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

To: The Fix who wrote (6035)	6/15/1998 10:48:00 AM
From: VAUGHN	Respond to of 26850

HELLO FIX SOME NEWS: WINSPEAR RESOURCES LTD. Trading Symbol: WSP.V VANCOUVER, June 15 /CNW/ - Winspear Resources Ltd. (WSP.V) is pleased to report that 238.9 carats of diamonds have been recovered from processing 199.7 dry tonnes of kimberlite from the NW dyke located at Snap Lake, Haywood project, Camsell property. The Haywood project area is located 140 miles northeast of Yellowknife, NWT. Winspear operates the project on behalf of a joint venture in which Winspear's interest is 57.3%. By completing 1998 budgeted expenditures of $2.68 million, Winspear's interest in the Haywood project will increase to approximately 68%. During the past winter field season, approximately 100 tonnes of kimberlite from the NW dyke at Snap Lake was obtained from each of two pits that are about 235 metres apart. This material was transported to Yellowknife and processed in the Diavik plant. Results are as follows: Sample. Dry Tonnes Carats No. Processed Recovered 64713 (Pit 1) 105.7 90.69 64714 (Pit 2) 94.0 138.21 For both samples, a total of 199.7 dry tonnes were processed for the recovery of 238.9 carats. This yields an average grade of 1.19 carats per dry tonne. A slotted screen measuring 1.0 mm by 9.0 mm was used as a bottom cut-off size in the processing procedure which is equivalent to a square-mesh cut-off of approximately 1.2 mm. The three largest stones recovered weigh 10.87, 8.43, and 6.03 carats, respectively. All are of gem quality. In addition, a further 18 diamonds were recovered that are more than one carat in weight. There is no significant difference in the diamond populations of the two samples. The main purpose in obtaining this kimberlite sample is to determine whether grade and values are sufficiently promising to proceed with further delineation of the kimberlite dyke. Although results to date are encouraging, initial valuation of the diamonds is required before a decision can be made as to the next step in exploration of this kimberlite dyke. All diamonds are presently in the process of being valued. These results will be reported when they become available. Winspear Resources Ltd. John A. McDonald, P.Geo. Vice-president and Director