There was a target map of all the NWT claims in the presentation. It is in the updated info on the website. It shows SUF holds much of the ground (with partners) around Diamet, Ekati, Winspear and MPV. Take some time to go through the new slide show,...everything we saw in the presentation is there now.
Not sure when summer programs in Canada will start. Don't think anyone touched on those topics. They did say their number 1 priority is South Africa (diamonds and PGM's), followed by Angola, then Brasil, and finally number four was the NWT. Further drilling in Marsfontein and Klipspringer will commence in two weeks. I was told production facility capacity is to be increased again in SAf by adding more dense media separation units, and the fissures will be mined simultaneously in both directions and in several places at once as more areas are drill proven. The Messina PGM project is quite far advanced already by the former owner. Shafts have been sunk and several buildings have been built on the property,...such as a building full of compressors. A headframes can be seen in the pictures on the slide show.
My after the session discussions with Lee Barker, gave me the impression the Angola situation is not what is being reported in the press. Much of Angola is very peaceful. Many of the Unitas factions have sided with the government leaving only Savimbi and a few bandit gangs roaming around. Camafuca is in an area where small groups of these ragtag bands of bandits running around picking on the old and weak. The area SUF is in, is highly fortified with lots of government troops and private security forces. He said the security forces are in many cases supplied by government insiders who are getting rich supplying armed security, and transportation services to mining firms,....thus the war is a cash cow for these "corrupt" officials. The west, especially the U.S. has tens of billions at risk if Savimbi attacks the oilfields. For that reason, it is unlikely such an attack would be tolerated. I got the impression the production decision has already been given the green light and they are getting close to purchase this big wheel dredge (great picture in the slide show) and processing plant soon,...apparently they are not that expensive.
Further discussion on Brasil revealed Teck left after finding some 500 kimberlite occurences or targets, only something like 10% have been tested in any way,...none of the drill cores taken from these occurrences were properly tested for diamonds,...most of the drill cores were placed in storage and never analyzed at all. Teck had to downsize, and apparently Teck felt they lacked the expertise to explore for diamonds, so dropped the project. My impression is Lee feels Brasil has the greatest potential of all,...because of the large number of targets and the rich history, including the fact that almost all the worlds big carat fancies of rare color have come from this area of Brasil. Not sure what rivers those recently found big diamonds came from Mike,...but a map was displayed at the AGM and I think Lee Barker pointed to the middle bottom area of the Canabrava Joint Venture but I was writing stuff down when he did the pointing. I may be wrong, but I think the two red stars on the Brasil map may be where those big diamonds were found.
Some additional interesting facts from Chris Jennings.
Japanese are back in the market for diamonds.
U.S. retailers have low inventories of rough and polished diamonds.
U.S. polished sales are up 10% over last year.
Europe has strong and increasing sales as well.
DeBeers earnings were up 49% over last year, and their inventory of diamonds is dropping,.. quickly.
Look at the slide show folks. It is very good. Public communications are good, and getting better as profits increase.
Bitching at the meeting did occur,...but most seemed to feel the company was addressing the low share price in many ways. They have hired two firms to provide information to shareholders, broker analysts and news services. They have hired some kind of financial service to investigate listings with other exchanges. They have assembled a good team of explorers and mining engineers, and a great stable of exploration and mining properties.
The re-pricing of stock options was explained to be needed to properly compensate some of the highly experienced management that was lured away from other companies. It was not for the directors.
I look forward to increasing share prices.
russett
Edit: As I review the slide show, all sorts of great things are coming back to me out of the beer haze. This SUF presentation blew the detractors out of the water. Chris and company finally has many of the bases covered. This company is quickly graduating from the exploration company to the world class production company very quickly. I think it will become the Barrick of diamond miners. |
