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Thu 13 Jan 2005, 16:45 FURTHER CAUTIONARY ANNOUNCEMENT
MESSINA LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                               
MESSINA LIMITED                                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration Number: 1950/035912/06)                                           
Share Code: MES                                                                 
ISIN: ZAE000004438                                                              
(`Messina`)                                                                     
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement released on SENS on 26 November 2004     
regarding discussions between Southern Platinum Corp. and various parties to    
restructure, replace or eliminate the syndicated project debt facility,         
shareholders are advised that there are discussions relating to Messina which   
may have a material effect on the price of Messina securities. Accordingly,     
shareholders are advised to exercise caution when dealing in Messina securities 
until a further announcement is made.                                           
Rosebank                                                                        
13 January 2005                                                                 
Merchant Bank and Sponsor                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE
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