| Fri 4 Jul 2003, 8:49 | | SouthernEra Subsidiary Messina Platinum Achieves P |
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Messina Limited -
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 3 July 2003.
July 3, 2003
Shares Issued and Outstanding: 61,593,793
TSX: SUF
AIM: SRE
SouthernEra Subsidiary Messina Platinum Achieves Production Target
Mining License and Prospecting Permits issued for Phases 2 and 3
Toronto, Ontario - The Board of Directors SouthernEra Resources Limited
announced today that Messina"s Phase 1 Mine, which was commissioned during the
third quarter of 2002, has achieved its first production target for 2003. The
Phase 1 mine has reported production of 40,015 tonnes for the month of June.
Based on progress year-to-date, Messina Platinum has a high level of confidence
that the next production target of 80,000 tonnes per month will be achieved by
the end of September.
Production at the Phase 1 mine is now coming from three levels, the 200-meter,
275-meter and 350-meter levels. Underground development continues, with the next
major project being a decline ramp from the 350-meter level to the 430-meter
level. This will support the production build up from 80,000 tonnes per month to
120,000 tonnes per month by the end of the second quarter of 2004. Final grades
will be released together with SouthernEra"s second quarter results once all
assays have been completed.
In addition to achieving its first announced production target, Messina Platinum
also recorded 500,000 fatality-free shifts during June. Messina"s unrelenting
focus on safety places the mine amongst the safest underground platinum mines in
South Africa. Mr. Patrick Evans, SouthernEra"s President and CEO stated: "We are
very pleased with the production performance at Messina Platinum and
particularly proud that this has been achieved safely. Although Messina Platinum
is a newly
commissioned mine, with a newly trained work force, our goal of accident free
mining is becoming a reality. This is something our shareholders can be very
proud of."
SouthernEra is also pleased to report that South Africa"s Department of Minerals
and Energy has awarded Messina Platinum a mining license for the 6.3 million
ounce Phase 2 (Doornvlei) Section and has awarded the SouthernEra/Mvelaphanda
Joint Venture a Prospecting Permit for the 7.86 million ounce Phase 3 (Dwaalkop)
Section. Drilling over the 1.7 million ounce Voorspoed East Section, which forms
part of the Phase 2/3 development of the Greater Messina, commenced in June and
is scheduled for completion during September. Drilling on Phase 3 (Dwaalkop)
Section will commence during July.
The Phase 2/3 feasibility study is scheduled for completion by the beginning of
2004, following which development of the new 240,000 tonne per month mine at
Phase 2/3 will commence. Based on a scoping study completed by SRK Consulting
during the fourth quarter of 2002, this new mine is expected to produce in
excess of 340,000 ounces of 5PGE plus gold per annum.
Phase 4, part of the 20-kilometer strike of the Greater Messina, involves the
development of the western portion called the Zebediela Section. Drilling as
part of the pre-feasibility study on Phase 4 commenced in May and is progressing
well, with intersections of both the Merensky and UG2 reefs. The purpose of this
program is to upgrade the 3.17 million ounce inferred resource at Phase 4 to a
measured and indicated resource. To date, four boreholes have been drilled, with
one hole to a maximum depth of 921 meters. The drilling program will be
completed by year-end, following which a bankable feasibility study will
commence in 2004.
SouthernEra Resources is an independent producer of platinum group metals and
diamonds. The company also has an extensive Platinum Group Metal and diamond
exploration program. The common shares are listed on the Toronto Stock Exchange
and the London Stock Exchange"s AIM market.
FOR FURTHER INFORMATION PLEASE CONTACT:
Messina Limited
Patrick C. Evans, CEO; or
Mike Kritzinger, Secretary
Telephone: (011) 442-6923
Date: 04/07/2003 08:07:38 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
