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

To: teevee who wrote (25507)	2/25/2000 9:22:00 PM
From: Rocket Red	Read Replies (2) \| Respond to of 26850

Teevee This is preliminary Trail for 3 Days to see if things can get settled and if not another trail date will be set. PS Rt will be meeting Toronto Insitutions next week as well then he is going overseas to Insitutions There. TSE listing he hopes will be before the toronto mining Show so thats in a couple of weeks as well. From What I hear De-Beers is making some announcement coming next week as well. The Next 3 Weeks are going to be full of surprises. Infill drilling has started and Blasting the Shaft to go underground is well underway the same for the airstrip. Tons of fuel is already at snap lake. PS Aber in big trouble as no fuel has been trucked and if things change for Aber they will need 1000 trucks to get there fuel in and there is no way that can happen its to late already.Aber's Cost are going to be huge as they have trucks on standby as well if they get the go ahead yet this winter they will fly fuel in. Aber We need lots more money then they Got already as Cost just went though the roof now. Don't be surprised if De-Deers buy's them out cause they need cash. Cheers. PS RT has heard the Rumours of De-beers trying to buy out Aber's interest.

To: teevee who wrote (25507)	2/27/2000 5:05:00 AM
From: brian krause	Read Replies (3) \| Respond to of 26850

I hope the WSP lawyers have a copy of this precident setting case. Searched a long time for this in my past posts. Nothing like reading what I wrote a year ago to make me realize how stupid things can get...anyway I hope this helps. GLIMMER RESOURCES INC. - APPEAL DECISION FAVOURS GLIMMER TORONTO, ONTARIO-- Glimmer Resources Inc. (VSE - GME) The Court of Appeal of Ontario has rendered its decision on the appeal by Exall Resources Inc. of two Orders of the Honourable Justice Rosenberg then of the Ontario Court (General Division). The two Orders were made in the context of an application brought by Glimmer for a declaration as to the respective Participating Interests of Glimmer and Exall in the joint venture gold mining property near Timmins, Ontario. A Reference had been directed by Mr. Justice Rosenberg for the primary purpose of the determining the respective Participating Interests of Glimmer and Exall in the joint venture property. The October, 1997 and February, 1998 Orders of Justice Rosenberg set the "ground rules" for the hearing of the reference and provided directions as to how both parties' Participating Interests were to be calculated. Cash Calls Apply to Both Glimmer and Exall In a unanimous decision, the Court of Appeal agreed with Justice Rosenberg in concluding that Exall, like Glimmer, was required to fund the ongoing cash needs of the joint venture on a monthly basis in proportion to its interest in the joint venture. The joint venture agreement states that "If either party failed to make its contribution to expenditures under a work plan then the party failing to make the contribution shall have its Participating Interest reduced." Exall missed the majority of the required monthly cash contributions to the joint venture between September 1996 and February 1997, while Glimmer contributed over $2,125,000. Exall argued that the determination of whether a party had failed to make its required contribution could only occur at the end of a twelve-month work plan and not monthly. This argument was rejected by the Court of Appeal. The Court of Appeal also affirmed the February 1998 Order of Justice Rosenberg that directed that Exall was not entitled to "catch-up" or increase its Participating Interest by over-contributing cash to the joint venture in subsequent periods was dismissed. Costs were awarded to Glimmer. February, 1998 Order The order of Justice Rosenberg made in February, 1998 adopted the position of Glimmer with respect to the treatment of certain disputed costs advanced by Exall. Exall's appeal from this order was dismissed it its entirety by the Court of Appeal with costs ordered in favour of Glimmer. Relief from Forfeiture In October, 1997 Justice Rosenberg heard arguments and gave an Order that, should the Court's interpretation of the agreement diminish Exall's share in the joint venture, as established on the reference, Exall was not entitled to relief from that forfeiture. The Court of Appeal directed that: "Since the case must go back before a judge of the Ontario Court (General Division) after the reference is completed, the best course is to direct that the issue as to whether that appropriateness of granting relief from forfeiture be decided at that time when all of the relevant circumstances can be considered." At this time there is no certainty as to the timing of completion of the reference. Glimmer is aggressively pursuing an expeditious resolution of this matter. Glimmer is pleased that the decision of the Court of Appeal upheld all of the rulings of Justice Rosenberg respecting the interpretation of the joint venture agreement and the manner of calculating the respective interests of the parties. Glimmer believes that application of the principles set forth by Justice Rosenberg will result in a significant change in ownership of the Glimmer Mine. It is Glimmer's belief that the facts when presented and established before the Court will not support the remedy of relief from forfeiture sought by Exall. For additional information contact: Richard D. McCloskey, President Glimmer Resources Inc. Telephone (416) 364-2173 The Vancouver Stock Exchange neither approves nor disapproves of the information contained herein.