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Messina Limited - Messina Platinum First Quarter Development Report
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1950/035912/06)
Share Code: MES ISIN: ZAE 000004438
The following is an extract of a news release issued by SouthernEra Resources
Limited, the company"s holding company, in Toronto on 15 May 2003.
Messina Platinum First Quarter Development Report
"Project on Track to Achieve Production Targets"
SouthernEra Resources reported today that the Company"s subsidiary, Messina
Platinum, is on track to achieve its 2003 production build-up targets of 40,000
tonnes per month by the end of June and 80,000 tonnes per month by the end of
September.
During the first quarter, Messina"s now fully commissioned Main Shaft hoisted
156,000 tonnes, of which 81,549 were waste tonnes and 74,454 were reef tonnes
from both production and development levels. The first quarter"s average fully
diluted head grade of 4.08 grams per tonne compared favorably with the modeled
grade from these areas. The average grade for the month of March improved to
4.41 grams per tonne, which is above the modeled grade.
Production during the quarter came from between the 150 and 200-meter levels.
Development focused on the 275 and 350-meter levels and is progressing well.
Conventional sub-level longhole stoping on the Merensky Reef has commenced and
is now contributing to the production build-up. Production between the 200/275-
meter and 275/350-meter levels commences during the current quarter.
Messina"s 90,000 tonnes per month Main Concentrator Plant is performing
exceptionally well. During the first quarter recoveries as high as 88 percent
were achieved, with the average for the period being 86.6 percent. This is well
above the 79 percent projected in the 2000 Feasibility Study. Although still
under development, Messina produced a total of 9 213 ounces of 3PGE"s plus gold,
60 tonnes of nickel and 47.7 tonnes of copper during the quarter. Of significant
benefit to Messina are the low levels of chrome contamination being achieved in
final concentrate, which for the quarter were well below 1 percent and are
continuing to decline.
Capital expenditure at Messina during the quarter totaled USD 2.9m. Costs
continue to be capitalised during this development period.
Commenting on the progress at Messina, SouthernEra Resources and Messina"s CEO
Patrick Evans said: "The satisfactory progress of development at Messina gives
us considerable confidence that the project is on track to achieve its published
build-up targets. This progress has been achieved against the backdrop of a
commendable safety record. Our safety management has improved dramatically over
the past year with Messina recording 366,678 fatality free shifts by the end of
the first quarter."
Messina now employs over 1,000 people. A further 620 contractors remain on site
to support the continuing development. Reflecting the sound labour relations at
Messina, a new wage agreement was concluded at the end of January in terms of
which Messina settled to pay an inflation-linked increase to its employees. Mr.
Evans stated: "The early settlement of the wage negotiations at Messina has
removed the risk of a dispute with our unionised employees at a time when the
rest of the platinum and gold industry in South Africa has yet to commence wage
negotiations."
FOR FURTHER INFORMATION PLEASE CONTACT:
Messina Limited
Patrick C. Evans, CEO; or
Mike Kritzinger, Secretary
Telephone: (011) 442-6923
Date: 16/05/2003 07:29:54 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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