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Gold/Mining/Energy : Trump's 12 Diamond Picks, Discussions Limited -- Ignore unavailable to you. Want to Upgrade?

To: Tim Henebry who wrote (559)	2/3/1998 9:45:00 PM
From: Surething	Read Replies (1) \| Respond to of 2251

Canada NewsWire Give us your message. We'll give you the world. Attention Business Editors: WINSPEAR RESOURCES LTD. ANNOUNCES THAT GEOPHYSICAL SURVEYS ARE WELL UNDERWAY ON THE CAMSELL LAKE PROPERTY VANCOUVER, Feb. 3 /CNW/ - WINSPEAR RESOURCES LTD. Trading Symbol: WSP.V Winspear Resources Ltd. (WSP.V) is pleased to announce that surveys are well underway on the Camsell Lake property which is situated approximately 220 km north-east of Yellowknife, NWT. A diamond drill, heavy equipment, and fuel are presently being mobilized to the property; drilling is anticipated to begin shortly in the Snap Lake area. A second drill will be mobilized to the property in early March when daylight conditions are more favourable. Winspear's joint venture partner has decided not to participate in the 1998 program on the Haywood Project of the Camsell Lake property. Winspear, as Operator, has elected to fund the entire proposed $2.7 million exploration budget of which approximately $2.3 million will be spent prior to spring break-up mainly on drilling and in obtaining and processing a mini-bulk sample. Upon completing the planned 1998 expenditures, Winspear's interest in the Haywood block of the Camsell Lake project will increase from 57.3% to approximately 68.5%. The Haywood project on the Camsell property covers approximately 277,360 acres. It includes both the Snap Lake and the CL 25 areas in which diamond-bearing kimberlite has been located on the property to date. Diamond analyses obtained from the various kimberlite occurrences in the Snap Lake area are amongst the best reported from early-stage samples in the NWT. Planned work on the property is as follows: A. At Snap Lake, diamond-bearing kimberlites occur over an area approximately 3 km by 1.5 km. During this season, approximately 4800 metres will be drilled in this area to test a variety of targets. Plans are also well advanced to take a 100 - 200 tonne sample from the diamond-bearing kimberlite dyke discovered in the northwest peninsula area. This dyke has been intersected in eleven holes over an area of about 800 metres by 600 metres and remains open along strike and down-dip; true thicknesses range between 1.5 and 3.5 metres with an average of about 2.5 metres. The objective of this program is to obtain sufficient diamonds to permit a preliminary indication of value per tonne. In the CL 25 area, an additional 1000 metres is budgeted to test seven targets that have been defined by indicator minerals and / or geophysics. B. On the Athenia project area, Winspear, the Operator, will fund its 55% share of this $475,000 program in which 1500 metres will be drilled to test 10 geophysical targets. Winspear is highly encouraged by its results to date in the Slave Province, NWT, and is looking forward to another active year of exploration in the area. The Company is well-financed with approximately $8.8 million in working capital. Winspear Resources Ltd. Randy C. Turner, P.Geo President and Director The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release. -30- For further information: Randy C. Turner, President and Director, (604) 687-6644, fax: (604) 687-1405, U.S. Toll Free: 1-800-686-7744, email: randgrp@helix.net, web site: www.winspear.com WINSPEAR RESOURCES LTD. has 23 releases in this database. General Inquiries cnw@newswire.ca Technical Issues webmaster@newswire.ca