Winspear Resources Ltd -
Kaiser says Snap Lake may be richest in NWT
Winspear Resources Ltd WSPShares issued 327513331998-06-23 close $1.09Tuesday Jun 23 1998John Kaiser, writing in a Bottom-Fish Tracker of June 22, says based on the results from its mini-bulk sample of kimberlite at Snap Lake, Winspear Resources may have the "richest diamond resource so far encountered in the Northwest Territories." Mr. Kaiser recommended WSP in February 1997 at $3.61, and again in December 1997 at 84 cents. In spite of the good news, Mr. Kasier declines to make another buy recommendation, instead saying those who bought recently are assured WSP has gained a new lease on life." At the time of writing, Winspear was at $1.08, but closed on June 22 at $1.19 after being halted earlier in the day for the announcement. It started the day at 74 cents and traded 4.3 million shares. In his commentary, Mr. Kaiser says the changing perception of Snap Lake is it's a particularly rich portion of Slave Craton, and that "Winspear has only begun to crack the code for finding kimberlite in this area." Further, he says, at 37.2 million shares fully diluted, Winspear has an implied value of only $60 million, "which would be very cheap if a large-tonnage resource can be found." (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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