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Gold/Mining/Energy : Winspear Resources
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To: Lorne who wrote (25739)4/18/2000 11:39:00 AM
From: teevee  Read Replies (2) of 26850
 
Lorne,

Huh? Why would I feel bitter? I simply pointed out that Aber management are likely concerned about the optics and liabilities of diverting funds from Diavik to Snap Lake at this time, especially when they are underfunded by about $300 million on the Diavik project. Aber must put up about at least another $16 million for this year at Snap Lake, over and above the $4 million for last year. Small potatoes? I don't think so, especially when those funds are diverted from funds ear marked for and raised on the basis of another project for which they do not yet have sufficient funds for, and may not be able to obtain on favorable or acceptable terms or in time to meet cash call deadlines. I would think that they must be able to demonstrate that Snap Lake is a better investment or place to deploy precious funds in order to answer concerns and preclude potential liabilities. At this level of finance, surely you must agree that the bean counters have done spread sheet analysis on this so the best decision on where money should be deployed at the time can be made? Otherwise, paying the $4 million to Winspear and another $16 million over the course of this years program at Snap Lake could lead to serious problems. Follow the money.

regards,
teevee
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