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Gold/Mining/Energy : Winspear Resources

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To: Shaw who wrote (23147)	7/18/1999 8:26:00 AM
From: james flannigan	Read Replies (3) of 26850

All, after reading the George Albinio report dated Feb 99, quote"wiyh grade and value equating to US$ 185 t we see the probabilty of a mine,the trouble with daimond deposits,we see no way for winspear to establish the value of the daimonds to a banks satisfaction with out taking a major underground sample.we belive this can not happen due to permitting until 2001.This has implications for timing of development and therfore dilusion of shares.such a cost would be likely 20 to 25 milloin dollars." At 15mt minable is aproximently C$6.00.nav. In my opinoin with the dilusion on the horrizion the stock is fully valued. The play now is MPV.The values loosing aproximenitly US$100 per ton from the data of the last years mini bulks,has made the project at the lower end of the modle that this report states.Some people may flame me for posting this,but those are the facts the numbers dont lie. Regards James.

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