sung	of 5597

Article in News Today : Globe says plan approved to buy interest in Chinese diamond mine Kensington Resources Ltd KRT Shares issued 23,966,435 Apr 17 close $1.17 Fri 18 Apr 97 In the News The Globe and Mail reports in its Friday, April 18, edition that shareholders of Kensington Resources have approved the company's plan to buy a 50 per cent interest in a diamond mine in China for $37.25 million in shares and debt. The Globe's Patricia Lush writes that if Kensington gets regulatory approval to purchase it will pay 25 million shares and debentures totalling $6 million as well as provide US$2.45 million in interest free loans to the mining operation and two related exploration ventures. The shareholder vote had been prompted by the Vancouver Stock Exchange in its continuing scrutiny of the company partly because of the involvement of Bill Zheng in China Diamond Corp, the selling company. Mr Zheng who is on the run from police, is no longer involved in China Diamond, having sold his interest to three other investors, among them Robert Friedland.

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