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

To: DavidA who wrote (2474)	2/18/1999 2:58:00 PM
From: Gord Bolton	Read Replies (2) \| Respond to of 7235

SouthernEra Resources Limited - 650,875 Carats of M-1 Diamonds Produced to Date - Drilling to Commence 24th February at Back Lake, NWT. - Drilling to Commence in March at Yamba Lake, NWT. TORONTO, Feb. 18 /CNW/ - Marsfontein Joint Venture Production (SUF 40%/De Beers 60%) ----------------------------------------------------------- SouthernEra Resources Limited (SUF-TSE) is pleased to report that in January and February, 1999, the remaining 197,006 carats of the 1998 production of Marsfontein M-1 diamonds was valued by De Beers at an average price of US $130.74 per carat. During the 4-month period, September to December, 1998, 528,754 carats of diamonds from the Marsfontein M-1 pipe were recovered, with a total value of US $83,340,966. Total production of diamonds from the M-1 pipe, from September 1998 to-date, now stands at 650,875 carats. More than 80% of the total value of production to-date has been contributed by diamonds of one carat or greater. These larger diamonds constitute slightly over 50% of the total carats recovered. Drilling to Commence on 24th February at Back Lake Project, NWT. (SUF 70%) ---------------------------------------------------------------- The sonic drilling program on the Back Lake project, Northwest Territories will commence on 24th February. The initial focus of the program will be to locate the primary kimberlite pipe sources of: 1. The extensive ''Yuryi'' kimberlite ice-rafted float material that occurs within the shoreline area of Munn Lake, and 2. The two kimberlitic heavy mineral indicator trains that have been traced to the shoreline of Margaret Lake. The ''Yuryi'' kimberlite float hosts spectacular pyrope garnet chemistry with over 40% of the pyropes occurring within the G-10 field, suggesting that the diamond potential of the primary kimberlite source is excellent. The ''Yuryi'' kimberlite has returned 226 diamonds, including 62 macrodiamonds from 581 kilograms of processed kimberlite (a macrodiamond has 1 dimension greater than 0.5mm). One 0.12 carat diamond was also recovered from the sample. Drilling to Commence in March at Yamba Lake Project, NWT. (SUF 51%) ------------------------------------------------------------------- The Yamba Lake property is located within the Lac de Gras kimberlite field approximately 45 kilometres to the north of the producing BHP/DiaMet Minerals' Ekati diamond mine. To-date six kimberlite pipes have been discovered on the property. It is planned to drill test the T-10 and Ptarmigan pipes. An 8,000 line kilometre high resolution magnetic and electromagnetic airborne survey will commence on February 18th at a 100 metre line spacing. The recovery of kimberlitic heavy minerals from over 1,000 till samples collected during August, 1998 is on-going. A number of high interest pyrope garnets with excellent G-10 chemistry that do not relate to the known kimberlite pipes on the property have been recovered. This would seem to suggest further possible sources or bodies of kimberlite. Geophysical anomalies indicative of kimberlite pipe intrusions selected from the airborne survey will also be drill tested in the Spring. %SEDAR: 00004535E -30- For further information: please contact: Christopher M.H. Jennings, President, A. Lee Barker, Senior Vice President, Kim Freeman, Vice-President, Operations, Frank van de Water, Vice-President, Finance, Nicholas Sayce, Investor Relations, Phone: (416) 359-9282, Fax: (416) 359-9141, e-mail: inbox@southernera.com