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

To: Rory McLeod who wrote (6940)	8/9/2002 12:28:31 PM
From: The Osprey	Respond to of 7235

Ihave bought it and traded it and bought it again and have a bunch now with good levels as result of the trading of it.This is one fine company IMHO and the future looks very good.I will hold a good core position for a year or so as I think this is going much,much higher. Good Luck and good trading. The Osprey

To: Rory McLeod who wrote (6940)	8/15/2002 1:28:31 PM
From: Rory McLeod	Respond to of 7235

News biz.yahoo.com 1st Drill Program Defines 1.44 Million Ounce PGM Resource at Millennium Shares Issued and Outstanding: 51,580,800 TSX: SUF AIM: SRE Program Confirms Reef Grade and Continuity for Resource Expansion TORONTO, Aug. 15 /CNW/ - This year's Phase 1 drilling program at SouthernEra's Millennium Project in Mpumalanga Province, South Africa successfully intersected the UG2 Reef and defined an inferred resource of 10.03 million tonnes, grading 4.46 grams per tonne (5PGE+Au), containing 1.44 million ounces of precious metals on the eastern portion of the project. The initial drilling failed to intersect a strike extension of the UG-2 Reef to the west, but subsequent re-interpretation and deepening of one of the original holes has now intersected the reef and established continuity of the structure to the west. Assays on this deepened hole are pending. Patrick Evans, SouthernEra President and CEO, said the initial drill program at Millennium has successfully met all of its objectives. "We have defined an initial resource at a grade mined economically elsewhere on the Bushveld Complex and we have confirmed the continuity of the UG2 Reef along strike which gives us the potential to expand the resource significantly." The Millennium Project is located in the Eastern Limb of the Bushveld Igneous Complex, 30km east of the town of Groblersdal and is comprised of portions of the farms Blaauwbank 168 JS, Rietkloof 166 JS and Haakdoorndraai 169 JS. The mineral resource defined at the Millennium Project is restricted to Portions 10 and 11 of the farm Blaauwbank 168 JS only, less than 20 percent of the prospected area to be drilled (see attached map). SouthernEra drilled three boreholes on the farm Blaauwbank, two of which intersected the UG2-like horizon: BB01 and BB03. Further intersections of the reef were obtained from these holes using deflections. Drill hole BB02 failed to intersect reef due to the presence of a dyke above the expected elevation of the UG2 Reef. Assay results were as follows: << Table 1.1. Borehole BB01 ------------------------------------------------------------------------- BH BB01 True Intersection Reef 3PGE+Au Thickness Accumulation 5PGE+Au (g/t) (cm) (cm-g/t) (g/t) ------------------------------------------------------------------------- Original UG2 3.68 120.5 443 4.38 ------------------------------------------------------------------------- 1st Deflection UG2 3.37 117.8 397 4.01 ------------------------------------------------------------------------- 2nd Deflection UG2 5.14 114.2 587 6.12 ------------------------------------------------------------------------- Average 4.06 117.5 476 4.83 ------------------------------------------------------------------------- Table 1.2. Borehole BB03 ------------------------------------------------------------------------- BH BB03 True Intersection Reef 3PGE+Au Thickness Accumulation 5PGE+Au (g/t) (cm) (cm-g/t) (g/t) ------------------------------------------------------------------------- 1st Deflection UG2 3.53 135.0 477 4.20 ------------------------------------------------------------------------- 2nd Deflection UG2 3.00 126.0 377 3.57 ------------------------------------------------------------------------- 3rd Deflection UG2 2.39 116.0 278 2.85 ------------------------------------------------------------------------- Average 3.00 125.7 377 3.57 ------------------------------------------------------------------------- In keeping with industry practice in South Africa, Lakefield Laboratories assayed the drill core for three platinum group elements plus gold ("3PGE+Au"). SouthernEra has converted these 3PGE+Au assays to 5PGE+Au based on the published results of split determinations on selected reef intersections on adjacent properties onto which the reef continues. These results, independently audited by SRK Consulting Ltd., were used to convert the 3PGE+Au values to 5PGE+Au. This amounted to a 19% increase in grade (g/t). The inferred resource was calculated using a simple average of the grade intersections weighted by their reef width. This procedure was adopted due to the near-normal distribution of grade values within the reef. Based on the SouthernEra intersections, the rhodium content is similar to a typical UG2 