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Gold/Mining/Energy : Winspear Resources

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To: Chas. who wrote (22676)	7/8/1999 7:45:00 PM
From: Rocky510	Read Replies (1) of 26850

News release - Close 08 JUL 99: newswire.ca Winspear Resources Ltd. is working to develop a grade estimate for in situ tonnes of kimberlite from the NW dyke VANCOUVER, July 8 /CNW/ - Winspear Resources Ltd. (WSP.V) is currently working to develop a grade estimate for in situ tonnes of kimberlite from the NW dyke as reported in its news release of July 5, 1999. The NW dyke occurs in the Snap Lake area, Camsell Lake property, NWT. Winspear is Operator of the project on behalf of the Camsell Lake Joint Venture. MRDI Canada, a division of H.A. Simons Ltd., has calculated the reported tonnage estimates and is continuing to work with Winspear to develop grade estimates. These estimates stem from work on the NW dyke in the Snap Lake area of the property and are being prepared to international standards for the establishment of a resource. This resource estimate will then be used for a detailed feasibility study which will address the economics of mining the NW dyke kimberlite rock. Steps being taken to determine the presence of a kimberlite resource on the NW dyke are as follows: - Complete the processing of a second 3000 tonne sample of the NW dyke kimberlite. The first 3000 tonne sample returned a grade of 1.845 carats per tonne with a value of US$98.42 per carat. - Combine results from both bulk sample pits to produce an overall grade and value for kimberlite from the sampled sites. - Relate microdiamonds obtained from analyses of drill core on the NW dyke to the micro-macrodiamond distribution curve obtained from sample pits 3 and 4 in order to produce a grade estimate of kimberlite over drilled portions of the NW dyke. - Calculate the mineral resource and classify it as Measured, Indicated or Inferred according to accepted industry standards. Completion of this resource calculation is expected in the third quarter of this year. Winspear remains highly encouraged with results obtained to date on this project. Winspear Resources Ltd. John A. McDonald, P.Geo. Vice President and Director The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release. -30- For further information: John A. McDonald, Vice President and Director (604) 687-6644 WINSPEAR RESOURCES LTD. has 55 releases in this database.

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