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bellwetherreport.com: Bellwether Report is Aggressively Tracking Kensington Resources Ltd.
Oct 28, 2005 (M2 PRESSWIRE via COMTEX) --
Today the Bellwether Report has identified Kensington Resources Ltd. (TSX:KRT.V), a company that our analysts will be tracking over the ensuing weeks. They recently came out with a significant corporate development this month, causing a positive correction. For a full report on the below mentioned company, and many more, feel free to visit www.bellwetherreport.com for a free 30 day no obligation trial.
Kensington Resources Ltd. is an exploration and mine development company that is currently focused on the potential Fort a la Corne Diamond Project in Saskatchewan. The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.245%), De Beers Canada Inc. (42.245%), Cameco Corporation (5.51%) and UEM Inc. (carried 10%). After fifteen years of exploration at Fort a la Corne, the joint venture partners have entered into an accelerated results-driven advanced exploration and evaluation phase targeted on reaching a pre-feasibility decision in 2008. The Fort a la Corne Diamond Project includes 63 identified kimberlite bodies within the largest diamondiferous kimberlite cluster in the world. Kensington Resources stated that the company is committed to reaching a diamond producer status.
Kensington Resources' stock has been experiencing a steady incline over the past year as it had been hovering around $1.00 earlier this year and has recently hit a new 52-week high of $4.74. Today, October 28, 2005, Kensington Resources' share price has surged 0.46% to $4.41 and volume is at 109,742. In recent news, October 21, 2005, Kensington Resources Ltd. reported that its securityholders had voted overwhelmingly to approve the Plan of Arrangement with Shore Gold Inc. The company confirmed that the arrangement was approved by 99.2% of the votes cast at the meeting although the completion of the arrangement remains conditional upon the receipt of all necessary regulatory and court approvals. The application for court approval will be held today, October 28, 2005 and the company stated that it is anticipated that the closing of the arrangement will also occur on October 28, 2005.
"We are very pleased to have received such strong securityholder approval to proceed with the merger," said Robert A. McCallum, President and CEO of Kensington Resources Ltd. "The merging of Kensington Resources Ltd. and Shore Gold Inc. will create a stronger platform upon which to grow our diamond-based assets. We believe that the combination of these two companies will have a tremendous impact on the economics of the Fort a la Corne region and the future potential of both the Fort a la Corne Joint Venture and the Star Kimberlite through significant development and operational synergies. With an attractive combination of near-term development of the Star Kimberlite, the large potential of the Joint Venture claims and a strong cash balance, the combined companies will be in a better position to deliver value to our shareholders."
On September 28, 2005, Kensington Resources Ltd. had announced.....
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