Kensington Resources Securityholders Approve Plan of Arrangement with Shore Gold Inc.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Kensington Resources Ltd. (the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:KRT KRT Knight Ridder/Tribune KRT Keratin KRT Knights of the Round Table (Diablo gaming guild) KRT Khartoum, Sudan - Civil (Airport Code) KRT Kleene's Recursion Theorem )(TSX VENTURE:KRT.WT) reports that its securityholders have voted overwhelmingly today to approve the Plan of Arrangement (the "Arrangement") with Shore Gold Inc. The Company confirms that the Arrangement was approved by 99.2% of the votes cast at the meeting. 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 on October 28, 2005 and 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. 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." Kensington Resources Ltd. is an exploration and mine development company currently focused on the high potential Fort a la Corne Diamond Project in Saskatchewan. The management team includes strong technical expertise and is committed to reaching a diamond producer status for the realization of shareholder value. 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 UEM Universidade Estadual de Maringa (State University of Maringa, Brazil) UEM Universidade Eduardo Mondlane (Maputo, Mozambique) UEM Unione Economica e Monetaria 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. FORM 20-F FILE #0-24980 LISTED IN STANDARD & POOR'S The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this news release. Kensington Resources Ltd. (TSX VENTURE:KRT) (TSX VENTURE:KRT.WT) |
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