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

To: Tomato who wrote (3680)	11/3/1997 2:49:00 AM
From: GOLDIGER	Respond to of 26850

Sorry Tomato, there is no morality in the stock market. If you want morality you better look elsewhere. And don't try looking in the courtroom either. I figure you probably paid a much higher price for your shares. Say $3.00 per share. Why don't you average down here at this price range. If you are still holding your shares then you must harbour some hope or belief that this company will find the pipe. As I explained earlier, companies like Diamondfields, Diamet, and Aber underwent huge dilutions after their initial discoveries. Winspear is really not that much different. In case you hadn't noticed the entire junior mining market has suffered its worst year mainly due to the fallout from Bre-X. Many fund managers liquidated their holdings in juniors right across the board. The ONLY event that would have kept Winspear trading at higher levels would have been the discovery of a pipe. Winspear management cannot make up news to soothe their shareholders. I gotta run I'm having a conference call with the President of IBM who is going to fill me in on all that company's plans for the upcoming year.

To: Tomato who wrote (3680)	11/3/1997 3:22:00 AM
From: marcos	Read Replies (1) \| Respond to of 26850

I'm here, Tomato, just catching up, haven't been here for a long time, one of my wives is livid, I told her I'd be off the computer an hour ago. There's lots of good common sense here lately, Walt and Goldiger leading, imho. Cancel la Revoluci¢n-- there was no Fruit in shining armour riding up from the South to lead the campesinos at the critical moment, which has passed. I couldn't do it, no way would they let this horse into the meeting, and anyway on the record date I was holding very few shares (more since). You make so many good points regarding ethical corporate governance, but the peasants were not sufficiently inspired on this go-around. Maybe "Next year in Jerusalem" --- ¨Qui‚n sabe? As a speculative investment, I like Winspear a lot at this level, they are going to drill the lake, finally, from which it always seemed apparent that the diamonds originated, and for which drilling they were not prepared last winter. It would be very surprising if that drilling didn't bring a whole lot of speculative interest, at least a two- or three-bagger from here, so I've loaded up about as much as I ever do with a speccie prospect of a stock. Yes, they stink in a lot of ways, Tomato, but this is the VSE, and remember; . ........<hint>Diamonds are a Goy's Best Friend</hint> ......... cheers ................. macros PS .. I heard that there was no legal requirement to notify out-of-province shareholders of the EGM, or to supply them with a proxy unless they asked for one. But I'm not sure of the source, so call that a rumour.

To: Tomato who wrote (3680)	11/3/1997 7:18:00 PM
From: Diamond in the Ruff	Read Replies (1) \| Respond to of 26850

>If I recall rightly, there was a NR that disappeared (Macros was very good >about giving us the URL on the missing NR). I think that was the NR where >WSP said there was going to be 2.2 million extra options if they could get >away with it. The vanishing news release is the one announcing the re-pricing of the 2.2 million options approved Feb.10/97 - no extras. >Then, the next thing some of those who got their proxies (not Surething >or me, or presumably a lot of other US shareholders) found out was that >the 2.2 turned into several million more. ( I'm still not clear on whether >it was a total of 6 million shares or what, never having gotten my proxies- >but it sure was a lot relative to the previous fully diluted number - 20% >more some have said). Not quite, at the EGM an Employee Incentive Option plan was approved allowing the board to issue up to 4.5 million options - none have been issued as yet that I'm aware of. If you or anyone else would like I can post or email a summary of the contents of the proxy information. >Why was it that WSP needed these extra options? To entice geologists to >stay on board what some here believe is the best geology find since West >Texas oil was discovered? It just doesn't make any sense to this threadster. >6 million new shares at 80 cents per share is only about 3.4 million US >dollars. Dilute the shares by 20% and gain $3.4 million in the company >treasury. Doesn't sound like a very good deal for the people on this thread. There are at present 2.2 million options from Feb.10/97 repriced to $1.62, no others have been issued since, so the above figures are incorrect. >If the winter program is a success, as Chris and some predict, all WSP >would have to have done is waited a few months and they could have made >a secondary offering at prices over $5, I would guess. To get $3.4 million >US at $5Canadian per share would only require less than a million shares, >instead of 6 milion shares. But I'm only looking from the point of view >of shareholders who own the company, not the point of view or the >Directors who want to make as much as they can while longsuffering SH >experience huge "paper" losses. (There is no such thing as a paper loss! >So says every market professional who has any credibility) The primary purpose behind an option issue is to provide an incentive to employees - not to provide capital, though that is a side benefit. This mechanism has become grossly mis-used by corporations everywhere, options are often granted to mislead the public as to the specific remuneration directors and executives are receiving. This is now commonplace on Wall Street, but always has been the case on the VSE. As VSE companies go, Winspear has been one of the better ones I've seen in terms of lack of insider selling (excepting Mr. Lucas), relatively modest option issuance and well-organised fieldwork programs. There are many possible reasons for the decline in share price since the heady $3+ days, the most obvious being that there has been no pipe found yet. I am well aware of the risk involved in investing in a diamond exploration play, however I feel this risk is mitigated by the fundamentals in this company - well financed, experienced professional geological team, strong J.V. partner (Aber) and very promising geology - diamonds found in till, boulders, dykes (not to mention pinks). The next little while is liable to be fairly quite, unless there are some surprises from the boulder analysis currently being done by Lakefield, due, I believe, sometime in the next few weeks. Cheers, Kim Disclaimer: I am a shareholder in Winspear Resources. I am not an investment advisor and am offering my comments for discussion purposes only. Do your own due diligence.

To: Tomato who wrote (3680)	11/4/1997 7:18:00 PM
From: Richnorth	Respond to of 26850

OFF TOPIC Hi Tomato, I think you will find the following spoof version of YESTERDAY very appropriate for Dr. Mahathir Mohamad, the chief critic of Dr. Soros who was accused by him of having precipitated the currency turmoil in S. E. Asia. Richnorth ********************************************************* SPOOF VERSION OF THE OLD BEATLES SONG YESTERDAY DOING THE ROUNDS IN U.K. YESTERDAY** (Supposedly sung by the Prime Minister of Malaysia, Dr Mahathir Mohamad) Yesterday, all my Soros seemed so far away Now I know this mess is here to stay Oh I believe in yesterday. Suddenly, I'm not half the worth I used to be There's a thick haze hanging over me Oh I believe in yesterday. Why did the ringgit go? I don't know. It wouldn't say I said something wrong and now they call, I have to pay. Yesterday, stocks were such an easy game to play Now I have to run and hide away Oh how I long for yesterday...... >From the Daily Telegraph, London. November 1997