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

To: maintenance who wrote (15980)	3/17/1999 11:31:00 AM
From: MrsNose	Read Replies (2) \| Respond to of 26850

Here you go maintenance: Aber, Winspear argue The Vancouver Sun Rod Nutt, Sun Business Reporter Vancouver Sun Two Vancouver companies, Aber Resources Ltd. and Winspear Resources Ltd., are in dispute over the Camsell Lake diamond property in the Northwest Territories. The disagreement involves Aber's participation in the proposed $12-million exploration budget for 1999. Winspear, the operator, maintains Aber has decided not to participate in the 1999 program and budget. As a result, Winspear said it will pay for the entire program, thereby reducing Aber's 32.24-per-cent interest in the project. "The project operator's position appears to be based on the assertion that notice of Aber's intentions to participate in the program was not given in writing, in strict accordance with the terms of the joint-venture agreement," Aber said in a statement Monday. Aber said it's protected from any forfeiture of its position in Camsell Lake by the provincial Law and Equity Act and has instructed counsel to start proceedings to enforce its rights. The Camsell Lake diamond project is 220 kilometres northeast of Yellowknife and 100 kilometres south of Aber's principal asset, the Diavik diamond project at Lac de Gras, N.W.T. Separately, Winspear president and chief executive officer Randy Turner said the company's board of directors has approved a corporate restructuring. Under the proposal, all of Winspear's early-stage exploration properties will be spun off into a new company. Winspear will continue to hold its interest in the Camsell Lake property. Margie