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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: maxed who wrote (4743)	10/20/1999 12:36:00 PM
From: lwk	Read Replies (1) \| Respond to of 7235

Southernera to explore in Australia --New Australian Exploration Venture With Caldera Resources-- TORONTO, Oct. 20 /CNW/ - SouthernEra Resources Limited (SUF-TSE) SouthernEra Resources Limited (TSE-SUF) is pleased to announce that it has entered into an agreement with Caldera Resources Pty Ltd., a wholly-owned subsidiary of Caldera Resources Inc. (CDR-MSE) to explore for diamonds in Western Australia. Under the terms of the agreement, SouthernEra has the option to spend a total of CAD $1.0 million over a four-year period to maintain a 51% interest in a number of exploration licences recently acquired jointly by the two companies. An area of approximately 900 square kilometres has been targeted for the work program. Upon completion of the initial CAD $1.0 million vesting expenditure by SouthernEra, at Caldera's election, additional expenditures may be made through a joint venture held 51% by SouthernEra and 49% by Caldera, or Caldera may grant SouthernEra an option to earn an additional 19% interest in the joint venture by expending an additional CAD $4 million dollars over a further 2-year period. Caldera has previously carried out reconnaissance loam sampling in the area and recovered significant numbers of kimberlitic indicator minerals using sophisticated techniques developed by its own staff. This work supported previous regional geological studies and confirmed the kimberlite potential of the area. Target selection utilized available geophysical data and focused on features having anomalous responses similar to kimberlites in other areas. A study of available regional, geological and geophysical information indicates that the area exhibits strong similarities to the Lac de Gras kimberlite region of Canada's Northwest Territories. SouthernEra is pleased to be associated with Caldera in this new venture and recognizes that Caldera's expertise in kimberlitic mineral sampling, and its extensive knowledge of the operating environment in Western Australia will provide significant contributions to the exploration program. Since its formation in 1992 as a diamond exploration and development company, SouthernEra Resources Limited has become one of the world's leading diamond producers through its Marsfontein and Klipspringer properties in South Africa. The Company's strategic goal is to increase its long-term revenue and growth potential from both diamond and platinum mining. The Company holds an excellent portfolio of properties and projects in South Africa, Angola, Zimbabwe, Botswana, Brazil, Uruguay and in Canada's Northwest Territories, and is looking forward to success in this new venture in Australia. %SEDAR: 00004535E -0- 10/20/1999 For further information: please contact: Christopher M. H. Jennings, President; A. Lee Barker, Senior Vice-President; Nicholas Sayce, Investor Relations, Phone: (416) 359-9282, Fax: (416) 359-9141, e-mail: inbox@southernera.com; www.southernera.com