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Gold/Mining/Energy : Winspear Resources

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To: Gord Bolton who wrote (8451)	10/16/1998 12:38:00 PM
From: Jim P	of 26850

Hi Gord, I agree with you to some extent. The markets now-a-days just doesn't react the same way. The 3,500,000 tons was in their Oct. 5/1998 release. As for tripling is size..the market already knows that..expects that...so how do you explain $1.35 a share. What reaction did the market have on Oct 5,1998? Ziltch if compared to our expectations. Its just the way it is. Jim Model 2: Assumes Combined Open pit and Underground Operation (Processing Rate equals 1000 tonnes per day) Assumed Total Tonnage of Kimberlite Mined: 3,500,000 tonnes Mine Life 10 years Assumed Ore Value(x) $Can400 / tonne Assumed Diluted Ore Value $Can380.95 / tonne Assumed Total Capital Costs $Can 103.8 million Assumed Total Operating Costs Over Mine Life $Can 305.0 million Total Cash Flow (Assuming Current NWT Tax Structure) $Can 572.4 million Discounted Cash Flow Rate of Return (After Tax) 55.6%

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