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Gold/Mining/Energy : Kensington Resources Ltd. (V.KRT) * Diamond in the rough! -- Ignore unavailable to you. Want to Upgrade?

To: I_C_Deadpeople who wrote (1694)	4/29/1998 2:51:00 PM
From: joe minten	Read Replies (2) \| Respond to of 5206

Hi Eric and ALL: I just got off the phone with Mr. Stone. What an enlightening conversation. Thanks David. Here are some points from that talk. First, the PP will be for 240K, not 400. This is because the VSE will not accept the 160K from earlier. The actual amount of money going into the company is still 400K. The VSE has accepted (in principle) this scenario. KRT is hoping to hear back from the VSE today on this issue(let's hope). With Cameco announcing that they are to purchase Uraners(sp?), there may be another shuffling of the jv %'s. Cameco, of course will not be putting in any money for this phase, with the ability to get back in at a later date, with penalties attached. KRT could end up with 33.3%. Something which may not be known by allot of people is that Cameco is partly owned(Ido not know the %) by the govt. of Sask. So the province has a stake in the success of this play. It's possible that KRT could become the operator after this is settled. Also the JV's have agreed on the first phase of the '98 drill/work program. David is expecting to sign this today. The cost of this phase is about 940K. David also mentioned that there will soon be some information sharing between Shore Gold and KRT, due to shared geology, and more importantly, a shared kimbie. KRT will also be reviewing all the past analyses, and will issue a new composite analysis, which should be closer to the truth. So after all the waiting, we seem to be at the elevator door. I'd like to see the penthouse. The current view of that empty space between the basement and first floor is getting boring. :-) joe