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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Elizabeth Andrews who wrote (5822)3/16/2000 1:04:00 AM
From: russet  Read Replies (2) of 7235
 
I may be just a dumb squished hamster,...but I'm beginning to think that either everyone gets a gun, or nobody gets a gun. Personally, I think everyone should have a gun. Respect only comes if everyone negotiating is equal. Mrs. Hamster says everyone should have an Uzzie and a rocket launcher. She's one tough cookie :-))))))))

Hamster calculations indicate SUF is close to fair value here based on Messina cashflow ($.80 per share) in 3 years (discounted value) and ignoring all other projects. Multiple of 5 due to string of broken promises and uncertainties in PGM price market. They need another mine, and current properties look not to deliver such for a minimum of another year. They could stumble on something.

I notice you like PDL. Project is very sensitive to Palladium price, and I notice that they must blend ore from 3 basic types found in the deposit. Only one of the three types is high grade in PGM's and it is very small in tonnage. Once that part of the deposit is used up, the average grade and profitability declines considerably. I see they plan to mine that area early, suggesting highgrading.

I prefer the upside of IDO which has staked all the prospective ground that SWC does not have around the Stillwater mine in Montana. They have found PGM's measured in ounces per tonne (not grams per tonne) in the Chromitite layers surrounding the original JM reef orebody. They have barely scratched the surface in terms of exploration. Found myself buying a few lately to add to my freebies at $1.50 level. SWC has hit $30 US. IDO could do the same. Take a look, and come back and burn me :-))))))

http://www.montanaplatinum.com/platinum.htm

The map is not up to date. They now have a JV with Chrome Company, who control the land between Chrome Mtn and Black Butte south of the JM reef. That means IDO now controls all the Chromitite layers known to exist south of the JM reef in which all those lovely ounce per tonne PGM's are found. The story has just begun.

http://www.montanaplatinum.com/pr022300.htm
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