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MES
Messina Limited - Trading Update
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1950/035912/06)
Share Code: MES
ISIN: ZAE000004438
(`Messina`)
TRADING UPDATE
SouthernEra Resources Limited Reports on Progress at Messina Platinum
The following is an extract from a news release issued by SouthernEra Resources
Limited, Messina`s holding company, in Toronto on 2 December 2004.
`Southern Platinum`s Subsidiary, Messina Platinum, Reports First Operating
Profit
Toronto, Ontario - Southern Platinum Corp. (TSX: SPC) has announced that the
Messina Platinum Phase 1 (Voorspoed) mine reported its first operating profit in
November following the milling of a record 90,256 tonnes in the month.
During an investor conference call hosted on November 30, 2004, Southern
Platinum President and CEO, Patrick Evans, said: `This is a significant and very
encouraging improvement in Messina`s operating performance and reflects the
improved skills and productivity of our workforce as well as the benefits
flowing from the introduction of continuous 24/7 operations last April.` Messina
Platinum is currently the only underground South African platinum mine operating
continuously.
Mr. Evans also reported that the Phase 1 mine`s 90,000 tonnes per month plant
has continued to operate exceptionally well, achieving recoveries of
approximately 88 percent. Head grade for the month of November returned to
approximately 4 grams per tonne, following a temporary decline in October. He
added that the second 30,000 tonne per month plant has now been re-commissioned
to handle the increased production from the Phase 1 mine. Full production of
approximately 115,000 tonnes per month will be achieved during the course of
2005.
Commenting on the impact of the strength of the South African Rand, Mr. Evans
stated: `While the Rand strength is reducing our margins, the Phase 1 is an
efficient and shallow mine so will be able to withstand even further Rand
strength and continue to report operating profits.`
The Phase 1 mine was commissioned in October, 2002, and is the first of a
projected three phase development across the 23 kilometer-striking, 25.6 million
ounce resource at the Greater Messina Platinum Project. The Phase 1 mine has a
strike of 3.5 kilometers; a resource of 5.35 million ounces of 5 PGM`s+Au; and a
life of approximately 15 years.
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.`
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Corporate Finance
3 December 2004
Date: 03/12/2004 04:19:31 PM Produced by the JSE SENS Department
