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

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To: Claude Cormier who wrote (2770)	4/8/1999 8:35:00 AM
From: Gord Bolton	Read Replies (1) of 7235

From the 1998 3rd quarter Yamba Lake During the third quarter an agreement was reached with Tanqueray Resources and Cypango Ventures, whereby the Company has the right to earn a 51% interest in the Yamba Lake property which adjoins the northern boundary of the BHP-DiaMet Ekati diamond mine at Lac de Gras. Five kimberlite pipes have been discovered on the property and considerable potential exists for finding new pipes. The terms are that SouthernEra is to spend $1 million in the first two years and a total of $5 million over 4 years to earn a 51% interest. In September, over 1,000 till samples were collected to test both airborne geophysical targets and areas that have returned positive indicator results from previous sampling. The samples will be processed during the fourth quarter, with drilling planned for March, 1999. SUMMARY With the successful start-up of operations at Marsfontein, the Company has entered into a new phase of its development, with adequate cash flow to finance an aggressive exploration program in both Africa and Canada and allow it to consider further growth by means of possible mergers or acquisitions. The M-1 pipe now has a currently indicated mine life of at least two and a half years at current production rates and the Company is confident that the development to production of the Klipspringer fissure systems and other kimberlites will assure a long and continuous mine life in the Klipspringer area. Progressive exploration work in Canada's Northwest Territories, and the possible acquisition of other properties with new discovery potential indicates a continuing commitment to exploration in Canada's north. We look forward to being able to report continuing success in the coming months. Christopher M.H. Jennings President Toronto, Ontario October 23, 1998 Previous reports from CAV/TQY indicate that there are 6 known diamondiferous pipes on the Yamba Lake Claims. SUF has to date identified an additional 30 targets. Property adjacent to EKATI 8 targets identified on SUF/Kennecott property adjacent to DIAVIK. 3 targets at Back lake adjacent to MPV/DEBEERS. Drills turning on all projects! CF results from the Kennecott pipe due now. Report on drilling Munn lake target due soon. Reports from Yamba-anytime. TQY up 33% yesterday on low volume!

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