"Richard Williams's Waseco Resources Inc. (WRI: $0.075) has reaffirmed its long-standing commitment to "take on an added role" at the Attawapiskat diamond property in Ontario, which it shares with Frank Smeenk's Debut Diamonds Inc. (DDI: $0.01). The word "shares" unduly puffs up the importance of Waseco's 5-per-cent interest, but the company has been the only partner touting the play for the past few years as Mr. Smeenk's company appears closer to its demise than its debut.
At first glance, the prospect has favourable geography and geology, sitting just east of De Beers Canada's Victor mine and several other diamondiferous pipes discovered years ago by De Beers, as well as a few intriguing kimberlites worked by Mr. Smeenk's company through the 1990s and early 2000s. Unfortunately, the address also has its downside. The Attawapiskat and Marten River first nations have frequently been thorns in the side of De Beers and several other junior explorers seeking to work in the area. (The lack of an agreement with the Indians effectively killed a planned $50-million deal to bulk sample the U2 kimberlite, 60 kilometres west of Waseco's property.) Nevertheless, Mr. Williams, a Toronto lawyer and an eternal optimist, says that "discussions of a preliminary nature" have taken place with "certain other mining companies" and representatives of the locals."
