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 : southern africa minerals -- Ignore unavailable to you. Want to Upgrade?

To: Leo Raftis who wrote (280)	4/14/1999 11:11:00 AM
From: chomsky	Respond to of 314

Southern Africa Minerals Corporation - Definition Drilling Improves Grade Of Caber Deposit TORONTO, ONTARIO-- The latest drill results on the company's Matagami zinc/copper project have enhanced the project as follows: - Recent drilling has intersected zinc grades generally above the previously calculated 12.4 percent Zn grade for the deposit (e.g.: 17.4 percent zinc/13.1 m). This is expected to result in an increase in over-all grade of the deposit. - Drill hole NCB-99-60 intersected 8.3m grading 5.2 percent zinc, 1.3 percent copper at the base of the deposit on section 11675S. This is interpreted to represent a discordant massive sulphide feeder zone within the footwall rhyolite. Further drilling to establish the limits of this separate new resource is in progress. - The intersection of a wide zone of zinc and copper stringer mineralization, and associated chloritic alteration, in footwall rocks beneath the Caber North Lower Tuffite (drill holes CB-97-27 EXT, NCB-98-46EXT and the recently completed NCB-99-66) suggests proximity to a massive sulfide body. - The potential to expand existing sulphide deposits in the A, B, C, and Intragabbro zone areas at Caber North is being investigated and is considered good. /T/ SG weighted composite assays for six new holes targeted upon the Caber deposit are as follows: --------------------------------------------------------------- Hole # (C.L.) Zn Cu Ag g/t Au g/t --------------------------------------------------------------- percent percent -------------------------------------- meters ------------------ NCB-99-59 13.1 17.5 0.7 29.2 0.46 incl. 6.6 26.7 0.8 47.8 0.77 NCB-99-60 1) 8.3 5.2 1.3 12.5 0.20 2) 6.6 10.5 1.1 12.0 0.04 NCB-99-61 9.3 13.1 0.6 5.0 0.06 NCB-99-62 3.3 16.8 0.4 3.4 0.10 NCB-99-63 1) 1.3 10.1 0.9 8.9 0.18 2) 2.6 34.2 1.3 10.0 0.17 NCB-99-64 7.2 14.9 0.3 10.1 0.09 Comments Section Elevation ------------------------------------------------------------- NCB-99-59 Lens 2 11675 S - 250 m incl. NCB-99-60 1) Conduit 11675 S - 300 m 2) Lens 2 11675 S - 340 m NCB-99-61 Lens 2 11675 S - 195 m NCB-99-62 11715 S - 188 m NCB-99-63 1) 11725 S - 265 m 2) Lens 2 11725 S - 280 m NCB-99-64 Lens 2 11650 S - 217 m core length --------------------------------------------------------------- /T/ The above results will be included in the revised resource calculation being prepared by Noranda. The Conduit Zone intersected in drill hole #60 is defined by at least two holes, including previous hole #9 (8.8 meters of 4.6 percent zinc and 1.6 percent copper). The conduit is transposed at a low angle with respect to the main lens and resembles structures observed along the Matagami camp's North Flank. Potential for this zone remains at depth. One drill is actively investigating the potential of the Conduit Zone. A second drill is evaluating the potential for extensions of the Caber deposit at depth. A longitudinal section is available upon request. At Caber North, one drill is exploring the Lower Tuffite target for a new discovery and one drill rig is active in the known A, B, C and Intragabbro zones where the potential for lenses of economic significance exists at several locations. Longitudinal sections are available upon request. Noranda Inc. can earn up to a 70 percent interest in the property by bringing the property to production; by incurring $6.0 million in work expenditures and making $2.85 million in private placements in the company over a four-year period. To date, Noranda has subscribed for $800,000 worth of SAF's shares @ $1.38/share. Southern Africa Minerals and Noranda are co-managers of the project during the exploration phase. For additional information, please visit our new web site at HYPERLINK http:// www.southernafrica.net or contact Denis Francoeur, President and C.E.O. (416) 365-0250. The Press Release Was Prepared By Southern Africa Minerals Corporation Which Accepts The Responsibility As To Its Accuracy. No Stock Exchange Or Any Regulatory Authorities Or Similar Body, Have Approved Or Disapproved The Information Contained Herein. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Southern Africa Minerals Corporation Denis Francoeur President and C.E.O. (416) 365-0250 HYPERLINK http:// www.southernafrica.net

To: Leo Raftis who wrote (280)	4/14/1999 9:08:00 PM
From: Neil Thomas	Respond to of 314

Leo, Would appreciate any info you gather from Wayne O'Connor. Given the current stock price ($0.75 April 14) why wouldn't Noranda buy SAF or a controlling interest ? Bare with me but look at the math, NOR has to spend $6 million plus buy $2.85 million worth of SAF, total = $8.85 million with 19.2 million shares outstanding, equates to $0.46 /share for 70% interest. Equivalent cost to buy 100 percent for Noranda works out to $0.60/share. So if Noranda can wait & watch SAF tank and scoop it for under $0.60 then they are in the money. This is wild speculation on my part, I don't understand tax law regarding write off of mining expenses or if SAF has some sort of poison pill or a working agreement to prevent NOR from gobbling them up. However, I would rather see some interest in this solid company and have the price rise and write back and forth on how smart we are for getting into SAF rather than this. Later.