SouthernEra Reports on Progress at Messina Platinum
Tuesday March 2, 9:19 am ET
2003 Production Grows by 223 Percent
Messina Platinum Makes US$9.5 Million Debt Repayment
Shares Issued and Outstanding: 74,499,193 TSX: SUF AIM: SRE
TORONTO, March 2 /CNW/ - SouthernEra Resources Limited today reported on progress at the Company's 73.06 percent subsidiary Messina Platinum during the course of 2003. Reef tonnes mined in 2003 grew by 223 percent over 2002 as development and production continued to make steady progress. The table below highlights the performance achieved at the Messina Phase 1 (Voorspoed) mine during 2003.
-------------------------------------------------------------------------
Q1 Q2 Q3 Q4 2003
-------------------------------------------------------------------------
Reef Tonnes Mined 72,317 108,429 162,511 188,601 531,858
-------------------------------------------------------------------------
Reef Tonnes Milled 72,966 96,097 142,381 177,069 488,513
-------------------------------------------------------------------------
Ave. Head Grade g/t 4.72 3.78 4.14 4.25 4.20
-------------------------------------------------------------------------
Plant Recoveries % 86.5 82.5 85.6 87.4 85.8
-------------------------------------------------------------------------
5 PGE + Gold Oz. 9,583 9,638 16,239 21,142 56,603
-------------------------------------------------------------------------
Nickel Tonnes 71 77 146 192 486
-------------------------------------------------------------------------
Copper Tonnes 52 60 106 138 356
-------------------------------------------------------------------------
Following the acquisition of Messina Platinum in mid 2000, SouthernEra
successfully completed the construction and commissioning of the Phase 1
(Voorspoed) mine on schedule and within budget in the third quarter 2002. The
Company achieved its first production build-up target of 40,000 tonnes per
month in the second quarter 2003. Although it was anticipated that a
production rate of 80,000 tonnes per month would be achieved during the last
quarter 2003, December recorded approximately 72,000 reef tonnes mined. As the
productivity of Messina's newly trained workforce improves, the production
ramp-up is expected to increase steadily.
SouthernEra also reported that the Company has provided support to its
subsidiary Messina Platinum to meet its first repayment in terms of the Rand
Merchant Bank syndicated project debt facility. Through an inter-company
facility arranged by SouthernEra, Messina has repaid R63 million (approx.
US$ 9.5 million) of the outstanding five year R465 million (approx.
US$70 million) project debt, comprised of principal plus accrued interest as
at January 31.
Messina is continuing discussions with its banking partners to arrange re-
scheduling of the remaining R402 million (US$60.5 million) facility.
Full details of the Company's 2003 results will be released in early
April 2004.
SouthernEra Resources is an independent producer of platinum group metals
and diamonds. The company also has an extensive PGM, gold and diamond
exploration program. The common shares are listed on the Toronto Stock
Exchange and the London Stock Exchange's AIM market.
biz.yahoo.com
b |
