MESSINA LIMITED - MESSINA- SOUTHERN PLATINUM`S SUBSIDIARY, MESSINA PLATINUM,
PROGRESSES DEBT RESTRUCTURING
MESSINA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1950/035912/06)
Share Code: MES
ISIN: ZAE000004438
(`Messina`)
Southern Platinum`s Subsidiary, Messina Platinum, Progresses Debt Restructuring
The following is an extract from a news release issued by Southern Platinum
Corp, Messina`s holding company, in Toronto on 20 December 2004.
`December 20, 2004
Shares Issued and Outstanding 85,339,411
TSX: SPC
Toronto, Ontario - Southern Platinum Corp. (TSX: SPC) announced today that the
Company`s 91.5 percent subsidiary Messina Platinum has made further encouraging
progress towards the restructuring of the outstanding project debt facility with
the consortium of South African banks led by Rand Merchant Bank.
Agreement in principle has been reached with the RMB consortium to defer the
principal portion of the February 2005 payment of approximately R70 million
(approximately $12 million). The interest portion of the payment (approximately
$4.5 million) will be met through the arrangement of an inter-company facility
between Southern Platinum and Messina Platinum.
Final terms of the agreement are expected to be concluded in early January 2005,
when terms for the restructuring of the balance of the outstanding facility are
also expected to be finalised.
Commenting, Southern Platinum President and CEO, Patrick Evans, said: `The
progress we have made in recent months in our negotiations with Messina`s
bankers reflects the strength of their commitment to the Greater Messina
Platinum Project. There is a keen awareness on the part of all parties that the
continuing unexpected strength of the South African Rand inhibits Messina`s
ability to service the original facility in what is now a very different
exchange rate environment. Through our continuing negotiations, Southern
Platinum and the RMB consortium expect to be able to jointly provide Messina
Platinum with the near-term relief that the mine needs as it continues its
steady build-up to full production.`
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;
95 percent of the Koumba Gold Project; and
95 percent of the Monts de Cristal Platinum Project in Gabon.
The common shares are traded on the Toronto Stock Exchange (TSX: SPC).
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.
31 December 2004
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)CORPORATE FINANCE
Date: 31/12/2004 09:36:06 AM
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