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

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To: buylowsellhigh who wrote (1677)	6/25/1998 7:20:00 PM
From: Goalie	Read Replies (3) of 7235

To All: The annual general meeting was very positive; a lot of "quotable quotes", CJ recapped the settlement and the agreement with DeBeers (all previously made public) and hoped now that the dispute is over with, SUF and DB can begin building bridges and establish a good working relationship. The Randgold deal is a handshake while the lawyers are working on it; the price will come out of future earnings -- he may have to borrow to clean it up. Obviously he did not elaborate on issues that are covered by non-disclosure. The formal proxy votes on extension of the options etc showed a few dissenting votes sending a message to the board of SUF that a number of things need to be done -- improve communications with investors and better accessability of key board members; all of this was acknowledged by CJ and promised the situation will improve. A couple of new things -- SUF discovered a small pie between Sugarbird and Leopard; has indications of 4 pipes in NWT; will begin mining M1 by July 15th which will result in cash flow which will alow payment for Camafuca and for startup of Klipspringer underground phase; SUF keeps bumping into more fissures at K and on M farm. Reiterated that DB will NOT impede the M1 and CJ believes DB will want to make it a model jv project; SUF feels it has "an excellent" marketing agreement, far below the 25%-25% suggested earlier on this thread; and DB engineers have complimented on the efficiency of the processing plant. and, SUF has one of the best exploration protfolios in ther world... The Upper Canada Room at RYH in Toronto was jam-packed; there were no grouchy questions; CJ thanked the shareholders for the support he received during the past seven-eight months which sustained him throughout this arduous affair. At the end he got a hearty applause and people I spoke with while mingling and munching on veggies and cheese and crackers were pleased with the positive attitude and the future of SUF is indeed bright! Regards.

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