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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: VAUGHN who wrote (3047)4/23/1999 1:11:00 AM
From: Gord Bolton   of 7235
 
In February of 1999 Hilton Ashton in a report prepared for B.O.E. Securities lamented the lack of Canadain investor interest in Southerera.

Based on an exhaustive review of the Marsfontein/Klipspringer diamond mining operation Ashton had this to say

" Recommendation: SouthernEra is cheap at C$7.05 per share therefore rates
a BUY. Our DCF valuation is C$ 14.93 per share with one- and three- year
price targets of C$20 and C$28 respectively. These targets are dependant
on favourable investor perception that the diamond industry is past its
worst."

Message 8553467

Since then many developments have taken place. Follow the links provided below.

Message 8693356

Since that post Southernera announced a JV with Canabrava in Brazil.
No evaluation has been attributed to this development. More information should be available soon.

Message 8726005

This month Southernera announced an arrangement to aquire the Messina PGE/nickel/copper/cobalt mine. Merril Lynch has estimated that this development should add $3.00 to $4.00 per share to the present value.

Message 8938252

Since the Hilton Ashton report Southernera has finalized the aquisition of the
Camafuca Pipe. This should add $.70 per share value to Southernera.

Message 8965633

Based upon Klipspringer/Marsfontein, Messina Mine and Camafuca SUF would have a present value of $20.00 per share. Prospects in Canada's NWT and the JV with Canabrava in Brazil would be additive. SUF also has property in Uraguay which may be developed further now that SUF is active in South America.

Ashton's price targets could fairly be adjusted to a one year target of $25.00 and a three year target of $33.00---if one is to assume that nothing of value will be found in the western hemisphere.
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