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

To: Frankly Speaking who wrote (19713)	6/1/1999 7:57:00 AM
From: kfdkfd	Respond to of 26850

Todays GLOBE Winspear stock jumps to 52-week high by Carolyn Leitch - Tuesday, June 1, 1999 Judging by the sudden spike in the stock price, investors in Winspear Resources Ltd. are anticipating good news when the company announces results from the latest batch of testing at its diamond play in the Northwest Territories. Shares of Vancouver-based Winspear shot to a 52-week high of $5.25 yesterday when they closed up 58 cents on the Vancouver Stock Exchange. The stock rose 36 per cent in five days. Volume also gained momentum, with 864,082 shares changing hands, making it the sixth most actively traded stock in Canada yesterday. Analyst David James of Canaccord Capital Corp. in Winnipeg said investors have high hopes for Winspear's Snap Lake property in the Northwest Territories. He is expecting results in mid-June from the larger, bulk sample taken at the property after last summer's small-scale sampling program showed promise. The results would show the grade of the sample, while valuation, which indicates whether mining would be profitable, would come later this year. Mr. James said no leaks about the initial results have taken place, but rumours are swirling on the Internet. "There is all sorts of Internet hype going on," he said. Mr. James, who rates the shares a "speculative buy," is optimistic that tests on a 6,000-tonne sample will bear out the numbers from the 200-tonne sample. Previous testing seemed to show that the grade of the sample -- in other words, the average quality of diamonds -- was in the range of a rich $340 (U.S.) a tonne. Despite the recent surge, Mr. James does not believe the stock has gotten ahead of itself. "The better question is, what is the upside potential?" He estimates that the stock could trade in the $5 (Canadian) to $10 range, but he stresses that the market is trading on speculation. "It still is very much an exploration play." John Kaiser, a California-based junior mining analyst who publishes the Kaiser Bottom-Fishing Report, says initial tests will indicate grade and size of any diamonds, but he is more interested in whether mining the property would be economic, which likely won't be known until the third quarter or later.