but the platinum to palladium ratio is higher, at 2:1 to 3:1, rather than close to 1:1 which is common elsewhere on the Eastern Bushveld Igneous Complex. The PGE split information is shown in Tables 1.3 and 1.4. Table 1.3. PGE Split Data BB01 ------------------------------------------------------------------------- BH BB01 Intersection Reef 3PGE+Au Pt Pd Rh Au 5PGE+Au (g/t) (%) (%) (%) (%) (g/t) ------------------------------------------------------------------------- Original UG2 3.68 57.7 34.4 6.3 1.6 4.38 ------------------------------------------------------------------------- 1st Deflection UG2 3.37 59.2 34.1 5.3 1.4 4.01 ------------------------------------------------------------------------- 2nd Deflection UG2 5.14 55.1 36.4 6.3 2.2 6.12 ------------------------------------------------------------------------- Average 4.06 57.3 35.0 5.9 1.7 4.83 ------------------------------------------------------------------------- Table 1.4. PGE Split Data BB03 ------------------------------------------------------------------------- BH BB03 Intersection Reef 3PGE+Au Pt Pd Rh Au 5PGE+Au (g/t) (%) (%) (%) (%) (g/t) ------------------------------------------------------------------------- 1st Deflection UG2 3.53 55.6 36.7 6.7 1.0 4.20 ------------------------------------------------------------------------- 2nd Deflection UG2 3.00 71.0 19.9 8.3 0.8 3.57 ------------------------------------------------------------------------- 3rd Deflection UG2 2.39 64.8 25.3 8.5 1.4 2.85 ------------------------------------------------------------------------- Average 3.00 63.8 27.3 7.8 1.1 3.57 ------------------------------------------------------------------------- Allowing for a conservative 20 percent geological loss of tonnes due to structural complexity and potholing, an Inferred Resource has been calculated at 10.03 million tonnes for the Project based on the following parameters: Table 1.5. Resource Parameters. ------------------------------------------------------------------------- Average Reef Thickness Dip Density Average grade 5PGE+Au (m) (degrees) (gm/cc) (g/t) ------------------------------------------------------------------------- 1.252 28 3.48 4.46 ------------------------------------------------------------------------- >> The resource on Blaauwbank has been independently estimated by Resource Services Group Pty Ltd. and has all been categorized as an Inferred Mineral Resource based on the September 1999 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (The JORC Code), which conforms to the requirements of National Instrument 43-101. Three additional holes were drilled on the adjoining property of Rietkloof (RK01, RK03 and RK04 - see attached map) to confirm the continuity along strike. The drilling program highlighted the presence of a fault that has resulted in a vertical downward throw of up to 500m and it is postulated that the sub-outcrop has been displaced by approximately 1500m in the southerly direction. An analysis of the drill core against the stratigraphy of the boreholes with successful intersections supports the presence of the fault and therefore suggests the drill holes along strike were terminated above the reef. The sub-outcrop remains on SouthernEra landholding, thus enhancing the down-dip potential on the remainder of the property. This drilling program has been supplemented by a high-resolution aeromagnetic survey over the farm Rietkloof. The interpretation of the data and additional fieldwork has been completed and a further drilling program has commenced to confirm the reef continuity on Rietkloof. On the 12th August 2002 the first hole of the new program (deepening of RK03 previously terminated at 330m) intersected the reef at 578m, which serves to confirm the downward throw. The intersection, which comprises an interval 182cm of chromite with a similar succession to BB01 and BB03, will be evaluated shortly. It is planned to complete a further six holes as well as the deepening of the existing holes RK01 and RK04. The drilling program and resource evaluation will be completed by December 2002, at which time it is anticipated that a resource will be declared on the Rietkloof portion of the Millennium Project area. SouthernEra Resources is a fully integrated international mining company, which generates projects offering exceptional rates of return. The Company's focus is on platinum group metals and diamonds. Its operations in South Africa include the 70.4 percent owned Messina Platinum Mine and the 50 percent owned Klipspringer Diamond Mine. To view map, please visit: files.newswire.ca For further information SouthernEra Resources Limited, Patrick C. Evans, President and CEO, Dr. Sally Eyre, Vice President Corporate Affairs, Telephone: (416) 359-9282, Fax: (416) 359-9141, E-Mail: inbox@southernera.com