Messina Optimises Phase 1 Development
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1950/035912/06)
Share Code: MES ISIN: ZAE 000004438
News Release
Messina Optimises Phase 1 Development
Shaft Deepening Capital Costs Reduced by 50% or US$12 Million
Johannesburg, 5 November 2002 - Messina Limited is pleased to announce the
results of a two-month optimisation study undertaken at the Messina platinum
mine. The study to optimise the development of Messina`s Phase 1 mine (Voorspoed
Section) will generate an estimated US$12 million capital cost saving and
enhance the mine`s ability to build production to the planned capacity of
120,000 tonnes per month.
The optimisation study was undertaken following completion, at mid-year, of the
design for the implementation of the mechanised long-hole stoping method at the
Phase 1 mine. This mining method requires the development of a decline ramp
system below the 350 metre operating level. By leading with the ramp development
to 730 metres, it is possible to raise-bore and slipe the Phase 1 shaft system
rather than sinking it from above as originally planned. Consequently,
conventional shaft sinking will conclude at the end of November with the station
development on the 430 metre operating level, following which development of the
decline ramp system will commence.
Messina CEO Patrick Evans said: "Messina`s dynamic engineering team has
determined that the most cost effective approach is to ramp down to the 730
metre level and raise-bore up to the 430 metre level. In addition to saving
US$12 million, this approach will access more of the ore body sooner, using the
ramps which facilitate the long-hole stoping method we have selected as the
mining method below the 430 metre level."
The Voorspoed Mine is expected to achieve a production rate of 80,000 tonnes per
month during the 3rd quarter of 2003, increasing to a planned capacity of
120,000 tonnes per month during the 2nd quarter of 2004.
Implementation of the Phase 1 optimisation study requires the consent of the
Phase 1 debt consortium led by Rand Merchant Bank, which consent is expected in
due course.
FOR FURTHER INFORMATION PLEASE CONTACT:
Messina Limited
Patrick C. Evans, Chief Executive Officer; or
Mike Kritzinger, Company Secretary
Telephone: (011) 442-6923
Fax: (011) 442-6993
Email: mike.kritzinger@ser.co.za
Date: 05/11/2002 04:21:00 PM Produced by the JSE SENS Department
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