Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Rocky510 who wrote (5852)	3/17/2000 3:39:00 PM
From: VAUGHN	Read Replies (2) \| Respond to of 7235

Hello Jimmy Thanks. This post on an apparent conversation with SB was on the Stockhouse thread and copied to me. "Overall, he was very well-spoken, and very well-versed on SUF's assets. He's come up to speed very quickly, and understands the precarious position SUF is in. He also understands the huge potential of the assets of this company. New COO in SA probably 2-3 months away from being hired, as he has projects he's winding down. Will be an advantage to have COO living and working in SA, near the projects. Highly-regarded individual, unnamed at his request. Lee Barker will work to salvage whatever can be from Camafuca. No plans on Steve Banning's part to spend any more SUF dollars there, as it's too much risk. Finish pre-feasibility, and work to bring in JV partner, who will fund any more development. All operations and expenditures report directly to him, until his staff is in place. Everyone is accountable to him. CJ will continue as a consultant to the exploration programs. SUF will remain listed on the TSE. US listing to be sought; will work on London listing paperwork, and wait for appropriate time to list, perhaps with an IPO. 54% of Messina. He wants 100%; timing isn't there right now. The company needs to get into a stronger negotiating position, by raising capital, hence the move to Denver. While it isn't a mining finance capital, there are pools of capital there, which will be very interested in a PGM project. Eric Kinneberg, the new CFO, has worked closely with Steve in the past, and is an EXCELLENT negotiator. #1 asset is the Messina. Feasibility was done on Voorspoed, as shaft/devt was already in-place. Would like to speed up devt by 6 mos on Voorspoed. Doornvlei reef is near-surface and hence would be faster to get into production, but there are social issues with the Doornvlei, as a village lies on top of the reef. Negotiations with village have begun on how best to proceed. If negotiations are successful, may be in production much faster. Move to Denver will occur in the next 2 months; put out annual report, wind down Toronto; ramp up Denver. Cash flow good thru end of year, when M1 is mined out. Currently drilling to see if they can go underground on M1. Klipspringer is #2 project in SUF's priority list. Working on feasibility to hopefully produce 10-15,000 carats/month, with cash flow of $30-40/carat. Some of the Klipspringer fissure is subeconomic, and they're working to delineate what parts are economic. Minor joys in Brazil, but no large rocks. If the company encounters any large stones, they will be treated as material information (will be reported in an NR). I won't post what he believes can be achievable for a share price, but some posters here have not been far off...Messina is the project that will get us there, with the hope that in 4-5 years, Messina can be ramped up to 500,000 oz/yr. If I've misquoted anything, my apologies to SB. Geoff Regards