NEWS
SOUTHERNERA RESOURCES LIMITED, DE BEERS CONSOLIDATED MINES LIMITED, NGS MINERALS (PTY) LIMITED AND RANDGOLD & EXPLORATION COMPANY JOINT PRESS RELEASE - SETTLEMENT REACHED ON MARSFONTEIN
TORONTO, June 15 /CNW/ - SouthernEra Resources Limited (SUF TSE), De
Beers Consolidated Mines Limited, NGS Minerals (Pty) Limited and Randgold &
Exploration Company Limited are pleased to announce that they have reached
agreement in settlement of the mineral rights dispute on Marsfontein 91 KS in
Northern Province, South Africa.
All outstanding legal matters between the parties, including the Section
24 application before South Africa's Minister of Minerals and Energy, have
been settled amicably.
In terms of the agreement, De Beers will have management of the
Marsfontein project with a 60% interest, and the existing SouthernEra/
Randgold joint venture will have a 40% share. SouthernEra has an agreement to
buy out Randgold's interest.
Dr Christopher Jennings, President of SouthernEra Resources says the
parties welcome the end of a long impasse over the issue of mineral rights.
The new joint venture will use SouthernEra's existing treatment plant on
the nearby farm, Modderfontein. Diamonds from Marsfontein, as well as those
from the 'Klipspringer' Project will be marketed through De Beers' Central
Selling Organisation.
This agreement will enhance and strengthen the stability of the world
market for diamonds, as well as providing SouthernEra with the benefits of an
assured and reliable market for its diamond production. It will also lead to
close co-operation between the management teams of the companies involved.
including exchanges in mining and recovery technology.
The rapid commencement of mining of the M1 pipe will provide SouthernEra
with capital to develop its extensive high-grade fissure systems on its wholly
owned Klipspringer properties.
It is envisaged that the new agreement will lead to the collaborative
exploitation of diamonds on farms outside and to the east of SouthernEra's
existing Klipspringer project, where both De Beers and SouthernEra have
mineral rights.
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For further information: Dr Chris Jennings, President (Johannesburg),
Tel: 27 11 82 600 5792; A Lee Barker, (Toronto), Tel: (1 416) 359-9282; De
Beers, Andrew Cumine (Johannesburg), Tel: 27 11 638 5132; Tracey Peterson,
(Johannesburg), Tel: 27 11 638 5127; Rangold, Kathy du Plessis, (Johannesburg)
Tel: 27 11 728 4701; NGS Minerals, Koos Jordaan, Potchefstroom,
Tel: 27 18 297 7311; Manda Scheepers, (Pretoria), Tel: 27 12 342 0989
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