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

To: Paul Bilecki who wrote (18127)	4/12/1999 7:41:00 AM
From: wayne cath	Read Replies (1) \| Respond to of 26850

Winspear Resources Ltd WSP Shares issued 33,721,333 Apr 9 close $3.65 Mon 12 Apr 99 Week ended April 9th by Stockwatch business reporter Winspear was reviewed in Forum Watch last week and there have been no newsworthy developments in the interim. In another active week of discussion, several distinct themes emerged in the Winspear conference. Early in the week, suggestions of some extra-legal influences in the dispute between Winspear and Aber Resources were introduced. The ever imaginative Diamonds wrote: "De-Beers is hot on the trail of Winspear they want a piece of Snap Lake or will take it all. Bet your bottoms up De-Beers will be coming." ScoobyDoo challenged Diamonds to back up his claim with some evidence: "You and others say 'hot on the trail'. I have yet to see any REAL proof. Are these simply unfounded rumours started and fueled here on SW and SI?" Lack of evidence did not deter Diamonds, who claimed that speculation was the name of the game. Consistency did not seem to factor into his posts, either, in ScoobyDoo's opinion: "You mention Aber has a cash problem. Then you state they may decide on a hostile takeover of WSP. And pay with what...ABZ paper?" Diamonds denied making any claim that Aber had a cash problem and went on to suggest that there were affluent interests on both sides of the dispute: Franco Nevada behind Aber; and Jim Pattison behind Winspear. WillP argued that no "white knight" would gratuitously intervene: "Neither Aber nor Winspear have 'powerful money' behind them. No shareholder is going to foot any bills...not without gaining some major advantage." A lengthy post on April 3 by Jspec may well be worth a read by those who have followed the various discussions regarding the nature of the deposit, particularly its shape, and the tonnage implications. Fortunately, Jspec interspersed conclusions drawn from the information: "Conclusion. The dyke is bowl shaped...the bowl is circular or nearly so. If elongated, it is only slight with the axis of elongation to the northeast...There will be dyke extensions to north, northeast, east, etc...Tonnage implications? HUGE." Diamonds expressed surprise at such a bullish post from Jspec, and Teevee commented favourably on the empirical nature of the post. WillP also seemed in general agreement: "I'm not so sure that I can agree that the bowl is necessarily complete, but I have long felt that it is well worth the effort to poke some test holes in 'strange' areas to test the theory." Direct discussion of the legal dispute was broached as portions of Aber's statement of claim against Winspear were posted to the conference. Curiously, the contributions to the debate seemed to break along a clear divide: posters such as Diamonds and Teevee seemed to have little interest in the statement of claim, dismissing Aber's suit as having no merit; posters such as RealityCheck and WillP were more intent on examining some of the central issues. An early and repeated charge against Aber was that they had missed a payment date for their contribution to the exploration program. RealityCheck and WillP both countered that there was no mention of any missed payment. WillP suggested that Aber's case was looking stronger and stronger but RealityCheck pointed out that this was hardly surprising given that little information was yet available in support of Winspear's position. The subject was set aside pending a statement of defence from Winspear. With a moratorium declared on discussion of legal matters, DiamondWillie started a new thread inviting comments on the valuation of the upcoming bulk sample and the discussion turned to matters more familiar to the participants. As the week wound down, DiamondWillie raised some questions regarding the processing plant and time frame until results were available. With respect to the plant, Teevee wrote: "I hear that it will be another two weeks before any rock goes through the plant...then six weeks to process the bulk sample (maybe eight weeks with problems)...so I figure late June before we hear any grades (carats per tonne)..." Diamonds concurred with the time to startup, adding "The plant is being modified so it does not break the Hunkers." Winspear hunkered down from earlier levels, finishing the week at $3.65. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com