Hello Vaughn:
And, to all:
Chris Jenning was optimistic that SUF will eventually mine the disputed M1 pipe on farm Marsfontein. He made his remarks in a television interview on CBC Newsworld this morning.
Mr. Jennings, when asked about the M1 disputed mineral rights, said when the company researched the property, it found that the 400 hectar property was registered in the 1920-s. But a search of the estate documents failed to turn up any passage of the rights to heirs, therefore, SUF and partner Randgold, applied for a mining permit under section 17 of the Mining Act.
The discovery of a rich pipe followed a court action by heirs, who now apparently formed a company trying to get around Sect. 17 of the Act. Mr. Jennings says this is "a completely new dimension" and SUF and its partner have asked the court for leave to examine "the underlying legalities" of this new move by the heirs, which took everyone by total surprise.
Mr. Jennings said the bottom line financials for SUF would be affected by the loss of M1, if that were to happen.However, he added "we hope to mine this in a couple of months, or less" indicating what the weekend FP story suggested that there may be some room to negotiate here. After all this property is less than 10% of the 50,000 hectars SUF holds at Klipsringer. Projections remain that SUF will be the second largest diamond producer in SA after DeBeeres.
He also recapped SUF's progress in Angola; the 106-carat stone they found recently; so far they mined approx 23,000 carats! despite heavy rains and they also have a very large pipe (Camafouca) which "will bring SouthernEra very big money". The govt and the political situation in Angola has stabilized, he said.
On Munn Lake, he is very confident that "we have a chance for the discovery of a very rich pipe..." which he hopes will provide the Canadian "jackpot" for SUF. He says partner Kennecott has spent $4Million and the overall program will see $5.5M spent on this project this year.
"Maybe this will be our year in Canada" he concluded the interview with John Dawe of CBC Newsworld, Business Breakfast Show.
I think some parts of the intrvw will be replayed later in the day... since it was live at 6:45AM ET!
This afternoon CJ will fly back to SA, I believe, to attend to business there.
Goalie. |
