| Tue 2 Mar 2004, 18:19 | | News Release |
|
Messina Limited - News Release
Messina Limited
(Registration number 1950/035912/06)
Share code: MES
ISIN: ZAE000004438
("Messina")
The following is an extract from a news release issued by SouthernEra Resources
Limited, Messina"s holding company, in Toronton on 2 March 2004.
"March 2, 2004
Shares Issued and Outstanding: 74,499,193
TSX: SUF
AIM: SRE
SouthernEra Reports on Progress at Messina Platinum
2003 Production Grows by 223 Percent
Messina Platinum Makes US$9.5 Million Debt Repayment
Toronto, Ontario SouthernEra Resources Limited today reported on progress at the
Company"s 73.06 percent subsidiary Messina Platinum during the course of 2003.
Reef tonnes mined in 2003 grew by 223 percent over 2002 as development and
production continued to make steady progress. The table below highlights the
performance achieved at the Messina Phase 1 (Voorspoed) mine during 2003.
Q1 Q2 Q3 Q4 2003
Reef Tonnes Mined 72,317 108,429 162,511 188,601 531,858
Reef Tonnes Milled 72,966 96,097 142,381 177,069 488,513
Ave. Head Grade g/t 4.72 3.78 4.14 4.25 4.20
Plant Recoveries % 86.5 82.5 85.6 87.4 85.8
5 PGE + Gold Oz. 9,583 9,638 16,239 21,142 56,603
Nickel Tonnes 71 77 146 192 486
Copper Tonnes 52 60 106 138 356
Following the acquisition of Messina Platinum in mid 2000, SouthernEra
successfully completed the construction and commissioning of the Phase 1
(Voorspoed) mine on schedule and within budget in the third quarter 2002. The
Company achieved its first production build-up target of 40,000 tonnes per month
in the second quarter 2003. Although it was anticipated that a production rate
of 80,000 tonnes per month would be achieved during the last quarter 2003,
December recorded approximately 72,000 reef tonnes mined. As the productivity of
Messina"s newly trained workforce improves, the production ramp-up is expected
to increase steadily.
SouthernEra also reported that the Company has provided support to its
subsidiary Messina Platinum to meet its first repayment in terms of the Rand
Merchant Bank syndicated project debt facility. Through an inter-company
facility arranged by SouthernEra, Messina has repaid R63 million (approx. US$
9.5 million) of the outstanding five year R465 million (approx. US$70 million)
project debt, comprised of principal plus accrued interest as at January 31.
Messina is continuing discussions with its banking partners to arrange re-
scheduling of the remaining R402 million (US$60.5 million) facility
FOR FURTHER INFORMATION PLEASE CONTACT:
SouthernEra Resources Limited
Mr. Patrick Evans, President and CEO, or
Dr. Sally Eyre, Vice President Corporate Affairs
Telephone: (416) 359-9282
Fax: (416) 359-9141
E-mail: inbox@southernera.com
www.southernera.com
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 02/03/2004 05:49:24 PM Produced by the JSE SENS Department
