| Thu 13 Mar 2003, 9:33 | | Messina Limited - News Release |
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Messina Limited - News Release
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1950/035912/06)
Share Code: MES ISIN: ZAE 000004438
News Release
Messina Limited Announces Update of Probable Mineral Reserve for Messina
Platinum"s Phase 1 Mine
Johannesburg, 12 March 2003 - Messina Limited, is pleased to announce an updated
Probable Mineral Reserve of 24.5 million tonnes at 4.98 grams per tonne 5PGE +
Au, at the Phase 1 (Voorspoed Section) of the Company"s Messina Platinum Mine.
On the Voorspoed Section, a total of 28 boreholes (59 intersections) and 23
boreholes (61 intersections) were utilised to define the initial Merensky and
UG2 resources to a depth of 1000 metres, respectively.
Measured Mineral Resource for the Merensky and UG2 Reefs to a depth of 1000
metres on the Voorspoed Section were reported on February 8, 2001as:
Reef Mining Width Tonnes (Mt) Grade Ounces (Moz)
(cm) (5PGE+Au)
g/t
Merensky 1.20 10.9 5.70 2.00
UG2 1.50 15.50 6.72 3.35
Total 26.4 6.31 5.35
Probable Mineral Reserves for the Merensky and UG2 Reefs to a depth of 1000
metres on the Voorspoed Section are now reported as:
Reef Mining Width Tonnes (Mt) Grade Ounces (Moz)
(cm) (5PGE+Au)
(g/t)
Merensky 1.20 10.0 4.78 1.54
UG2 1.50 14.5 5.13 2.39
Total 24.5 4.98 3.93
In calculating this latest Probable Mineral Reserves at an economic cut-off of
R240/tonne, the following modifying factors were used: geological and pillar
losses 25 percent, Merensky grade dilution 10 percent, UG2 grade dilution 8
percent and waste mining due to potholing and faulting 5 percent.
The qualified person in respect of the Phase 1 Probable Reserve statement is Mr.
Michael Cowell, B.Sc., Hons. Chief Mine Geologist, Messina Platinum Mines
Limited, a registered Professional Practicing Natural Scientist with the South
African Council for Natural Scientific Professions (SACNASP). The resource and
reserves have been classified in terms of the SAMREC Code of reporting of
mineral resources and mineral reserves.
The previous Probable Mineral Reserve statement for the Voorspoed Section, dated
July 2002 was 5.33 million tonnes at 4.30 grams per tonne 3PGE + Au. The
statement was prepared by Venmyn Rand (Pty) Limited an independent technical and
economic consultant. The independent competent persons include; W.M. Stear,
Ph.D., M.Sc. (Geol.) M.Sc., (Min. Eng.) FSAIMM, FAusIMM, FGSSA, Pr.Sci.Nat.,
L.A. Freeman, Ph.D., (Geol.) B.Sc. Hons, GDE (Min. Eng.) MGSSA, MSAIMM,
Pr.Sci.Nat., and R.J. Lamming, B.Com (Econ.) B.Sc., Hons. (Geol) MAusIMM, MGSSA.
FOR FURTHER INFORMATION PLEASE CONTACT:
Patrick C. Evans, President and CEO
Telephone: (416) 359-9282
Fax: (416) 359-9141
