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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (4021)	7/16/1999 7:56:00 PM
From: maxed	Read Replies (2) \| Respond to of 7235

Hi. Vaughn. WSP results. What do you think. Fri Jul 16, 1999 Results From Pit 3, Snap Lake Winspear Resources Ltd. (WSP.V) is pleased to report that 5,165.81 carats of diamonds valued at US$111.98 per carat have been recovered from processing 2,981.8 dry tonnes of kimberlite obtained from Pit 3 on the NW dyke located at Snap Lake, Haywood project, Camsell Lake property. Snap Lake is located 140 miles northeast of Yellowknife, NWT. Winspear is the Operator of the joint venture which owns the property. Results reported below are for diamonds recovered from Pit 3 material. Pit 3 Diamond Recovery Results Dry tonnes of kimberlite processed: 2,981.8 Total Diamonds recovered (cleaned weight): 5,165.81 carats Grade (carats per tonne): 1.732 Value per carat: US$111.98 Value per tonne: US$193.95 Recovered diamonds are those that are larger than openings in a +3 diamond sieve. This is approximately equivalent to a 1.15 mm square mesh screen. The diamonds were recovered from a diamond recovery plant at the Lupin mine site located approximately 250 miles northeast of Yellowknife, NWT. The smallest cut-off size of the plant was determined by slotted screens with apertures measuring 1 x 9 mm. This gives an equivalent square mesh cut-off for this plant of approximately 1.2 mm. The reported grade is for those diamonds that remain on a +3 diamond sieve, which is approximately equivalent to a 1.15 mm. square mesh screen. Of the diamonds recovered from the Pit 3 kimberlite, three stones exceed 10.8 carats in weight and have been uniformly classified by the valuers as "specials". The largest diamond recovered weighs 14.07 carats. A total of 103 stones in the parcel are classified as + 3 carat diamonds. All valuations were carried out under the direction of WWW International Diamond Consultants Ltd. ("WWW"), based in London, England. Individual valuations on the parcel were carried out by seven independent diamantaires in Antwerp and Canada. These seven values were then averaged to arrive at the value presented in this release. As part of its contract with Winspear, WWW was also responsible for arranging the transport and security of the diamond parcels from Pits 3 and 4 between the Lupin plant and Antwerp, Belgium and their return to Canada. Pit 3 is immediately adjacent to and down dip from Pit 2 that was sampled in 1998. Some comparisons between Pit 2 and Pit 3 results are as follows: ------------------------------------------------------------- Pit 2 (1998) Pit 3 (this release) ------------------------------------------------------------- Dry Tonnes processed 94.0 2,981.8 Grade (carats per tonne) 1.47 1.732 "Special stones" (> 10.8 carats) 1 3 +3 carat diamonds 5 103 ------------------------------------------------------------- Pit 3 is approximately 260 metres south of Pit 4, results for which were released on June 18, 1999 Some comparisons of results between Pits 3 and 4 are as follows. ------------------------------------------------------------- Pit 3# Pit 4* Combined Pits 3 & 4 ------------------------------------------------------------- Dry Tonnes Processed 2,981.8 3,003.9 5,985.7 Total diamonds recovered 5,165.81 5,542.27 10,708.08 (carats cleaned weight) Grade (carats per tonne) 1.732 1.845 1.789 Average value / carat (US$) 111.98 98.42 104.96 Average value / tonne (US$) 193.95 181.58 187.77 "Special stones" (>10.8 carats) 3 6 9 + 3 carat diamonds 103 88 191