Thanks Red, I knew the outcome would be deter"mined" by the real players who can see what these results mean. Like you always said this thread will move nothing and they probably don't even read it.
Very happy with results.
Sparkling sample from Camsell Lake brightens future for diamond mine
Bryant Avery, Journal Business Writer
The Edmonton Journal
EDMONTON - Officials at Winspear Resources are warming up to their Northwest Territories diamond project after a bulk sample yielded 5,542 carats of ice.
Winspear's results from 3,004 tonnes of ore put it in the same league as both the existing Ekati mine and the proposed Diavik mine at Lac de Gras. Winspear's Camsell Lake or Snap Lake property is 140 km northeast of Yellowknife, about half-way to Ekati.
"This is certainly a step in the right direction," said president Randy Turner in Vancouver.
There's still much work to do, however, he cautioned. Discussions have begun with N.W.T. aboriginal groups and regulatory bodies.
Winspear should complete a feasibility study this year. And the project would have to go through a series of public hearings.
In addition, Winspear awaits a report on a second 3,000-tonne sample from another pit. Those results should be ready in six weeks. But the latest results were consistent with smaller samplings in 1998 from two other pits in the same area, Turner said.
If everything goes well, Winspear could begin construction of a mine in 2001, he said.
"Globally (the results) sit very high," said Sophie Taylor, Winspear's head of corporate relations in Vancouver.
The global average is about $60 US per carat. The estimated value of Winspear's gems is $98.42 US per carat.
Another gauge is the value per tonne. Ekati's value is about $92 US per tonne; Diavik's is over $200 US, one of the top yields in the world. Winspear's sample came in at $181.58 US.
Funding is not a problem, Turner said. The budget for 1999 is $12 million. With half a year to go there is still $8 million in the bank.
A dispute with Aber Resources over whether Aber agreed to pay its share of the 1999 budget and remains a partner in the Camsell Lake project remains unresolved, Turner said. |
