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Gold/Mining/Energy : Winspear Resources

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To: .Trev who wrote (16167)	3/20/1999 4:00:00 AM
From: Gord Bolton	Read Replies (2) of 26850

I wouldn't worry too much about them at all. I am hearing that buzzing sound that you were speaking of earlier. At the risk of being accused of all kinds of things by the peanut gallery I will put forward some numbers to think about. I find the report of a 16 carat diamond in the drill core very encouraging. I think someone put a few extra scoops of raisins in the mixture at Snap Lake but it was not neccessarily someone who is generally open to criticism. I see a grade in excess of 1.5 carats per tonne from the bulk sample and possibly higher from production. The price of diamonds has gone up at least 10% since last summer when the samples were evaluated. 6000 tonnes may yeild some very valuable fancies and biggies. I am quite confidant that the drilling progam will zoom in on a feeder which will contain significant quantities of valuable ore. I am not the Duetsche Bank, so I do not have to be ultra conservative in my estimations. If you don't like what I say, please do not send money. I see 30 million tonnes of ore minimum at Snap Lake. 30 million X 1.5 carats per tonne X $338 US per carat X 1.52 CD Conversion = $23,119,200,000.00 Canadian Dollars Let me think about that a minute. Does that seem like a mineable resource? Just think for a few minutes about the tax revenue from a politicians perspective. How soon can we start mining? Well there is a back hoe on the site right now. I would imagine that the logistics for a prefab modular 3000 to 5000 tonne per day plant are in the works at the moment. Snap Lake is not part of a major river system and Ekati has already addressed almost any and all environmental concerns that anyone can think of. There is an acceptable model to work from. This will be a basic open pit and underground mining project. The ore can be accessed from multiple points around Snap Lake. I see a JV with a friendly major diamond mining company in the works at the moment. Plans and approval will be accomplished over the summer and logistics worked out for fabrication and transport to site of processing equipment next winter-2001 at the latest. I can see a mine and processing facility with bare bones for between $100 to $150 million and a cadillac operation and live in community for a maximum of $500 million. The revenue from the open pit resources would pay for the set up cost of the cadillac model. That would leave X minus 600 thousand tonnes to be mined at production cost. What is the production cost per tonne for an underground mining operation at Snap Lake? We can compare some numbers from the Lupin Mine north of Snap Lake. The Lupin Mine operated at 2000 tonnes per day drawing ore from deep underground. All supplies were trucked in on the winter road. The Lupin mine extracted .24 ounces of gold per tonne at a stated operating cost of $358 Canadian per ounce. We will use the $90 Canadian per tonne to work with. 1.5 carats per tonne X $338 US per carat X 1.52 CD = $770.00 CD $770 - $90 = $680.00 per tonne Canadian dollars I think that the economics would be very robust to say the least. XX million tonnes x $680.00 per tonne x .85 / 33.7 million shares= net profits over 10 years. 10 million x $680.00 per tonne x .85 / 33.7 million shares = $171.51 Price per share $30.00 20 million x $680.00 per tonne x .85 / 33.7 million shares = $343.00 Price per share $60.00 30 million x $680.00 per tonne x .85 / 33.7 million shares = $514.00 Price per share $90.00 Those are my numbers and projections. Go ahead and shoot the heck out of it. Have a nice weekend. Additional pipes from Hilltop etc. would add to the share value.

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