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Gold/Mining/Energy : Winspear Resources

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To: ddl who wrote (11524)	1/11/1999 12:01:00 PM
From: Chad Barrett	Read Replies (2) of 26850

<< I am surprised at kaiser's comments re: 3 large stones, but I've seen him put his foot in mouth before. >> Why are you suprised by his comments about the 3 large stones?? They are totally valid comments!! Especially when a company won't disclose information that will support the validity of their findings! The simple truth is that even if there was no salting, we still could have greatly skewed $/carat numbers. If you think about it, if they would have gotten 1 less "large" diamond in the 200 tonne sample... it would have drastically affected the $/carat and $/tonne numbers! (using the 75% of $ value in the 3 large stones assumption we would lose 25% of the $ value of all of the diamonds, which I do believe to be a realistic scenerio!) The flip side of this is that if this is an "unsalted" sample, we might be just as likely to get a 4th large diamond if we did the sample again? But you can see my point about how "volatile" the valuations are at this point... right? I think that we should err on the side of caution at this point simply because the values at WSP are so high compared to values found throughout history all over the world. That is why it is good to see them using a "conservative" value in some of their own studies right now. Now, if we take back the assumption of this not being a "salted" company... then what we have a huge "promo". This could still be profitable, but as long as the company holds key information so close to its chest it will keep people wondering!! I'd like to believe this is a real discovery, but only the exploration data will tell that tale - and WSP doesn't want to share that with the public. Chad

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