Hello Jimmy
Thanks. This post on an apparent conversation with SB was on the Stockhouse thread and copied to me.
"Overall, he was very well-spoken, and very well-versed on SUF's assets.
He's come up to speed very quickly, and understands
the precarious position SUF is in. He also understands the huge potential of
the assets of this company.
New COO in SA probably 2-3 months away from being hired, as he has projects
he's winding down. Will be an advantage to have
COO living and working in SA, near the projects. Highly-regarded individual,
unnamed at his request.
Lee Barker will work to salvage whatever can be from Camafuca. No plans on
Steve Banning's part to spend any more SUF
dollars there, as it's too much risk. Finish pre-feasibility, and work to
bring in JV partner, who will fund any more development.
All operations and expenditures report directly to him, until his staff is
in place. Everyone is accountable to him.
CJ will continue as a consultant to the exploration programs.
SUF will remain listed on the TSE.
US listing to be sought; will work on London listing paperwork, and wait for
appropriate time to list, perhaps with an IPO.
54% of Messina. He wants 100%; timing isn't there right now.
The company needs to get into a stronger negotiating position, by raising
capital, hence the move to Denver. While it isn't a mining
finance capital, there are pools of capital there, which will be very
interested in a PGM project.
Eric Kinneberg, the new CFO, has worked closely with Steve in the past, and
is an EXCELLENT negotiator.
#1 asset is the Messina. Feasibility was done on Voorspoed, as shaft/devt
was already in-place. Would like to speed up devt by 6
mos on Voorspoed.
Doornvlei reef is near-surface and hence would be faster to get into
production, but there are social issues with the Doornvlei, as a
village lies on top of the reef. Negotiations with village have begun on how
best to proceed. If negotiations are successful, may be
in production much faster.
Move to Denver will occur in the next 2 months; put out annual report, wind
down Toronto; ramp up Denver.
Cash flow good thru end of year, when M1 is mined out. Currently drilling to
see if they can go underground on M1.
Klipspringer is #2 project in SUF's priority list. Working on feasibility to
hopefully produce 10-15,000 carats/month, with cash flow
of $30-40/carat. Some of the Klipspringer fissure is subeconomic, and
they're working to delineate what parts are economic.
Minor joys in Brazil, but no large rocks. If the company encounters any
large stones, they will be treated as material information
(will be reported in an NR).
I won't post what he believes can be achievable for a share price, but some
posters here have not been far off...Messina is the
project that will get us there, with the hope that in 4-5 years, Messina can
be ramped up to 500,000 oz/yr.
If I've misquoted anything, my apologies to SB.
Geoff
Regards |
