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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Peter Bourgeois who wrote (3432)5/21/1999 9:59:00 AM
From: GEORGES  Read Replies (3) of 7235
 
I have just received the AR from SUF and here are my conclusions:

1. 5 out of 8 directors own 1000 shares or less which is a disgrace.Their directors fees should be paid out in shares in lieu of cash until they each own a minimum of 10 000 shares.

2. The co. is sandbagging on Camafuca. I think the potential and reserves are enormous,because we will have spent a total of $24 000 000 in two years on the project which indicates that management has great confidence in Camafuca. ($6.7MM spent in 1998 + $4MM budgeted for 1999+ $6.5MM USD to maintain 51% interest = $24 MM CDN)

3. So far the NWT seems to be a bust. We are finding some diamonds but they are the size of fish eggs compared to golf balls we are finding in Angola and SA.

4. I agree and voted in favor of the restructured stock options plan.
The plan does not favor CJ but 4 key employees. If you look at the Summery Compensation Table on page 3 of the annual notice you will see that none of these 4 employees received a bonus for 1998, despite a great year for SUF. I think their compensation is very low and reworking their stock option plan is fair and equitable.

5. I voted in favor of the Private Placement Financing of 13 000 000 shares because I want Management to be able to act quickly if a golden opportunity presents itself. This approval dos not mean that we will be issuing shares tomorrow at $4.50 but that if CJ finds a great deal to be done at a much higher price in the future he will have had prior approval to issue 1 or 5 or 13 million shares.I am putting my faith that management will create increased value to me despite dilution.

Finally,
I hope that the board will decide to set a floor on the price of the stock and support it at no less than $5.00
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