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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
("Messina")
NEWS RELEASE
Johannesburg, 10 September 2003.
The following is an extract of a news release issued in Toronto by SouthernEra
Resources Limited, Messina"s holding company
SouthernEra Reports on Progress at Messina Platinum
SouthernEra Resources Limited today reported on developments relating to the
Company"s subsidiary Messina Platinum. Highlights include:
* SouthernEra increases its shareholding in Messina Limited
* Guidance on 80,000 tonnes per month build-up restated
* Drilling program on Phases 2/3 and 4 progresses.
Over the period from May 22 to July 8, SouthernEra acquired an additional 167,
841 shares in Messina Limited. These shares were purchased through a series of
market transactions on the Johannesburg Stock Exchange at prices ranging from
R41 to R60 per share. This represents approximately one percent of the issued
and outstanding shares of Messina Limited. Accordingly, SouthernEra now owns
71.98 percent of Messina Limited, up from 70.91 percent previously.
At the Messina Project steady progress continues with the development of the
Phase 1 mine. In the 12 months since the successful commissioning of the main
shaft and main concentrator plant, Messina has been able to ramp up production
to well over 40,000 tonnes per month. This first production build-up target was
achieved on schedule at the end of the second quarter of 2003. Messina has now
restated its guidance with respect to the next build-up target of 80,000 tonnes
per month, which will now be achieved during the fourth quarter of 2003 rather
than at the end of the third quarter. The full production rate of 120,000 tonnes
per month remains on track to be achieved during the second quarter of 2004.
The two upper levels of the mine - the 150 and 200-meter levels - are well
established and are approaching steady state production. While progress is being
made with the build-up of production on the newly commissioned 275 and 350-meter
levels, performance of the development contractor"s mechanical equipment has
been less than satisfactory. To address this issue, Messina has accelerated the
switchover to track-bound haulage on these levels, resulting in a modest delay
in achieving the 80,000 tonnes per month production level.
Finally, the drilling program in support of the feasibility study at Messina"s
Phases 2/3 and the pre-feasibility study at Phase 4 is progressing well. There
are currently seven drill rigs operating at Messina. To date, 8,335 meters of
the planned 39,680 meters have been drilled. Eight of the planned thirty-nine
drill holes have been completed and a further six are in progress. The general
strike and dip continuity of the two platinum rich reefs have been confirmed by
the drilling already completed. The Phase 2/3 feasibility study is on track for
completion at the beginning of 2004 and the Phase 4 pre-feasibility study is on
track for completion by year-end 2004. The Company will be announcing drill
results shortly.
SouthernEra Resources Limited is an independent producer of platinum group
metals and diamonds. The Company also has an extensive PGM and diamond
exploration program. The common shares of SouthernEra are traded on the Toronto
Stock Exchange (SUF) and the London Stock Exchange"s AIM (SRE).
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
Merchant Bank and Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 11/09/2003 08:01:23 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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