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

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To: Donald McRobb who wrote (5178)	12/10/1999 6:26:00 PM
From: Donald McRobb	of 7235

Canabrava grants extension to SouthernEra SouthernEra Resources Limited SUF Shares issued 27,766,645 Dec 9 close $2.05 Fri 10 Dec 99 News Release See Canabrava Diamond Corp (CNB) News Release Mr. Rory Moore reports A six-month extension has been granted to SouthernEra Resources Limited regarding the private placement option under the joint venture agreement on the Canabrava project in Brazil. Under the terms of the agreement, SouthernEra can earn a 50-per-cent interest in the project by spending a total of $20-million (U.S.) over seven years, with a firm commitment of $1.5-million (U.S.) in the first two years. The agreement also provides SouthernEra with the option to reduce the $20-million (U.S.) earn in obligation to $15-million (U.S.) by subscribing for a private placement for $1-million (U.S.) worth of Canabrava shares on or before Dec. 10, 1999. The partners have agreed to extend the private placement subscription deadline for six months to June 10, 2000. Good progress has been made on the project and an update on exploration activities will be issued in due course. (c) Copyright 1999 Canjex Publishing Ltd.

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