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

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To: Jadrew who wrote (1478)	6/9/1998 11:57:00 AM
From: scott birch	Read Replies (2) of 7235

Interesting article from the SA Star: Enjoy! De Beers accused of 'dirty tricks' Jonathan Rosenthal industrial editor Johannesburg - SouthernEra, the Canadian listed mining junior, yesterday said it was the victim of a dirty tricks campaign in its battle with De Beers and the descendants of the original holders of the mining rights to rich diamond deposits in the Northern Province. SouthernEra has been embroiled in a dispute since December over who owns the mineral rights to the Marsfontein farm, the site of a rich diamond deposit discovered by SouthernEra. Christopher Jennings, SouthernEra's chairman, said that since the dispute began there have been attempts to destroy SouthernEra. He claims that earlier this year one of the parties to the dispute attempted to lay criminal charges against SouthernEra alleging that it was prospecting illegally and was in illegal possession of diamonds. Jennings said the police declined to lay a formal charge after they found SouthernEra's prospecting permits were in order. Jennings also claims he had been told that senior De Beers officials have been denigrating SouthernEra's financial standing and attempting to discourage Canadian investors from buying its shares. OAn investigation by the Toronto Stock Exchange was sparked by a report that SouthernEra insiders had carried out trading prior to their announcement of the interdict restraining the minister (of minerals and energy) from granting us mineral rights. This proved to be totally unfounded," Jennings said. Jennings said uncertainty over the Marsfontein rights, and the attendant dirty tricks campaign, had cut SouthernEra's share price from more than $20 a share to a quarter of that value on the Toronto Stock Exchange. Yesterday it traded at C$4,80. De Beers failed to comment before going to press. The dispute began when SouthernEra filed an application for a mining licence in December, after determining that there were no registered holders of the mineral rights. Shortly after it filed its application a group of 29 descendants of the original four owners claimed ownership of the rights. The descendants registered these at the deeds office in spite of the fact that transfer of the rights had not taken place within two years of the deaths of the original holders as required by law. The descendants then gave De Beers an option to buy the rights.

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