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

To: average joe who wrote (24552)	9/27/1999 8:30:00 PM
From: Sam	Respond to of 26850

Picked this up somewere ,seems like WSP is getting better all the time ,,feels like the wheels of promotion are starting to turn slowly ,,,this train is leaving the station Winspear Resources Ltd. (WSP VSE $2.69) 39.24 million shares o/s reported on the resource model for the NW dyke at Snap Lake developed by MRDI Canada. The resource estimate is based on results from two bulk samples measuring approximately 3,000 tonnes each taken from the NW Peninsula and from 189 contiguous drill holes, each of which intersected the kimberlite dyke. Microdiamonds obtained from drill core were used to model macrodiamond grades for diamonds >1.18 mm in size. This is the first time Winspear has reported a resource for the dyke at Snap Lake. MRDI assessed the relative error for estimating the grade within the Indicated resource area to be within 15% at the 90% confidence interval. Indicated and inferred resources are reported as follows: Indicated Resource Inferred Resource >1 m >2 m Total >1 m >2 m Total Total dry tonnes, millions 9.25 8.35 9.35 11.40 8.12 11.97 Grade, carats per tonne 1.96 1.97 1.95 2.00 2.07 1.98 Total carats, millions 18.11 16.49 18.26 22.75 16.80 23.68 Internal waste (included in total tonnes) 0.45 0.39 0.46 0.22 0.06 0.29 Average vertical thickness, m 2.91 3.13 2.84 2.28 2.79 2.15 What is significant from the above is that nearly 42 million carats of diamonds are contained within the indicated and inferred resource for Snap Lake and that the grade has increased to 1.98 ct/t (indicated +Inferred). Previously, the grade reported from the ~6,000 t bulk sample collected from two pits on the NW Peninsula was 1.789 ct/t from a 10,708 carat parcel. Using the diamond valuation of US$104.96/carat obtained from this parcel now gives a value of US$207.82/tonne of kimberlite and an in situ value of ~US$4.4 billion. We therefore continue to recommend Winspear as a BUY, with a $7.00 12-month price target. Additional information about the company can be obtained from their website at winspear.com DAL, Vancouver & ADE, Calgary, September 27 th ,1999