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Gold/Mining/Energy : Winspear Resources
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To: tony p who wrote (5049)2/4/1998 1:10:00 PM
From: Chris A.  Read Replies (1) of 26850
 
Hi Tony,

Per the release, it says that the JV partner (Aber) will not be participating in the Haywood project, but then later on, under section B., it says that they will be participating in the Athenia project. So it would be wrong to say that they are walking away from WSP.

The Haywood project (Snap Lake and CL 25) will be $2.7 million, while the Athenia project will only be $475,000 for 1500 meters of drilling.

So it appears that Aber is still keeping its finger in the pot, but just didn't want to spend the million + on drilling Snap and CL 25.

I don't really know what could be going on behind the scenes, but it really does appear Aber is trying to preserve capital.

Sudhir's a pretty sharp guy and he calls them as he sees them. I would tend to agree with him on this.

Best Wishes,

Chris A.
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