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

To: teevee who wrote (16798)	3/25/1999 6:31:00 PM
From: Ray.	Read Replies (1) \| Respond to of 26850

Winspear prepares for Diamondex spinoff Winspear Resources Ltd WSP Shares issued 33,721,333 Mar 24 close $3.60 Thu 25 Mar 99 Street Wire by Brent Mudry Winspear Resources plans to launch its spinoff, called Diamondex Resources, with $1-million in working capital and Winspear's 11 diamond exploration properties, all but one in the Northwest Territories, according to Winspear's draft management circular. Winspear filed the circular in the Supreme Court of British Columbia on Tuesday, in preparation of the company's annual meeting, to be held April 29 at the Four Seasons Hotel in Vancouver. Winspear lawyer Robert Holmes of McRae Holmes & King notes that after the spinoff, Winspear will have $11.3-million of working capital, not including the $1-million paid in to Diamondex. The circular and other court filings make no additional disclosure on Winspear's current dispute with Aber Resource on financing commitments for the flagship Camsell Lake project. Shareholders will receive 0.125 of a share of Diamondex for each Winspear share held at the record date of March 22. After the spinoff, Diamondex will have 4.9 million shares issued and outstanding, with an additional 816,400 shares allocated and authorized for issuance under share purchase warrants and mineral property acquisition agreements. Diamondex's new board will comprise Winspear directors Randy Turner, John A. McDonald, John Greig, David Lucas and Mike Muzylowski. The new company will hold all of Winspear's properties, except for its flagship Camsell Lake diamond property. "The petitioner has determined that the true value of the exploration properties will only be reflected in the marketplace if the exploration properties are transferred to Newco and the Camsell Lake property is left with the petitioner," states Mr. Holmes. Winspear notes that it has spent $4-million in aggregate expenditures on the exploration properties. "One of the most significant properties from a commercial perspective is the 100 per-cent-owned Hilltop property on which approximately $1-million has been spent and for which the 1999 exploration program involves expenditures of approximately an additional $1.5-million," notes the circular. Diamondex will assume the full $108,000 of Winspear's liabilities from the exploration properties. The circular also reveals salary increases for Winspear's two top executives. Winspear president and geological consultant Randy Turner signed a five-year management agreement on Nov. 1, 1998, with a monthly base salary of $13,000, or $156,000 annually. This is almost a double of Mr. Turner's pay. The executive was paid $86,000 in 1998 and $84,000 in 1997, under a November 1996 two-year contract at a base salary of $72,000 plus annual cash bonuses. Winspear exploration vice-president John A. McDonald, who earned $62,500 in 1998, is now paid $150,000 a year under an August 1 management agreement. The five-year agreement, signed with Iminex Geoscience, Mr. McDonald's personal services company, calls for a monthly salary of $12,500. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

To: teevee who wrote (16798)	3/25/1999 7:00:00 PM
From: Rocket Red	Read Replies (2) \| Respond to of 26850

Teevee I think were in for a few Surprises By Winspear. 1 Feeder or Pipe??????? 2Big Hunker Diamond???????? The Snap Turtle is out to come out of his Shell. Cheers all in Fun

To: teevee who wrote (16798)	3/25/1999 9:29:00 PM
From: Tom Cat	Read Replies (2) \| Respond to of 26850

tv, facts are: 1. There is one mine in production , another on the way and both have pipes. 2. I own some dogs that have fissures (that is the correct name tv, fissures), and for that to be viable (even in Africa) has to be HIGH grade, i.e. SUF. Take a look at PPX (my dog) they have 15 km of fissures that are 3 meters average and they are struggling trying to prove feasibility....another example?...RXD..aaand on, and on 3. I am not here to see a mine and own a share in the darn thing, I am here for the next run and sale my shares to the people that still believes in Santa. 4. I am not trying to convince that MPV is better investment than WSP, just that WSP to really move needs to either prove the bulk sample is consistent with the mini-bulk (still months away) or a sizable pipe that could be the mother of all this fissures....that will rock this baby and I want to be for that run!! TC