Author: WillP -- Date:1999-03-13 22:48:59
Subject: The Flies are Swarming
I'm going to respond to one (of a gazillion) SI responses to the rumour:
Somehow Aber is going to lose some more of there percentage of
Snap lake. For One Aber and Winspear are like cat & dog or did
he also tell you everything is fine with Aber & Winspear if he did
Thats BS. One more thing Aber would surely not tell you this and
the IR guy would not even no.Only the Pres would have this
infotmation.
Well, I confess I don't normally deal with investor relations types. They
certainly have a valid role however. :-)
Question is...who did you talk to at Winspear?
Somehow? The only plausible way is by failing to participate, I would
assume. If the current program's payment isn't due...and Aber failed to
participate last spring...the only additional program was last fall's. Right?
The 10.5% drop in ownership by Aber was caused by them not paying
their share of a 2.7 million budget. Fair enough. The fall campaign was
budgeted for 1.3 million, approximately. Aber's reduced share would be
$420,000. It's mathematically incorrect to say that Aber drops a further
12% for being in default by an amount only 40% of Aber's spring share.
You do know how these JV percentages are calculated, no?
Well...had Aber not paid for the fall campaign...their percentage would
drop to 28%, and Winspear's climb to 72%. Not 80%.
If it was this year's budget...then Winspear's share would climb to 84%,
roughly. Not 80%. Of course...this year's funds aren't due yet.
Supposedly.
If it's another form of dispute...OK. So great. My two main investments
are going to end up in litigation for years. Arrgggggghhh.
Cat and dog? Yes, there certainly have been differences over the years
dealing with how the property should be explored. Doesn't mean one side
is going to willingly walk away, now does it? :-)
You also say the source is not important!!! I guess it is important if
they can find it weather it adds 5 or 10 million more tons it still
adds more tonnage.
Yes. I categorically say...the source is unimportant. Sure...an extra 10
million tonnes would be nice. However...current thinking is that the source
is nowhere near that size. In any case...if you have a potential resource of
20 to 30 millino tonnes...waiting only to be proven by drilling...would you
waste time and money chasing something that probably doesn't exist in the
form required?
I also would like Winspear to Drill where the south Boulders were
found as they were richer in Diamonds that the NW pennisula.
Richer? Based on what? Do you actually think those limited results from
the south and southeast are statistically relevant? You're reading way too
much into limited data. All I infer from the data at hand is that the dyke in
that area is hopefully of the same grade and value as on the NW
peninsula.
For one Aber thought so little of this project last year and cost
them big time.I hope RT puts the screws to Aber.
Yes...Aber didn't (apparently) think that much of the chances last year. It
cost them about 12% of the project. Really think they're going to do it
again?
Put the 'screws' to anyone? OK. There are certain accepted business
practises at play here. Hopefully, as a Winspear shareholder, their CEO
will play by the accepted rules. I'd like to see Snap Lake advance...with
the necessary financing. I don't know if that's possible if someone is
'putting screws' to a bona fide JV partner.
Aber Rumours of a buyout by Bob Bishop were just that as Aber
has said nothing about them.
Don't know. Don't subscribe, don't read Bishop. Then again, if I read
your comment correctly, Aber is spreading rumours that Bob Bishop is
buying out something. Not sure I'm following here. Well, doesn't matter. I
try not to deal in rumour, no matter the source.
The benifit will be for Winspear if they get More percentage of
Snap Lake in the long run.As we wait for more news on Winspear
and the PP ready to start coming to market will institutions step
up to the plate soon?????????
Benefit? Nobody benefits in a cat fight.
More importantly...since you invoked the CF results and the markets
reaction...I seem to recall a rumour that Winspear had pulled a gigantic
diamond out of their drill holes. Lots of hype over that, as I recall.
Unfortunately...it seems to have been accepted as truth. Hence, when the
CF results were released...no coloured 20 carat diamond...down she
went.
Sad thing is...they did find enormous diamonds in the drill cores. Big for
1200 kg, at least.
Rumours kill.
PP coming to the market? Are you suggesting that Aber is not
participating in Snap Lake...and Winspear insiders are selling? Uh-Oh!!
Maybe it's time to walk away from this one a bit less than gracefully! :-)
If the mine The Dykes at some point they will have too go under
the lake to mine.What about the South Dyke that is richer than
the NW Pennisula that dyke is mostly under the Lake and heading
north????
Yes...and at 3000 TPD would take 20 years to reach the source...if you
buy the 20 million tonne ore body.
Again...what tells you that the south ore is richer than the NW
peninsula's? A few hundred kilograms of CF results? I'm not even sure I
infer that from the results. There were no large stones found in the south
ore, after all.
On a final note...which deals with where the bulk sample is being
processed. The name 'Ekati' has been invoked. Invoked to the degree
that some are debating the cost of Ekati shutting down their production to
process the ore. Hmmm.
I seem to recall a mini plant at Koala. It processed half of Aber's ore from
one of their two bulk samples. Did a righteous job too...both their results
and those from the Miramar plant were bang on. Is that plant still around?
If so...what's it doing? If not...where did it go? :-)
Rumours kill.
Tell you what to do. If you're trotting off to the PDAC...go ask the 'spear
yourselves. Maybe that will clear the air.
At this point...all I can tell you is...I talked to Aber...and they rejected it. I
no longer care. Maybe someone will ask Winspear, eh? :-)
PDAC is a wonderful affair. I once made a good chunk of coin on the
short side (I very rarely play that game) of a little ditty called Champion
Bear. Have fun there...but watch yourselves. :-)
Regards,
WillP (Who owns more shares of WSP than he does of ABZ...hence has
no particular hidden agenda here.) |
