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

To: gemsearcher who wrote (3353)	5/14/1999 8:48:00 AM
From: PHILLIP FLOTOW	Respond to of 7235

Here it is: SOUTHERNERA RESOURCES LIMITED - Highlights of first quarter report to shareholders (three months to March 31, 1999) TORONTO, May 14 /CNW/ - SouthernEra Resources Limited (SUF-TSE) today announced that net income for the three months to March 31, 1999 was $4.9 million on revenue of $11.9 million, compared to a loss of $2.0 million for the three months in 1998, when the Company had no production. On a per share basis the earnings were 19 cents for the quarter, compared to a loss of 8 cents in 1998. Cash flow from operations was $9.6 million or 37 cents per share for the three months, compared to a cash requirement of $1.9 million, or a negative 7 cents per share for the same quarter in 1998. Production at the Marsfontein Joint Venture totalled 82,800 tonnes yielding 200,132 carats for an average of 242 carats per hundred tonnes, which is close to the expected average recovered grade for the M-1 kimberlite pipe. The average realized price per carat was US$ 121, compared to US$ 147 in the previous quarter, when the very rich overburden over the pipe was mined. Additional equipment being commissioned at the Klipspringer plant is expected to increase tonnage throughput in the second quarter. Development work at SouthernEra's 100% owned Klipspringer underground mine was reported to be progressing for a July start-up at the rate of 10,000 tonnes per month through the 50 tonne per hour plant. Exploration costs for the quarter totalled $3.2 million and capital expenditures for the quarter were $4.8 million. Working capital was reported to be $10 million including cash on hand of $8 million. The full text of the quarterly report, which is being mailed to shareholders, will be available on the Company's website. %SEDAR: 00004535E -30- For further information: please contact: Christopher M.H. Jennings, President, Phone: (416) 359-9282; Frank van de Water, Vice-President, Finance, Fax: (416) 359-9141, e-mail: inbox@southernera.com, southernera.com PHIL