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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Peter Bourgeois who wrote (5449)1/19/2000 12:31:00 PM
From: gemsearcher  Read Replies (1) of 7235
 
Hi Peter.

I confirmed with ML that their April 20/99 report on Messina (very detailed - you can get a copy from the co.) is their most recent.

ML's base case model in that report valued 54% of Messina at "just under" $4 per SUF share.

It is interesting to note that ML's valuation of $4 was based on :

1. 60K tonnes/120K ozs. production p.a.. Since then , SUF has announced they will be ramping up production to 80K tonnes/160 ozs.

2. Long -term forecasts of $420 oz. platinum/$285 oz. palladium . Their current long-term forecasts are just under $400 oz. for both platinum and palladium. The deposit is 43% platinum , 35% palladium.

In light of 1. and 2. , a $5 valuation doesn't seem unreasonable.

Regards.
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