Hello Gemseacher & Peter
Further to our PP's.
I had a telephone call from CJ this afternoon. He explained that his work load has prevented him from replying to my lengthy e-mail sent some time ago, and since he did not think that he was going to be able to get to it in the near future, he was calling to try to answer some of my questions for now.
I will relate what I can recall, but again, please keep in mind that this is my recollection and there may be inaccuracies.
1. Firstly, and perhaps most importantly, SUF will be back up to both Munn and Yamba shortly. CJ has apparently spent a considerable amount of time recently pouring over all of the data from both the Munn and Yamba properties, and expects to sit down with HB shortly to go over everything and decide on the details of their upcoming field programme.
2. He agreed that the current market is probably more predisposed to assigning share value to any SUF Canadian success than to any of its other theatres of operation right now. He felt that this was not logical as “there is no more risk in doing business in the RSA than here” but agreed undeniably the market did not seem to grasp that.
3. On Yamba, they just received the remaining data plots from last fall's sampling and he spent 25 hours this past weekend pouring over all of it and correlating it with their geophysical survey data.
4. His PRELIMINARY opinion was that there appears to be at least 45 realistic pipe like drill targets a number of which appear to have some degree of correlation between the geophysical and geochemical data. This is preliminary and requires further work to refine.
5. A number of the geophysical targets are very distinctly at the heads of geochemical trains and are outstanding and others appear to be within large trains and/or near a number of the existing pipes.
6. There are also a number of high quality targets “in-shore” one particularly good one in fact appears to be right up against the shore. (Gooseneck Target)
7. He feels that these targets and that one in particular are so outstanding and clear that there should be little chance of missing them with a drill. He wants to sit down with HB and collectively assure each other of their economic potential and the strength of probability of hitting them this summer, but to quote CJ, he wants to drill them and “he will beg borrow or steal the budget” to do so.
8. On Munn, he said that he had just recently had the opportunity to look at the diamonds under a microscope from both the Yuri and its parent dike and he was positively effusive and I mean effusive in describing their crystal quality, clarity and colour. To quote, “We are not finished at Munn Lake, not by a long shot”. I take that to mean that CJ desperately wants to find enough of a strike in that dike to justify mining it as he thinks the goods are there.
9. On that other 15m dike so casually mentioned in his AGM speech I am not sure I heard clearly, but it sounded like he said that Kennecott was not as interested in dikes as SUF might be. Apparently it appears to strike for some distance and that it appeared to possibly run into a pipe along the shore of Lac de Gras. This is conjecture on my part, but it sounded to me like perhaps SUF may want to pursue exploration/development of that dike while Kennecott is only interested in pipes. SUF perhaps may be negotiating some such arrangement with Rio Tinto. Certainly if the dike has economic grade/quality stones and sufficient strike, if it remains roughly 15m wide consistently along a significant strike and SUF can barter a better % in return for development, it could prove to be a very very nice little mine.
10. CJ repeated several times that he and SUF are in no way interested in abandoning their efforts in the NWT and that finding mineable kimberlite(s) here is amongst SUF's highest priorities. He knows and appreciates that the market will reward success here and he is committed to achieving it.
It has been a long couple of weeks so the clarity of my recollections really is not too good right now but I think that was the general content of our discussion.
I gather shareholders should anticipate a NR in the near future on their plans.
Finally, if I recall correctly, I think CJ also said something about SUF having to get its story across to the market better and suggesting I think that the NWT play may be one of the better ways of gaining that market attention again. We'll see.
Hope that was of interest and I apologize CJ if I misquoted you anywhere or said anything I shouldn't have.
Regards
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