SouthernEra Resources Limited - (News Release May 29)
TORONTO, May 29 /CNW/ - SouthernEra Resources Limited (SUF-TSE) is
pleased to announce that Messina Platinum Mines Limited, a wholly owned
subsidiary of Messina Limited of which the SouthernEra owns 70 percent of the
outstanding shares, has received the mining license for the Messina Platinum
Project. Messina is in the process of commencing the 2000 work program to
dewater the Messina shaft and commence underground development, test mining
and bulk sampling immediately. This year's US$4.1 million work program is part
of the planned development and capital expenditure for the project. Beginning
this work now will keep the project on schedule for commencement of production
in early 2003. The work planned for 2000 will be financed with cash currently
held by Messina Limited. Discussions are continuing with a number of financial
institutions regarding the project financing for the development of the
project. Financing is expected to be in place by the end of the year or early
next year. Meanwhile, Messina is adequately funded to ensure the development
of the project does not fall behind schedule.
Additionally, SouthernEra is pleased to announce the election of Norman
D. A. Hardie as Non-executive Chairman of the Company. Mr. Hardie replaces Dr.
Christopher M. H. Jennings in that capacity, as Dr. Jennings plans to spend
the majority of his time in South Africa. Dr. Jennings remains a Director of
the Company and is retained as a consultant to the Company regarding its
exploration program and new business opportunities.
SouthernEra Resources Limited is a diamond mining and exploration company
and an emerging PGM producer (platinum group metals). The Company has a 70
percent interest in the Messina Platinum Project in South Africa, which is
located adjacent to its Klipspringer and Marsfontein diamond operations.
SouthernEra also has an excellent portfolio of diamond exploration properties
and projects in South Africa, Angola, Australia, Brazil, Canada, Gabon, and
Uruguay. SouthernEra's strategic goal is to become one of the world's leading
platinum and diamond producing companies. More information can be obtained
from the Company's website, www.southernera.com. The common shares of
SouthernEra are traded under the symbol SUF on the Toronto Stock Exchange.
%SEDAR: 00004535E
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For further information: John W. Pearson, Vice President of Investor
Relations, (416) 359-9282, www.southernera.com, e-mail :
inbox@southernera.com
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