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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: maxed who wrote (3910)	7/6/1999 7:22:00 PM
From: Confluence	Respond to of 7235

Hello Eddy, Sorry for the slight. I am unsure as to just what direction mgmt is taking to rectify the horrible share price performance. It certainly seems like some sort of big event need happen to snap this market out of the funk. While I might disagree with Vaughn about the cause of the malaise, I certainly can't dispute the feeling of annoyance. It almost seems like SUF should issue bad news, so that all concerned could say "whew, glad thats over. Now the stock can go higher because we know why it tanked." Since the warm, optimistic glow from the AGM has faded (great presentations from Kim Freeman and Lee Barker), the market is left with a "what's wrong now?" feeling. What is wrong now? Fundamentally I know of nothing but good news, but am left with the sinking feeling that this company and its board of directors have done little to safeguard shareholder value. Imagine the self-disappointment and bewilderment that each board member must have felt when SUF dropped by over 10% on a measely 13,000 shares on Jun 24th. My question to them would be "what have you done, individually or collectively, for the shareholders of SUF since?". Obviously, with today's selling from First Marathon, and RBC, and Gundy, after recent selling from Sprott and Thomson Kernaghan, (as an aside, these firms were all big SUF supporters previously), it seems like even the long-term holders want out. Why? And whose job is it to monitor this situation? Somebody must bear the responsibility. I sometimes wonder if the SUF board members sold all their stock a couple of years ago, and have just been hanging around since. (To be fair, CJ has increased his very large position in SUF. But what of the others, his loyal board?) Too many doubts, caused by a flailing share price. Best Luck to all, Confluence PS. As SUF seems ready to drift to new lows, yet again, isn't it sad that the best news over the past couple dreary days comes from russett, Vaughn and Marcos, who at least can find humour in SUF?

To: maxed who wrote (3910)	7/6/1999 9:15:00 PM
From: gemsearcher	Respond to of 7235

Hello Eddy. 3 months is "long-term" in Confluence's book. :-). As we head towards our triple bottom , I think we have to reinforce the basic strengths that brought us to SUF , as well as acknowledge the failings/inherent weaknesses that have eroded (at least in my case!) our equity: 1. This co. was the darling of the Canadian-based diamond exploration field for a long time for good reason - great exploration team , proven ability to find assets , dedicated sponsors , etc. - IOW , a hungry , talented co. on the make. What has changed ? - M1 fiasco , Booming NWT , political turmoil in Angola etc. - IOW , an alternative to investing in what the market now perceives as a co. with political risk exposure under questionable management. 2. This co. has integrity and does not promote that which it cannot deliver - this is the true long-term test of any producing co. and one which the DMM's and ABZ's and WSP's will ultimately face. SUF has stumbled (and hopefully learned) on this road. I take some comfort that the NWT/Camafuca/Messina silence (measured approach) is evidence of this education. The power to resist, and not succumb to , current market prices/trends , will eventually reward. Share buyback is a short - term reward at the expense of longer -term gain ; I applaud them for letting the greasy wheel squeek 3. SUF , like many of you have taught me , is old school/deeply experienced/ connected. What goes around does indeed come around. It will come around for SUF. Who would you want in your corner - CJ/KF or some of their compatriots at other co.'s who currently have larger market caps ? 4. SUF owes nobody - this is a blessing and a curse. Blessing for obvious reasons , curse because they are not dependent on a major brokerage house's underwriting (read FEES) of an offering to bring their near-term projects into production. This is a simple truth. There is a lot more , in my mind , most of it attributable to growing pains. Vaughn , the TK bidwhacker reminds me of Colonel Kurtz - a long-time SUFerrer/warrior that went into the jungle for his own reasons: Sheen: " They said that your methods were unsound " Brando: "Do you think my methods are unsound ?" Sheen: " Frankly Sir , I don't see any method at all" ...."The Horror. The Horror." Regards.