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

To: Letmebe Frank who wrote (11257)	1/7/1999 9:48:00 PM
From: Wilse	Read Replies (1) \| Respond to of 26850

OK where do we open tomorrow???? Any takers?

To: Letmebe Frank who wrote (11257)	1/7/1999 9:53:00 PM
From: bill	Respond to of 26850

My press release that came by FAX gives the following figures. "Indicated value of the sampled kimberlites US$343/tonne (approx. Can$520 a tonne)" That is the in situ value which is calculated at 75%. There didn't seem to be anything new in this release--at least nothing that hasn't been discussed at some length on this thread. Except that this release confirms the accuracy of some of the information that we have been discussing. Now we are waiting for the caustic fusion results from the two samples plus the caustic fusion of some drill core. Then the announcement that drilling has commenced. Is that right? Given that it is now Jan 7 and they hope to be drilling in the last week of Jan.things should stay fairly tight.

To: Letmebe Frank who wrote (11257)	1/7/1999 9:56:00 PM
From: Gord Bolton	Respond to of 26850

Looks like all good news to me. They are not gong to try and drill off a gazillion tonnes right now. Just enough to show the potential. With 5 to 10 million tonnes drilled off and the 6000 tonne bulk sample complete they can talk to any banker in the country and get the mine put together. the $400 dollar per tonne is just being conservative- no one will kick them for that if it turns out ot be $500. They will take a few stabs at the pipe but not go crazy chasing it around. The important thing at this point is to show an economic resource, get the plant built and start crunching. JP wouldn't pay any more for 40 million tonnes anyway, he will be where all shorters go before it was all mined.

To: Letmebe Frank who wrote (11257)	1/7/1999 11:53:00 PM
From: teevee	Read Replies (3) \| Respond to of 26850

Hi, Here is my preliminary comment: 1. Winspear notes that at the NW peninsula, they extended the strike length to more than 1350 meters north and at least 2200 meters down dip. IMO they are being very very conservative saying they hope to block out an addition 10 million tonnes in an area that already has about 23 million tonnes indicated by wide spaced holes, located within only the western quadrant of the cone sheet. 2.Winspear states that in addition to the NW peninsula, the three "dykes" on the east and south-east part of Snap Lake all may originate from a common centre. IMO, although it is possible that the Snap Lake cone sheet is a single large sheet originating from a single source, examples of cone sheets elsewhere in the world document that multiple sheets and multiple feeders/vents are the rule. The implication is that there could be more than one verticle feeder system (blind pipe). 3.Depending on the depth to the top of the feeder system, IMO, about 3 800 meter holes will be required to reach and sample the blind pipe(s) if they are there. 4. Given the continuity that the cone sheet has thus far demonstrated (Winspear stated that no apparent structural discontinuities have been recognized that could significantly impact open-pit or underground mining operations), if the holes on the south-east and east shore are incorporated into a single cone sheet for the purposes of calculating drill inferred tonnage-and for discussion purposes on this thread(not indicated or proven tonnage-this depends on the comfort level various reporting bodies have with respect to distances between drill holes etc. and in the context of the type and style of deposit), it is easy to end up with over 100 million tonnes resource in a hurry. 5. A preliminary scoping study at higher tonnage rates will not be published until drill proven tonnage numbers will support it. 6. We now know that micro diamond data is in hand and being evaluated. It must be pretty dam good, given the $12 million dollar budget. I can hardly wait until they announce it in a NR. In basketball parlance, this is as close to a slam dunk as one can get in this business. I don't care how hard the price gyrations are. I'm hanging on for the grand slam. This Dr. Bob fellow may well be right in his description of Snap Lake being the diamond discovery of the century. regards, teevee