Company URL: kenor.com
Trades on Oslo NORWAY Stk Exch. and OTCBB Pinks: KNFKF.PK
Price Quotes in NOK (Norwegian Kroners)
Currency Converter:
quote.yahoo.com
STOCK SYMBOL NOT AVAILABLE TO Silicon Investor Databbase...yet
Suggest finance.yahoo or CBSMarketwatch
Strictly a Speculative Precious Metals Mining stk
BLUE SKIED IN CALIFORNIA--(shock shock) but not in all states! CHECK with broker if you want to be legal
Scandanavia's largest independent gold producer
142 million shares outstanding as of 10/2003
Producer------YES
Debt-------------NONE
TSE listing---Nesbitt Burns working on it as we speak
Potential price target suggested by Gammage 10/17/2003: 5-6 bagger: from current NOK 6.10 levels
52wk hi: 6.43
52wk lo: 3.17
Neg EPS: -.58
avg volume: 200K +
Where: Gold Mining in Guinea, West Africa
E&D where: Explorations ongoing currently in Norway, Ghana and Guinea
MAIN ASSET: 85% owenership in Lero/Karta and Fayalala gold mines in Dinguiraye Concession in West Africa Republic of Guinea. (Guinea govt=15% partner)
Lero Open Pit commenced in 1995
Gold Production 550,000oz since 1995
Gold Production of all Kenor's mines:
2000-----87,408 oz
2001----104,869 oz
2002----108,248 oz
Ultimate resource objective: over 10mil oz deposit
6mil to 8mil oz have been "confirmed"
Full feasibility study underway (2 be completed LATE July 2004) to increase annual gold production from 90K to 500K oz.
Most of drilling will be completed March 04
Orebody:
Highly oxidized ore (laterite, high fines laterite, and saprolite)
Ameniable to heap leach: yes
Milling: no great need to intensively grind
WHY CONSIDER: 5 fold:
TSE listing kicker?
Increased production kicker?
Buyout kicker?
Mutual Funds' Players? (see below)
Currency kicker? US$ down: NOK UP
11/25/03
(NOK:US$=.1445 or 6.10 Kroner=$0.88 USA)
(NOK:CAN$=.1897 or 6.10 Kroner=$1.16 CAN$)
Nesbbitt Burns is currently lead underwriter for TSE IPO listing of Kenor expected Spring 2004. Gammage expects TSE listing price to be in neighborhood of US$2.25 share (C$2.96 at 1.31 US:CD conversion ratio on date of this thread opening)
KENOR KEN.OL or KNRKF Ken Gammage's latest RavFav
Gammage states: KENOR is being groomed for sale to one of the much larger major mining houses, some of whome ahve already visited the property:
Anglo
Harmony
PDG
NEM
Goldfields
RTZ
"others"
Has real potential to meet 10 million oz deposit threshold for attracting majors interest, hence the feasibility study currently ongoing.
US$12.5mm funds were just raised via feasibility study rights offering closed week of 10/17/03
Currently disclosed owners of this stock besides Gammage:
Gabelli Gold Fund (Caesar Bryant)
Toqueville Gold (John Hathaway)
Van Eyck Gold Fund
6 BOD owners including
Trevor Schultz (currently COO of Ashanti)
Gabelli, Toqueville, and Van Eyck participated in recently closed rights offering.
IF you want chart:
cbsmarketwatch.com
in symbol box, type the following--- NO:457810
Charts available on that CBSmarketwatch site
YES, type in the NO: part as well as the "number"--with NO blank spaces between NO: 457180 in quote box in lefthand homepage "search" frame
MISC: Tom Calandra mentioned 12/2002 when surveying pro stock picks
Disclosure: neither long nor short currently: could change any time and without advance post/warning<grin> |
