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Gold/Mining/Energy : News that catches your eye
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To: B. E. Barry who wrote (41)6/22/1998 3:46:00 PM
From: Kent C.  Read Replies (1) of 148
 
June 22 - WSP.VSE - Results

Winspear Resources has received the results of valuations obtained from diamonds recovered by processing 199.7 tonnes of kimberlite obtained earlier this year from the northwest dyke, Snap Lake area, Haywood project, Camsell Lake property, Northwest Territories.
The Haywood project area is 140 miles northeast of Yellowknife, Northwest Territories. Winspear operates the project on behalf of a joint venture in which Winspear's interest is 57.3 per cent. By completing 1998 budgeted expenditures of $2.68-million, Winspear's interest in the Haywood project will increase to approximately 68 per cent.
Three independent valuations were carried out in Antwerp, Belgium, on
diamonds recovered from processing the kimberlite sample through the Diavik plant in Yellowknife. Values reported below are the average of these three valuations for all diamonds.

Dry tonnes of
kimberlite processed 199.7 dry tonnes

Total carats recovered
(uncleaned) 228.90 carats

Total carats recovered
(cleaned) 226.72 carats

Average cleaned grade* 1.14 carats per
dry tonne

Average valuation
(U.S. dollars per carat) $301.43 (U.S.)

Average value per day
tonne (U.S. dollars) $343.63 (U.S.)
* Note: average recovered and cleaned grade is for those diamonds that
exceed in size an effective square mesh cut off of approximately 1.2mm. Winspear is encouraged by these valuations obtained on diamonds recovered from the bulk sample taken from the northwest dyke. All data on the Snap Lake area is presently being evaluated with the view of undertaking a major drill program this summer season to further delineate the northwest dyke.
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