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

To: VAUGHN who wrote (2992)	4/17/1999 2:57:00 PM
From: gemsearcher	Respond to of 7235

Hello Vaughn and Peter. Your thoughts on the Camafuca decision are well-considered and provide a context that I had not taken into account. Thank you for sharing them. Georges point that the Messina deal will , in the absence of domestic recognition in the share price , serve to heighten the pressure/temptation to seek an RSA listing, is well made. Assuming the Messina #'s prove out to be even close to that determined in the pre-feasibility study , my read suggests that SUF is now trading at less than 3X CFPS and less than 4x EPS , on the basis of M1 , known Klipspringer fissures and Messina alone. Undervalued is one thing , absurdity is another. In a recovering resource market , SUF will want to go back to the markets to feed the growth engine - it (we) would be paying a heavy price in doing so at those multiples. Let's hope HB hits up north. Regards gemsearcher