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

To: VAUGHN who wrote (4752)	10/20/1999 6:10:00 PM
From: Confluence	Read Replies (1) \| Respond to of 7235

Hello Vaughn, I don't think that teevee said what you said. SUF is seriously cutting its NWT budget for next year. See the recent developments on the Back Lake properties. See Kennecott's stance towards more exploration in NWT. Ask yourself why? Now SUF is involved in Australia. That makes it South America, Africa, and Australia as higher on the SUF totem pole than anything in NWT. If you don't believe that the technical abilities of SUF are top drawer, and that they feel this direction is clearly best for the company, why do you own the stock? SUF traded above $20 two years ago because their technical expertise found the single richest pipe in the world. A small one, and the mgmt screwed up in securing the asset, but clearly this led to expectations of more to follow. Many, including SUF technical people, believed this to be Camafuca. As it has been difficult to work in Angola, the technical folks at SUF have decided, after reviewing hundreds of opportunities, including those already in the portfolio, to pursue Messina, Klipspringer, Camafuca, Marsfontein, Brazil, Australia and NWT in that order. Does the fact that those responsible for the NWT exploration now dedicate most of their time to other parts of the globe not lead you to believe that there is precious little hope of finding an economic deposit in the NWT? I've been told that Kennecott won't even drill an 8m dyke, diamondiferous and exposed at surface, because they deem it sub-economic. In light of WSP, this seems very strange, but it would seem that Kennecott, and SUF have come to similar conclusions. Don't mistake value investors for SUF investors. While we may agree that large future value exists for shareholders, I don't think anyone sold Berkshire to buy a diamond stock that wasn't de Beers. Best Regards, Confluence