SOUTHERNERA (t.SUF) Message Board

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

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To: teevee who wrote (3974)	7/13/1999 4:20:00 PM
From: gemsearcher	Read Replies (3) of 7235

Hello Teevee. Don't kid a kidder. :-). Actually , I think the market is tracking SUF's "spiralling descent" into the richest pipe in the world and wants to see evidence of cash flow post M1 that warrants a conventional multiple. Klipspringer is not blue sky - 4.6 million tonnes proven @ 60 cpht recoverable @ US $100+/carat; that # will likely at least double. Rest of Marsfontein will shortly I think be proven to have a much longer life post M1. Camafuca not blue sky - substantial proven reserves , core sample suggests grade estimates understated for some parts of the pipe by a factor of 3(that's the great thing about a proven asset - you can always sell it (BTW , i think I know of an eager buyer for this one :-)) to hedge political risk. Messina is a no-brainer. In summary , I value the assets after discounting for risk - this one is a buy for some , a definite hold for others , and as recent activity has shown us , apparently a sell for a few. I take and appreciate your perspective; IMHO , there is more reason to go long here than any other diamond play I've seen. Regards and Good Luck to you as well.

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