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Gold/Mining/Energy : SOUTHERNERA (t.SUF)

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To: BozkurtD who wrote (1904)	8/8/1998 12:44:00 AM
From: Gordon Bolton	of 7235

Saturday, August 8, 1998 SouthernEra posts its first profit: $4M By PETER KUITENBROUWER The Financial Post SouthernEra Resources Ltd. of Toronto said Friday it turned a profit for the first time in its history in the second quarter of 1998. Thanks to positive cash flow from diamonds mined in South Africa and recovered from Angolan riverbeds, SouthernEra earned $4 million (16› a share) in the three months ended June 30, compared with a loss of $1.2 million (5›) for the comparable period in 1997. The results are welcome news for investors, who watched share prices plunge in the first half of 1998 while the company slugged it out with De Beers Consolidated Mines Ltd. over ownership of a diamond project known as Marsfontein. The latest results do not include Marsfontein. The two firms settled their dispute in June and their joint venture began mining there last week. The first results from Marsfontein have been promising. The firm says it found about 22,000 karats of diamonds in "the first few days" -- a concentration of about 11 carats a tonne. Tests had suggested the entire Marsfontein find holds about three carats per tonne. The company is spending about $15 million to buy out a minority stake in Marsfontein from Randgold & Exploration Co. Ltd., and plans to write that expense off over the estimated 16-month life of the mining project. SouthernEra shares (SUF/TSE) closed at $6.45 Friday, up 5›. The results were released after the market closed.

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