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Gold/Mining/Energy : Winspear Resources

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To: Shaw who wrote (23147)	7/17/1999 11:31:00 PM
From: Andrew	Read Replies (1) of 26850

Dean, Apparently from the MRDI report a small resource of about 670,000 tons of Kimberlite can be open pit mined at a price of $CAN. $87 a ton. I would assume that the cost will go up substantially when they go underground. Costs in the NWT can be prohibitive, everything has to be flown in. $187 a ton rock is great and WSP will likely be profitable how profitable remains to be seen. It will be interesting to see a new report detailing at what cost they can mine underground but then estimates and real world are two different things. I've read others say this will be a cheap mining operation. Cheap is open pit as in pipe where you have a few Cats moving material this will not be a cheap operation it will be labour intense and whoever will be the operator of this project will be hard pressed to ever get production over 2000 - 3000 tons a day. I have spoken to a prominent mining engineer about this project and this is his opinion. Like you said the market must think so too or the stock would be $20 bucks by now. This is why I sold my stock over the last few weeks because I felt it was fully valued between $4 - $5. How nice $300 per carat would have been. Andy

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