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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Peter Bourgeois who wrote (1769)7/18/1998 2:00:00 PM
From: DavidA  Read Replies (1) of 7235
 
Hi Peter, I had an interesting discussion with F.Van De Water (SUF) this past Friday, in review of the following items, some of his comments are as...

(1). Status of the M1 permit

All corresponding documentation in acquisition of the permit has been provided and is confirmed to be in the hands of the appropriate party for final signature. Also noted is under normal circumstances a mining permit may generally take up to 3-6 months to acquire. Based on the events and previous delays to this project the DME is proceeding through this process as swiftly as possible. Southernera may receive the permit as early as end of next week.

(2). Sale of Diamonds (M1) through DeBeers, restraints,limitations ?

Diamonds from the M1 are of high quality and large, in which there is an apparent shortage in the market and a high market demand. Evidently, there would be no impact in the sale of such diamonds through DeBeers. The last parcel of diamonds was sold at an avg price of approximately $145 US which exceeded forecasted sales figures of approximately $120 US

(3). Financing - Acquisition of Rangold

Cash flow from the existing properties within Klipspringer / Angola are of good levels, which will currently not require a financing to take place. A further assessment will be conducted within the months of Sept/Oct at which time Randgold is to be paid.
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