| Wed 17 Nov 2004, 12:56 | | Southern Platinum Subsidiary Messina Platinum Conc |
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Messina - Southern Platinum Subsidiary Messina Platinum Concludes Recognition
Agreements With Unions
Messina Limited
(Registration number 1950/035912/06)
Share code: MES
ISIN: ZAE000004438
(`Messina`)
The following is an extract from a news release issued by Southern Platinum Inc,
Messina`s holding company, in Toronto on 16 November 2004
`November 16, 2004
Shares Issued and Outstanding 85,339,411
TSX: SPC
SOUTHERN PLATINUM SUBSIDIARY MESSINA PLATINUM CONCLUDES RECOGNITION AGREEMENTS
WITH UNIONS
Toronto, Ontario: Southern Platinum (TSX: SPC) announced today that the
Company`s 91.5 percent subsidiary Messina Limited (JSE: MES) has concluded new
recognition agreements with the three unions representing Messina Platinum`s
employees. The three unions - NUM, BMEAWU and UASA - represent approximately
1,500 of Messina`s nearly 1,800 employees.
During the period from April to September, 2004, Messina experienced heightened
union activity as the BMEAWU established a presence at the Phase 1 mine and
began organizing support amongst Messina`s employees. This coincided with the
implementation of 7 day-a-week `continuous operations` at the mine, which was
initially met with some resistance.
Commenting, Southern Platinum President and CEO, Patrick Evans, said: `Over the
past few months, considerable progress has been made to normalize the industrial
relations atmosphere at Messina Platinum. Mine management has devoted
considerable effort to build a constructive relationship with the new union,
BMEAWU, and to maintain the strong working relationship we`ve enjoyed with the
NUM and UASA. Conclusion of the new recognition agreements with the three unions
marks a milestone in our industrial relations.`
Mr. Evans added: `We have also established a joint consultative forum with
Messina`s three representative unions aimed at improving the working conditions
and quality of life of our employees through the improved application of
continuous operations. This has already led to improved employee productivity.`
Southern Platinum is an independent producer, developer and explorer of platinum
group metals. The Company now controls the following platinum assets:
91.5 percent of Johannesburg-listed Messina Platinum;
50 percent of the Dwaalkop Joint Venture;
85 percent of the Millennium Platinum Project in South Africa;
100 percent of the Paradise Platinum Project in South Africa; and
95 percent of the Monts de Cristal Platinum Project in Gabon.
The common shares are traded on the Toronto Stock Exchange (TSX: SPC).
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FOR FURTHER INFORMATION PLEASE CONTACT:
Southern Platinum Corp.
Mr. Patrick Evans, President and CEO
Telephone: (416) 359-7800
Fax: (416) 359-7801
E-mail: inbox@southplats.com
www.southplats.com
NOTE: Certain statements contained herein are `forward-looking` and are based on
the opinions and estimates of management, or on the opinions and estimates
provided to and accepted by management. These opinions and estimates include
those that relate to all the geological, development, mining and commodity price
and market parameters used by management. Forward-looking statements are subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ, possibly significantly. Readers are
therefore cautioned not to place undue reliance on any forward-looking
statement.`
Rosebank
17 November 2004
Sponsor
RAND MERCHANT BANK(A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 17/11/2004 12:20:04 PM
Produced by the JSE SENS Department
