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: eyewatch who wrote (6904)	6/3/2002 10:12:48 PM
From: Letmebe Frank	Read Replies (1) \| Respond to of 7235

Something to talk about from SH. RE: "taken out by a large multinational" I ask, at what price. Current SP * 43/12? = $CAN 25.00 PS? And RE: "only mentioned the diamonds" I ask, what premium should I assign? ------------------------------- stockhouse.com; MarketCall on ROBtv Posted By: govtman6 Post Time: 6/3/02 20:21 A question to Andrew McCreath of Synergy Mutual funds about SUF. Let me preface his comments by stating that about 8 months ago Southernera was a top pick of the above MM, his reason being the Messina project.Tonight when commenting he only mentioned the diamonds, not once did he bring up Messina or PGM's. He said the stock is consolidating at the current level, it has enough gas left to move 2 or 3 dollars more on the upside, and finally he expects the company to be taken out by a large multinational.

To: eyewatch who wrote (6904)	7/2/2002 11:27:40 AM
From: VAUGHN	Read Replies (1) \| Respond to of 7235

Hello Eyewatch *OFF THE WIRE* Final approval received for the Camafuca Diamond Project TORONTO, July 2 /CNW/ - SouthernEra Resources Limited is pleased to report that the Council of Ministers of Angola has approved the operating agreement for Project Camafuca and authorized the formation of the operating company, Sociedade Mineira do Angola, Lda (SMC). Project Camafuca is located in the Lunda Norte province of northeastern Angola, approximately 20km southwest of the town of Lucapa. In April 1997 SouthernEra entered into a five-year joint venture prospecting agreement with Endiama, the Angolan state diamond mining company. In April 2000 Welox Limited, a member of the Leviev Group of companies, was introduced as a financial partner to fund the completion of the feasibility study and the capital development of Camafuca. Welox Limited will fund 100 percent of the capital required for the development of the Camafuca mine. In January 2001 it was reported that SouthernEra's joint venture partners had accepted the Camafuca feasibility study. This study indicated a total inferred mineral resource of 209.5 million cubic meters to a depth of 145 meters containing 23.24 million carats valued at $109 per carat. During the 60- month phase 1 period, mining operations will concentrate on the southeast corner of Camafuca where 6.13 million cubic meters of material will be dredged with an average grade of 0.18 carats per cubic meter and a value of $117 per carat. Total operating costs are expected to be $55 per carat. The independent competent person on the Messina Resources was E.M.W. Skinner. BSc. Hons. MGSSA, PR Sci Nat. At the commencement of negotiations for the operating agreement, SouthernEra's indicated gross interest was 32 percent, with two 7 percent net profit interests (NPI's) owing to third parties. SouthernEra has now been relieved of these NPI's, retaining an unchanged 18 percent net interest in Sociedade Mineira do Angola, Lda (SMC). This interest is held through SouthernEra's subsidiary company SouthernEra Angola Lda. All costs incurred by SouthernEra related to the feasibility will be recovered from SMC's operating profits. Following the incorporation of the operating company and the issuance of the necessary mining licenses it is anticipated that production at Camafuca could commence within 12 months. SouthernEra's President and CEO, Patrick Evans said: "The final approval of the Council of Ministers represents an important step forward for SouthernEra's interests. Since the signing of the peace agreement in Angola last April, the prospects for the successful development of Camafuca have improved considerably. Through our secured interest in Camafuca SouthernEra will participate in one of the world's largest, long-life diamond mines. We expect SouthernEra shareholders to benefit from the successful development of Camafuca for years to come." SouthernEra Resources Limited is an independent producer of platinum group metals and diamonds. The company also has an extensive PGM and diamond exploration program. The common shares of SouthernEra are traded under the symbol SUF on the Toronto Stock Exchange. Regards Vaughn