Winspear releases Snap Lake numbers
5,542 carats recovered; one weighs 14.3 carats

Doug Ashbury
Northern News Services

NNSL (Jun 23/99) - Results of a bulk sample at Snap Lake are being described as "encouraging" by Winspear Resources, operator on the Camsell Lake property.

The Vancouver-based company reports 5,542 carats of diamonds were recovered from a 3,004-tonne kimberlite sample taken at the site, located 230 kilometres northeast of Yellowknife.

"Winspear is highly encouraged by these results and is looking forward to integrating all the data obtained during the winter program," the company said in a release issued on Friday.

The 5,542 carats have been valued at $144 ($98.42 US) per carat. Per tonne value is $267.03 ($181.58 US).

The kimberlite contained 1.845 carats per tonne.

Of the diamonds recovered, six stones exceeded 10.8 carats. Some 88 stones exceed three carats.

The largest diamond recovered weighs in at 14.3 carats.

All values were carried out under direction of London-based WWW International Diamond Consultants Ltd. Individual valuations were carried out by seven independent diamond valuators in Antwerp and Canada. The seven valuations were then averaged to arrive at the numbers released Friday.

The 3,004-tonne sample was taken from pit four on the NW dyke -- a dyke is a tabular body of igneous rock that cuts across adjacent rocks -- at Snap Lake, Hayward Project.

Winspear has started processing kimberlite from the project's pit three. Results are anticipated at the end of July.

"A more comprehensive evaluation of the diamonds in the NW dyke must await results from processing the pit three kimberlite. Results from pit three and four will be used to help estimate the grade and value per tonne of the NW dyke for feasibility study purposes," Winspear said.

Winspear stock was trading down 41 cents at $3.64 midday Monday.

In anticipation of details on the spring kimberlite sampling, the company's stock rose significantly in the latter half of May -- to a 52-week high of $5.30 a share from $3.60 a share.

Winspear president and director Randy Turner was not immediately available for comment.