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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: Shaw who wrote (23473)	7/22/1999 6:24:00 PM
From: peter matson	Read Replies (1) \| Respond to of 26850

Last stock I saw taken over was Arp.v and can remember some pretty significant sell-offs prior to the take-over offer. This was probably done in part to soften up investors and make the low ball bid look much more palitable. Regards

To: Shaw who wrote (23473)	7/22/1999 6:36:00 PM
From: drj	Read Replies (1) \| Respond to of 26850

Goepel ~ McDermid INsight WINSPEAR RESOURCES LTD. RECOMMENDATION (WSP-V, $3.57) SPECULATIVE BUY 1 2-MONTH TARGET PRICE: $5.00 Snap Lake Makes The Cut as a Potential Diamond Mine HIGHLIGHTS  Winspear (WSP) has a 68 percent interest in, and is project operator of, the Camsell Lake Project located 100 kilometres south of the Ekati Diamond mine. Aber Resources (Aber) has a 32 percent interest in Camsell Lake.A legal dispute regarding Aber's participation in the 1999 exploration program could result in dilution of Aber's interest to 16 percent depending on how the dispute is ultimately resolved. A high-grade kimberlite dyke system, the NW Dyke, is being delineated at Snap Lake, which lies within the Camsell Lake Project area. The narrow width, high grade and high diamond values of the NWDyke are somewhat analogous to kimberlite fissures being mined in southern Africa. Results from the first 3,000 tonnes of a 6,000 tonne bulk sample indicate a grade of 1.8 carats per tonne with an average value of' US$93 per carat. The resultant value of US$ 132 per tonne could potentially support an underground mining operation * The NW Dyke dips gently under Snap Lake, has been traced over a strike length of2,000 metres and down dip 2,500 metres, and has an average thickness of2.5 metres. The implied tonnage exceeds 1 million tonnes however; we feel an estimate of 5 to 10 million tonnes is appropriate at this stage given the I united drilling to date. * Snap Lake is a good speculative story and we rate WSP as speculative buy with a one year target price oI'$5.00 per share. An updated resource estimate within two weeks and results for the remaining 3,000 tonne bulk-sample by the end of July could draw increased attention to the story and justify a higher target price. Aber's 32 percent interest in Snap Lake is worth $0.40 per share Aber for every $ 1 .00 per share in WSP. We continue to rate Aber as a Buy with a one-year target price of 15.00 per share. June 24, 1999