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

To: Goalie who wrote (2424)	2/5/1999 10:07:00 AM
From: Gord Bolton	Respond to of 7235

De Beers Consolidated Mines Limited (''De Beers'') SouthernEra Resources Limited (''SouthernEra'') Joint Announcement Joint venture and marketing agreements signed TORONTO, Feb. 5 /CNW/ - De Beers and SouthernEra are pleased to announce that the detailed agreements between the two companies, contemplated in the heads of agreement signed on 15 June 1998, were today signed at Marsfontein. The agreements consist of a Marsfontein joint venture agreement and marketing agreements for both the Marsfontein and the Klipspringer projects. In terms of the Marsfontein joint venture agreement, De Beers has a 60% interest and manages the Marsfontein project, although in line with its small mine philosophy De Beers has outsourced the waste stripping and mining operations to a contractor. SouthernEra has a 40% share in the Marsfontein joint venture and is responsible for ore treatment at its plant on the farm Rusland. In terms of the marketing agreements, production from the Marsfontein project and from the SouthernEra Klipspringer project will be sold through the Central Selling Organisation (CSO). These agreements will strengthen the stability of the world diamond market, as well as provide SouthernEra with the benefits of an assured and reliable market for its diamond production. De Beers and SouthernEra are confident that the signing of these agreements today will lead to a partnership beneficial to both parties and possible collaboration in future exploitation ventures. %SEDAR: 00004535E -30- For further information: DE BEERS: TRACEY PETERSON, (011) 374-7388 (W), 082 855 4323; SOUTHERNERA: DR CHRISTOPHER JENNINGS, PRESIDENT; FRANK VAN DE WATER, CHIEF FIN. OFFICER; NICHOLAS SAYCE, INVESTOR RELATIONS, TEL: (416) 359-9282, FAX: (416) 359-9141; KIM FREEMAN, CHIEF MINING ENGINEER, (082 920 5329) newswire.ca