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Gold/Mining/Energy : Winspear---John Paquet discussion group. -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (24)	2/28/1999 3:11:00 AM
From: brian krause	Read Replies (2) \| Respond to of 40

One reason for a corner to be drilled off would be the fault was in place when the magma erupted and there had been seismic activity since the sedimentary rock was placed. The kimberlite would then wedge itself between the layers of sedimentary rock with enough force to split it horizontally till it encountered a path of least resistance that allowed it to have a change in attitude. There could also have been earthquakes that caused portions of fault to shit in elevation. We may have a drill hole that indicates this already to a large degree. Add several glaciation periods with ice scouring the tops off everything ( lucky the dike dips at 15*) and what do you have. Someone a while back asked what would be done about the water leaking into the mine from Snap Lake. Well it would be frozen. They do this in potash mines in Sask.

To: marcos who wrote (24)	2/28/1999 6:25:00 PM
From: russet	Read Replies (1) \| Respond to of 40

I will play devil's advocate: Private placement holders may start selling at end of April (end of 4 month holding), and if they exercised their warrants in December they can start selling those too. Turton, Muzylowski and others have followed a disciplined selling strategy in the past, I assume that would continue. Present statistical analysis cannot confirm +$300 US/carat valuation,.....too few bulk samples to be significant, and they are not random. Chances of getting under $200 US/carat is just as good as getting over, but the market has priced in $300. If we get under $250 US/carat IMHO the stock will drop unless, stepouts increase resource substantially,....but they are only drilling the lake, which may already be factored into price. The present valuation is the best the world has ever seen in this type of deposit (type II kimberlite dyke) and that worries me,...little upside, but big downside. I am hoping for pipe(s) on Hilltop, and lots of good stepouts at Snap for price appreciation before the bulk samples results. I'm not sure I want to be holding a lot of stock when the bulk sample results come,....but my left and right brain are fighting the yea/ney battle all the time. russett