Two Vancouver-listed juniors, Kenrich Mining and Ambergate Explorations, will merge following the collapse of a 3-way merger agreement with Gitennes Exploration (ASE).
Shareholders of Kenrich and Ambergate will receive one share of the new company for each share held, giving each group a roughly 50% holding in the new firm.
The companies note that they jointly control the largest, most strategically situated property in the Eskay Creek area of northwestern British Columbia. Stratabound, gold-silver targets have been outlined in rock units correlative to Prime Resources’ Eskay Creek deposit (1.2 million tons grading 1.9 oz. gold and 85.5 oz. silver per ton).
Two drill rigs are on site and an initial 6-8-hole program of 2,000-4,000 ft. is scheduled to start in mid-June.
The merged company will have about 14 million shares outstanding and $400,000 in working capital.
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