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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: VAUGHN who wrote (6570)5/29/2001 8:43:07 AM
From: gemsearcher  Read Replies (2) of 7235
 
Hi Vaughn.

Long Winter? ;-)

"This is not management performance" . Look back at the balance sheet that the new BOD inherited. Negative working capital , significant deferred taxes , those ugly convertible debentures etc. In the past year:

1. Feasiblity studies and excellent JV terms completed re Klip and Camafuca.

2. New CEO and COO.

3. Streamlined exploration programme (modest financing to evaluate McKay potential)

4. Messina - ownership position increased from 54-70% , senior debt secured , API initiative announced, balance pending but on the cusp.

To my mind , the BOD has done everything they said they would do. For some reason , and without any apparent basis of understanding of the options/alternatives available to SUF , you seem intent on trashing the company for some rumoured sale of a part of the Messina asset. Given your historical level-headed contributions to this board , I find this strange , to say the least. I might go so far as to suggest that the tenor of your posts are sufficiently perplexing as to call into question your motivations to at least the same extent as you are apparently willing to call into question the motivations of others.

My motivation is to make $$$. I don't think I will make money on SUF if I approach it as a long-term diamond play; the industry is unstable and SUF is too small a player. As you know , I have held / bought SUF in the last couple of years pretty much on the strength of Messina alone; is it a long-term investment for me? - I don't know. I'll reassess in the fall.

Regards .
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