Winspear claims 85% interest in Snap Lake project on their financial statements,...quite a fire smoldering under the ground!
Winspear reports first quarter loss of $433,000
Winspear Resources Ltd WSP
Shares issued 51,634,088 May 29 close $2.12
Tue 30 May 2000 News Release
Mr. Don MacDonald reports
Winspear Diamonds Inc. (formerly Winspear Resources Ltd.) has released its
results for the three months ended March 31, 2000.
The company had a net loss for the quarter ended March 31, 2000, of
$433,000 (one cent per share), compared with a loss of $541,000 (one cent
per share) for the same period in 1999. The reduced loss resulted from the
increase in interest income and management fees received in the period,
offset in part by increases in administrative costs.
These financial results are reported on the basis that the company holds an
85-per-cent ownership in the Camsell Lake property which contains the Snap
Lake diamond project. This interest is subject to litigation. At March 31,
2000, on the aforementioned basis, the company had cash of $12.3-million
and a networking capital of $5.8-million at March 31, 2000. Subsequent to
March 31, 2000, Winspear received payments of approximately $8.5-million
from its joint venture partner, some of which is not reflected in these
financial statements.
STATEMENT OF (LOSS)
Three months ended March 31
(thousands of dollars)
2000 1999
Income
Management fees $ 143 $ -
Interest 229 110
-------- --------
372 110
-------- --------
Expenses
Consulting 70 2
Corporate development 7 52
Depreciation
and amortization 24 6
Legal and audit 191 114
Salaries and
management fees 180 68
Office and
miscellaneous 107 96
Promotion 24 16
Regulatory and
transfer agent fees 37 7
Rent 39 38
Shareholder
communication 75 110
Travel 51 142
-------- --------
805 651
-------- --------
(Loss) for the period $ (433) $ (541)
======== ========
(Loss) per share
for the period $(0.01) $(0.01)
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