SOUTHERNERA (t.SUF) Message Board

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

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To: russet who wrote (5792)	3/13/2000 8:22:00 AM
From: gemsearcher	Read Replies (1) of 7235

Hi Russett. <Just a dumb squished hamsters review>. Well , if you are dumb , then I am dumber <ggg>. (I'm still in , watching the internut bubble; when/if it bursts , I may add to my SUF position). Pretty clear to this hamster that the co. made a decision to leverage the Messina acquisition in order to fund continued Angolan exploration/processing. It will come as a surprise to none that I have some trouble with this decision and will like nothing more if events prove me wrong. Russett , I don't agree that the shareprice is a reflection of Messina eps down the road. There would appear to remain some uncertainty as to whether project finance can be obtained without further equity injection from Messina Ltd. (presumably in the form of a rights offering) , or whether the existing $10 million in cash and $20 million in infrastructure will be sufficient. IOW , I think a multiple much higher than 4X is warranted. Unless Yamba/Brazil/Oz bring stunning results in the very near future (I think a Camafuca JV is a foregone conclusion) , SUF will have to seriously consider whether it should be positioning itself as a pure PGM play IMO. Regards.

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