Weekend Update ...
Kenrich Mining Corporation (KRC-V)
Suite 910 - 510 Burrard Street, Vancouver, British Columbia, CANADA V6C 3A8
Tel: 604-682-0557 Toll Free: 1-888-805-3940 Fax: 604-688-3346
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News Release - July 9th 1998
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Kenrich Mining Corporation ("Kenrich") is pleased to announce that Phase I Exploration of Kenrich's wholly owned Corey Property is well underway. Exploration expenditures of over $500,000 have been incurred on the Corey Property in 1998, and results generated by both Homestake/Prime and Kenrich geologists have been successful in defining drill targets on both the HSOV showing on the Kenrich Block and on the Lower Cumberland on the Prime Block.
The Kenrich and Prime Resources Group Inc. joint venture to explore the Corey Property was signed on July 31st 1997, and gives Prime the exclusive right to earn a 50% interest in the 12,700 hectare Kenrich Block by paying Kenrich $7 million plus 200% of Kenrich's expenditures from March 1997 to the date the option is exercised. Prime also has the exclusive right to earn up to 70% interest in the 6,000 hectare Prime Block of the Corey Property by spending a total of $20.53 million in exploration and development. (see June 30th 1997 Kenrich Mining Corporation News Release 'Prime Resources Group Inc. to Explore Corey Property').
Kenrich's Corey Property was identified by Homestake/Prime geologists for having excellent potential for massive sulfide mineralization similar to Prime's Eskay Creek Mine, located 10 km to the north. Work done by Kenrich from 1993 to 1996 identified several areas on the property with massive sulfide mineralization, leading to Prime's involvement.
Kenrich has 26,823,323 shares fully diluted, is debt free, and is financed to complete the Phase I exploration on the Kenrich Block in 1998. Exploration on the Prime Block will be financed through Prime Resources Group Inc..
On Behalf of the Board Of Directors
Kenrich Mining Corporation
Kenneth W. Trociuk
President/CEO
Kenrich Mining Corporation trades on the Vancouver Stock Exchange under thg symbol KRC
20-F Blue Sky U.S.A. Trading Approved. Standard & Poor's Full Manual Listing, SEC 12g3-2(b) - 82-2809
For Further Information Contact Investor Relations: Marie Antoinette Shields
Direct Line: 604-682-2428
Direct Fax: 604-682-3615
Website: www.kenrichmining.com
E-mail: kenrich2@uniserve.com
The Vancouver Stock Exchange has neither approved nor disapproved of this news release
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