SOUTHERNERA (t.SUF) Message Board

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

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To: Goalie who wrote (2122)	10/23/1998 3:14:00 PM
From: Confluence	Read Replies (1) of 7235

Hello Goalie, I couldn't agree more with you. Operating earnings are 74 cents a share with net earnings at 46 cents. This is fabulous! What is less easily understood is why this is unclear in the press release. For those that didn't bother to read, look here in SUF's website: southernera.com The full quarterly report is available under the Investor Information, Annual Reports, 3rd Quarter page. The important line about the deferred income taxes is about 2/3rds down in the financial data. I really think this line entry should have been titled "Provision for Taxes on Profits" or something like that. Imagine SUF having a 7 million dollar tax problem!! This is a good type of problem that only happens when earnings are good. This should have been the headline on the quarterly report! I figure the various analysts will take the next week or so to look at the gross margins, cash flow, etc. and will revise up their estimates sometime next week. I'd be surprised if we don't hear about $20-$30 targets in the next short while. Also lost in the quarterly report was the extension of the mine life of M1 to two and one half years -- the tonnage is now approaching 1 million. The compnay now has cash in hand to pay the lump sum due to finalize Camafuca in April/99 and to purchase a smaller, portable plant to hop around Klipspringer testing and mining new sources. This will all be additive to future cash flow. All the expectations of a year ago are coming to fruition for patient shareholders. Now that management can spend time on increasing exploration, other ventures and who knows what, I believe the intrinsic value of SUF will slowly be realized. Off to enjoy the weekend! Regards Confluence

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