Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: .Trev who wrote (25912)	5/30/2000 3:39:00 PM
From: russet	Read Replies (1) \| Respond to of 26850

Winspear claims 85% interest in Snap Lake project on their financial statements,...quite a fire smoldering under the ground! Winspear reports first quarter loss of $433,000 Winspear Resources Ltd WSP Shares issued 51,634,088 May 29 close $2.12 Tue 30 May 2000 News Release Mr. Don MacDonald reports Winspear Diamonds Inc. (formerly Winspear Resources Ltd.) has released its results for the three months ended March 31, 2000. The company had a net loss for the quarter ended March 31, 2000, of $433,000 (one cent per share), compared with a loss of $541,000 (one cent per share) for the same period in 1999. The reduced loss resulted from the increase in interest income and management fees received in the period, offset in part by increases in administrative costs. These financial results are reported on the basis that the company holds an 85-per-cent ownership in the Camsell Lake property which contains the Snap Lake diamond project. This interest is subject to litigation. At March 31, 2000, on the aforementioned basis, the company had cash of $12.3-million and a networking capital of $5.8-million at March 31, 2000. Subsequent to March 31, 2000, Winspear received payments of approximately $8.5-million from its joint venture partner, some of which is not reflected in these financial statements. STATEMENT OF (LOSS) Three months ended March 31 (thousands of dollars) 2000 1999 Income Management fees $ 143 $ - Interest 229 110 -------- -------- 372 110 -------- -------- Expenses Consulting 70 2 Corporate development 7 52 Depreciation and amortization 24 6 Legal and audit 191 114 Salaries and management fees 180 68 Office and miscellaneous 107 96 Promotion 24 16 Regulatory and transfer agent fees 37 7 Rent 39 38 Shareholder communication 75 110 Travel 51 142 -------- -------- 805 651 -------- -------- (Loss) for the period $ (433) $ (541) ======== ======== (Loss) per share for the period $(0.01) $(0.01) (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com

To: .Trev who wrote (25912)	5/30/2000 7:44:00 PM
From: teevee	Read Replies (3) \| Respond to of 26850

.Trev, More food for thought(courtesy of douglas on SW):-)) - BUSINESS De Beers abandons gem price controls London: Diamond producer De Beers is to abandon its 60-year policy of attempting to stabilise supply and demand in the world gemstone trade and concentrate instead on mining and marketing. The move, sure to send shock waves through the industry, is to be announced on July 12. There will be fears of a re-run of the early 1930s, when gems flooded the market and prices collapsed, the event that led to the creation of the De Beers cartel. But it believes aggressive marketing by the industry as a whole is a better way to boost demand and soak up supply than the operation of what effectively has been a private monopoly. The company's London-based Central Selling Organisation will cease mopping up spare diamond supplies around the world in order to hold up prices, and De Beers generally will abandon its role as international policeman for the industry. In years gone by, this has involved secret agents, freelance spies and an intelligence network spanning Europe and Africa. Now De Beers - shaken by the colossal expense of trying to stabilise the market during the 1990s - is to put its own shareholders first and aim instead to be the industry's "preferred supplier" rather than buyer and seller of last resort. Research by Bain, the management consultancy, has shown that the advertising-to-sales ratio in the diamond business is just 1 per cent, against 10 per cent for most luxury products. The CSO will continue to function, but primarily as the marketing arm of De Beers, whose own mines produce about half the world's diamonds. In 1996, Australia's Argyle mine, the world's largest in terms of quantity, walked out of the De Beers cartel and by the end of the decade De Beers had effectively abandoned price support for the lowest-quality stones. The Guardian