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: (416) 359-9282, Fax:
(416) 359-9141, E-mail: inbox(at)southernera.com
(SUF. SRE)
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