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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Goalie who wrote (1680)6/27/1998 10:03:00 AM
From: Ron S.  Read Replies (3) of 7235
 
At the end of the AGM, CJ mentioned while sipping champagne in celebration of negotiating a resolution to M1, two De Beers executives sauntered over and commented on the loyalty of SUF shareholders, with particular reference to the strong worded phone calls they had been receiving!

Now who went and called De Beers?

CJ again reiterated that he wouldn't have been able to endure the last six months without the shareholder participation and support. Good work everyone!

I was most encouraged by the enthusiasm held towards the newly established working relationship with De Beers and the advantages SUF will enjoy from info/technology exchanges and the possibilities of future projects together. I was relieved not to hear the relationship being referred to as a cost of doing business or always having to look over their shoulder.

Speaking to a fellow shareholder, he was waiting for an economic find in the NWT for the share price to dramatically appreciate. I think the legitamacy as a world class diamond producer the market is looking for through success in the NWT will be realized sooner instead through SUF's relationship with De Beers. It will be a long time before we see the same quality of diamonds extracted from the NWT at a cost of $26 per carat.

Other points from the meeting:

- De Beers wishes to proceed without delay on M1.
- The grade of the Sugarbird Blow is increasing as they are proceeding deeper.
- CJ hinted towards the possibility of a purchase from treasury stock at a 25% premium over current market prices.

Regards

Ron S.
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