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

To: Rocket Red who wrote (25166)	1/2/2000 1:11:00 PM
From: teevee	Read Replies (2) \| Respond to of 26850

Red, A small correction.....Subsequent to Aber defaulting on providing their portion of funds for last years $12 million budget as per agreement, the dilution only occurred AFTER Wispear spent the $12 million. If Aber wins, they would have to kick in their $4 million or so. If they loose, they kick in nothing because Winspear had to spend the budget for the dilution from ~32% down to ~16% interest to occur. Aber would have to kick in 16% of any suplimental 1999 budgets over the initial $12 million budget, however, I suspect the fall drilling program was initiated to spend the balance of the original $12 million budget to ensure the dilution as prescribed under the operating agreement had actually taken effect. regards, teevee