Update on Progress at Messina Platinum

SouthernEra Provides Update on Progress at Messina Platinum

 

    Shares Issued and Outstanding: 51,611,800

    TSX: SUF

    AIM: SRE

 

    TORONTO, Sept. 30 /CNW/ - SouthernEra Resources Limited is pleased to

provide an update of the recent developments at the Messina Platinum Mine.

Over the past quarter, the following significant progress has been achieved:

 

    - SouthernEra JV Secured an Additional 7.8 Million ounces of PGMs

    The award of three new platinum properties (Dwaalkop Properties) to

    SouthernEra and its 50 percent joint venture partner, Mvelaphanda

    Resources, increase the PGM resource under SouthernEra's control to more

    than 25 million ounces.

 

    - Successful Completion of the Phase 2 (Doornvlei) Feasibility Study

    The feasibility study indicates an operating mine life of 23 years, with

    full production of 120,000 tonnes per month being achieved by mid-2005.

    Peak capital requirement for the project is US$84.7 million.

 

    - Phase 1 (Voorspoed) Main Shaft Commissioned on August 19, 2002

    The Phase 1 Main Shaft was successfully commissioned on schedule and on

    budget.

 

    - Phase 1 (Voorspoed) Concentrator Plant Commissioned September 19, 2002

    Following cold commissioning, the 90,000 tonnes per month main

    concentrator plant was handed over for hot commissioning on September 12,

    nine days ahead of schedule and approximately 12 percent under budget.

    Final commissioning occurred on September 19.

 

    - Messina Platinum wins Mineral Reporting Award

    On August 15 Messina Platinum received the South African Investment

    Analyst Society's award for 'Best Reporting of Mineral Reserves and

    Mineral Resources' according to the South African Mineral Resource

    Committee (SAMREC) Code.

 

    - SouthernEra to Underwrite Messina Rights Issue

    SouthernEra announced its intention to underwrite a Messina Rights Issue,

    which could increase its ownership in Messina from 70.4% to a possible

    75.3%.

 

    Commenting on the developments at Messina Platinum, SouthernEra President

and CEO, Patrick Evans said: 'The past quarter has seen exceptional progress

made at SouthernEra's major asset, Messina Platinum. Through the dedication

and hard work of all our employees we have succeeded in achieving a number of

key milestones. Our focus at Messina's Phase 1 Voorspoed Mine has now shifted

to deepening the Main Shaft from 430 to 730 metres and advancing development

on the 275, 350 and 400 metre levels to achieve our production target of

80,000 tonnes per month over the next 12 months.'

    SouthernEra Resources is a fully integrated international mining company,

which generates projects offering exceptional rates of return. The Company's

focus is on platinum group metals and diamonds. Its operations in South Africa

include the 70.4 percent owned Messina Platinum Mine and the 50 percent owned

Klipspringer Diamond Mine. The common shares of SouthernEra are traded on the

Toronto Stock Exchange (SUF) and the London Stock Exchange's AIM (SRE).

 

        For further information: SouthernEra Resources Limited: Dr. Sally Eyre,

Vice President Corporate Affairs, Telephone: [phone], Fax:

[phone], E-mail: inbox(at)southernera.com

    (SUF. SRE)