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

To: gemsearcher who wrote (6574)	5/29/2001 1:53:23 PM
From: marcos	Respond to of 7235

SouthernEra Resources Ltd SUF Shares issued 29,666,865 2001-05-28 close $3.5 Tuesday May 29 2001 News Release Mr. Patrick Evans reports Highlights announced during the first quarter of 2001 include: new chief executive officer and chief operating officer appointed; financing secured for accelerated production initiative (API) at Messina with initial PGM production expected in the third quarter of 2001; new Klipspringer joint venture finances underground mine development; resources increased at Messina by 60 per cent and bulk-testing results exceed feasibility study grades and recoveries; and a $9.6-million (U.S.) bought-deal equity financing accepted and closed in April. During the three-month period ended March 31, 2001, SouthernEra incurred a net loss of $1.3-million (U.S.) on revenue of $2,487,000 (U.S.), compared with a loss of $1,704,000 (U.S.) for the three months in 2000 on revenue of $8,814,000. On a per share basis, the loss was four U.S. cents for the quarter, compared with a loss of six U.S. cents in 2000. Cash flow provided by operations was $391,000 (U.S.) or one U.S. cent per share for the three months, compared with $7,191,000 (U.S.), or 27 U.S. cents per share for the same quarter in 2000. Diamond recoveries from Marsfontein (40 per cent SUF), totalled 15,405 carats for the quarter, compared with 156,223 carats in the same period last year, reflecting the end of production from the M-1 pipe. An additional 10,043 carats were recovered from the Klipspringer fissure mine. During the quarter, a $46-million (U.S.) financing was arranged to complete the accelerated production initiative at the Messina platinum group metals project in South Africa (70.4 per cent SUF) and $49.6-million (U.S.) ($10-million (Canadian)) for the development of the Klipspringer diamond fissure mine. First production from Messina is expected in the third quarter of this year, with the completion of the main project one year later. Financing for the main project is currently being completed. Development of the Klipspringer (50 per cent SUF) mine to depth will take two years, but ore zones at level four will be accessed before year-end. The joint venture partner is earning its 50 per cent by paying for the underground development work. A bought-deal equity financing was completed for gross proceeds of $9.6-million (U.S.) in April. The company reported that the major activity in the quarter was the development work and construction at Messina, totalling $5.3-million (U.S.) for the three months. Exploration costs for the quarter, at $900,000 (U.S.), reflected a seasonal level of activity. The company indicated that the diamond operations were expected to be cash flow positive in the second quarter and that development work at both Messina and Klipspringer were progressing satisfactorily. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com >>>>>>>>>>>>>>>>>>>>>>>>>>>>> chuckster, gemsearch - good on ya ... let's hear it for civility and rich cultural thread diversity -g- ... takes all kinds to make a market, or a thread ..... couple of comparables [more or less] to study - ca.biz.yahoo.com ca.biz.yahoo.com ... now for sure Africa warrants a discount for political risk, no question ... but that much of a discount?? ... i think not

To: gemsearcher who wrote (6574)	5/29/2001 11:14:20 PM
From: Shaw	Read Replies (1) \| Respond to of 7235

Hey GS, Long time no see/read. I dunno what all the brouhaha is about here, but that BOD deserves a boatload of credit, imo. As well as the guys running the SUF market. People don't seem to realize that SUF lacked the speculators and ST market players in the past, and that killed the share price and made a massive dilution an almost certainty. Now that the shares are spread around, to people that can actually move markets, it's made things a lot easier, imo. I know everyone loves a clean company with a million shares outstanding, but those stocks are dead before they begin, and is completely unrealistic in today's equity markets. Anyway, I could be full of crap andI don't know a 'ell of a lot, but I do know that this company looks a whole lot more attractive than a year ago, any way ya slice it. Hope you are well!