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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: gemsearcher who wrote (5642)2/9/2000 9:15:00 PM
From: Gord Bolton  Read Replies (1) of 7235
 
Messina Mine

Commodity change Grade US$/Tonne change
Prices April99 Feb00 grams April99 Feb00 US$
per ounce per tonne
Platinum 359 563 204 3.35 38.66 60.64 21.97
Palladium 349 593 244 2.65 29.73 50.52 20.79
Rhodium 817 2475 1658 0.4 10.50 31.83 21.32
Gold 280.55 312 31.45 0.3 2.70 3.01 0.30
per lb. %
Nickel 2.19 4.20 2.01 0.2 9.65 18.52 8.86
Copper 0.62 0.807 0.187 0.12 1.64 2.14 0.49
Cobalt 15 15. 0.0 0.00375 1.24 1.24 0.0
92.91 166.66 73.74
Cost/tonne rev/tonne rev/tonne
34.21 92.91 166.66
profit/tonne profit/tonne
58.70 132.45

Rate of mining

1 million tonnes per year

profit
US$132.4 million per annum

X 1.45=CDN$192 million per annum

/26 million shares=CDN $7.38 per share

X 54% (ownership)CDN$4.00 earnings per annum

X 10 = share price $40.00

X 25 = share price $100.00

Actual results may vary materially.

Please note, this model does not include the cost of final
extraction of the metal from concentrate which will be done
by Impala. Impala may be able to recover additional minor trace elements.

This cost will not be insignificant but neither will it be
onerous. I think that it may well be offset by an increase
in % ownership by SUF.

SUF may acquire more than 54%.

I have to get that darn calculator fixed.

Anybody have some good rum?

Sorry about all the revisions. I thought that I had all the
right numbers plugged in but between my calculater, cut and
paste and going back and doing it over I ended up with some
of the former values.

As consolation, I hear that KRY are drilling pipes on JV ground in Uraguay!

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