Vancouver, BC – KENRICH-ESKAY MINING CORPORATION (the “Company” or “KRE”) is pleased to announce the results of its annual general meeting (“Meeting”) of shareholders held on October 20, 2009.  Mr. Wally Boguski was re-elected, as was Mr. Robert Michor, and shareholders elected as new directors Messrs. John McDonald, Hugh Balkam and Jerry Blackwell.  Mr. Boguski was re-appointed as President and Chief Executive Officer.  The Audit Committee consists of Messrs. Boguski, McDonald and Balkam, and the Compensation Committee consists of McDonald and Balkam.
 

For personal reasons, Mr. Michor resigned following the Meeting. 

 

 

Mr. McDonald has been Chief Executive Officer of McDonald Investment Management Inc. since 1990, after serving as an officer and director of two Canadian investment dealers.  Mr. McDonald has 23 years of experience as a securities analyst, portfolio manager and trustee in the domestic and international capital markets and 7 years of experience with the International Monetary Fund in Washington. Prior thereto his career included 7 years of internal, external and comprehensive audit experience.  Mr. McDonald received a Bachelor of Business Administration degree in 1972 and a Certificate of Achievement in 1994 from the University of New Brunswick.  Mr. McDonald has completed the Canadian Institute of Corporate Director’s Corporate Governance program at University of Toronto’s Rotman School of Management. He qualified as a Chartered Accountant in 1977.

 

Mr. Balkam was with the Royal Canadian Mounted police for 13 years, many of those involved in the investigation of Stock Market related fraud. In 1981, he left to become a financial consultant with a major brokerage firm, where he managed investments for retail clients.  Since 2004, Mr. Balkam has been involved in raising venture capital and consulting for junior mining companies.  In that capacity, he served as a consultant for the Company, assisting in it's past capital raising and market awareness programs.   Mr. Balkam holds a BA from the University of Toronto.

 

Mr. Blackwell is a professional geologist who has worked continuously in the mining exploration industry in Canada and abroad since 1970.  Mr. Blackwell has served as an officer and director of numerous listed-companies where his geological expertise, management style and integrity have been greatly valued.  Mr. Blackwell brings to the Company an extensive knowledge of the geology in and around its Corey claim group due to his strong involvement in the discovery of the Eskay Creek gold and silver deposit, situated immediately adjacent to the Company’s properties.

 

The election of a new board is one of several recent corporate initiatives meant to ensure that KRE is poised to fully take advantage of significant opportunities more recently presented by strong precious metal markets.

 

At the Meeting shareholders approved a special resolution authorizing the Company to change its name to “Eskay Mining Corp.” or such other name as is selected by the Board and accepted by the regulatory authorities.  The Company intends to implement this change as soon as possible.  There will be no capital alteration.

Shareholder Rights Plan
 

At the Meeting shareholders ratified the shareholder rights plan (the “Plan”) implemented by the Board on September 23, 2009 and the same will now be filed for regulatory approval.  The Plan will provide protection in the event of certain unsolicited takeover bids and is available for viewing on the Company’s website www.kenrich-eskay.com.
 

 

KRE has agreed to grant new stock incentive options to certain directors and executive officers of the Company to purchase up to a total of 2,150,000 common shares at a price of $0.30 per share for a five years expiring October 22, 2014. The Company shares closed at $0.23 cents on October 21, 2009, the current stock option offering is a 30% premium to the market.

 

 

 

Hugh (Mac) Balkam
Chairman, Director