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Gold/Mining/Energy : Winspear Resources

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To: ddl who wrote (12023)	1/15/1999 1:22:00 PM
From: Gord Bolton	Read Replies (3) of 26850

Dennis, I think if you go way back when on the thread or read through the previous NRs you will find that samples have been taken from drilling all around the lake and from the Kimberlite drag trail. The samples were very diamoniferous and the chemistry was very similiar. The question then was the source and the tonnage. If you go to the REX site there is a very good paper describing the conditions neccessary to bring diamonds to the surface in good condition. The damage to the diamonds is done by temperatures outside the band where they will survive. The Kimberlite in the NW dyke almost undoubtably came from the same push. The question of how big of a sample would prove consistency is the question right now. There are indications that all of the material came from the same push or under the same conditions. Very qualified people will be doing the comparisons, drawing the charts and doing the extrapolations at the moment. Kimberlite does not mean diamonds. Micros do not mean Macros. Diamonds do not mean Gem quality diamonds. The pressence of diamonds does not mean an economic diamond mine. From what is available to date, we know that the Kimberlite is the right kind of Kimberlite to support the survival of diamonds. We know that the Kimberlite has very high counts of gem quality microdiamonds. We know that the Kimberlite contains superior quality macro diamonds with indications that there will be a lot of large stones and a high percentage of Gem quality Macros. The tonnage was independently calculated and indications are that it would be highly profitably to mine even a small resource. Winspear has since increased the size of the resource and will do further drilling this winter to that end and will do a large bulk sample looking for further evidence of consistency of the quality and value of the Kimberlite. I would suggest that all indications at this point are very promising. There has been no evidence to date to cause serious doubt in the resource or the management. No one in the industry is casting doubt on the project. Some have suggested that diamond fever could drive this stock prematurely high and cause volatility in the price. I do not think that Winspear is withholding the Model of the lab results from us to deny us knowledge that we should have already. I think that it is much more likely that some of the samples are tied up in the lab in Yellowknife that is on strike and has been on strike for some time. The model is incomplete without all the neccessary data. If Winspear only released some of the CF results, some people (you know who) would be screaming that something was held back. The number one requirement of speculative investment is patience. This is probably the best supported play with enormous upside potential around. The economic study says that Winspear has an economic mine on the NW peninsula right now with a minimum value of at least $5.00 per share. Don't let the shorters panic you. The fundamentals are already there. Hold your shares for the upswing. It will come.

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