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Gold/Mining/Energy : SOUTHERNERA (t.SUF)

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To: PHILLIP FLOTOW who wrote (5958)	5/10/2000 12:16:00 PM
From: PHILLIP FLOTOW	of 7235

05/10 11:30A SouthernEra Boosts Messina Ltd. Stake To 70.4% From 54% SouthernEra/Messina -2: Added 2.1M Shrs Acquired TORONTO (Dow Jones)--SouthernEra Resources Ltd. (T.SUF) said it has increased its stake in Messina Ltd. (O.MES) to about 70.4% from 54%, following the acquisition of 2.1 million Messina shares tendered to a standby offer. As reported, SouthernEra completed the acquisition of 54% of Messina in early March for about $10.3 million. In a news release, SouthernEra said the final cost of the acquisition of the additional shares, including brokerage fees, was about $2.8 million. The company said the 2.1 million shares were tendered at 9.28 rand each. SouthernEra said Messina is planning to dewater the Messina shaft and start underground development, test mining and bulk sampling, at an estimated cost of $4.1 million, as soon as it receives all the necessary permits. This work will be financed with cash currently held by Messina, it said. The Messina Platinum Project is in South Africa. SouthernEra is a platinum group metals producer and a diamond mining and exploration company. -Judy McKinnon, Dow Jones Newswires PHIL

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