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

To: Confluence who wrote (2266)	12/11/1998 10:37:00 AM
From: VAUGHN	Read Replies (2) \| Respond to of 7235

Hello All This mornings's news: SouthernEra Resources Limited - US $168PER CARAT FOR 143,851 CARATS IN LATEST SALE OF MARSFONTEIN JOINT VENTURE DIAMOND PRODUCTION - NEW ADIT DEVELOPMENT UNDER WAY ON LEOPARD FISSURE TORONTO, Dec. 11 /CNW/ - SOUTH AFRICA Marsfontein Joint Venture SouthernEra Resources Limited (SUF-TSE), is pleased to report that 143,851 carats of diamonds from the Marsfontein M1 pipe (SouthernEra 40%/De Beers 60%) were sold on Monday, December 7, 1998, for an average price of US $168.70 per carat. This represents an increase of over US $6 per carat on the price of the previous parcel of diamonds from the same source sold on November 12, 1998. To date, a total of 474,140 carats has been produced from the M1 pipe since the commencement of production in late August, 1998. Of these, 390,890 carats came from the gravel overburden and weathered kimberlite. Following depletion of the high-grade gravels over the M1 pipe, mining of the weathered upper portion of the kimberlite is now underway. The grade of the kimberlite mined to date exceeds 418 carats per 100 tonnes. In addition, during the waste stripping, a resource of an estimated 225,000 tonnes of lower grade gravels was stockpiled, as well as an additional 150,000 tonnes of diabase containing a stockwork of diabase/kimberlite veinlets. A 670 tonne single random sample from the diabase/kimberlite stockwork gave a grade of 34.8 carats per 100 tonnes (cpht). A recent 30.6 tonne bulk sample of 1 metre thick basal gravels situated in a 7 metre deep palaeo-channel leading from the M1 pipe gave a grade of 151 cpht. Exploration continues to trace the palaeo-channel gravels and these will be bulk sampled in 1999. None of the above gravel and diabase stockpile resources are included in the original ore resource calculations. Klipspringer Project Work has commenced on development of 6 adits at both ends of the Ingwe section of the Leopard fissure. It is expected that the treatment of the material from this development will commence in April 1999, using SouthernEra's new 50 tonne per hour (tph) plant at an initial production rate of 15,000 tonnes per month (tpm). SouthernEra's share of production from its 100% owned Klipspringer Mine and its 40% Marsfontein Joint Venture this year to date, is 269,000 carats, making it South Africa's second largest producer in 1998. Exploration continues both on the Marsfontein Joint Venture property and at SouthernEra's Klipspringer Project properties.