Drilling Report

SouthernEra Announces Update of Probable Mineral Reserve for Messina

    Platinum's Phase 1 Mine

 

    Shares Issued and Outstanding: 61,593,793

    TSX: SUF

    AIM: SRE

 

    TORONTO, March 12 /CNW/ - SouthernEra Resources Limited, is pleased to

announce an updated Probable Mineral Reserve of 24.5 million tonnes at 4.98

grams per tonne 5PGE + Au, at the Phase 1 (Voorspoed Section) of the Company's

70.91% owned Messina Platinum Mine.

    On the Voorspoed Section, a total of 28 boreholes (59 intersections) and

23 boreholes (61 intersections) were utilized to define the initial Merensky

and UG2 resources to a depth of 1000 metres, respectively.

    Measured Mineral Resource for the Merensky and UG2 Reefs to a depth of

1000 metres on the Voorspoed Section were reported on February 8, 2001 as:

 

   

    -------------------------------------------------------------------------

    Reef          Mining Width (cm)    Tonnes (Mt)    Grade    Ounces (Moz)

                                                    (5PGE+Au)

                                                       g/t

    -------------------------------------------------------------------------

    Merensky            1.20               10.9       5.70         2.00

    -------------------------------------------------------------------------

    UG2                 1.50              15.50       6.72         3.35

    -------------------------------------------------------------------------

    Total                                  26.4       6.31         5.35

    -------------------------------------------------------------------------

 

    Probable Mineral Reserves for the Merensky and UG2 Reefs to a depth of

    1000 metres on the Voorspoed Section are now reported as:

 

    -------------------------------------------------------------------------

    Reef          Mining Width (cm)    Tonnes (Mt)    Grade    Ounces (Moz)

                                                    (5PGE+Au)

                                                       g/t

    -------------------------------------------------------------------------

    Merensky            1.20               10.0       4.78         1.54

    -------------------------------------------------------------------------

    UG2                 1.50               14.5       5.13         2.39

    -------------------------------------------------------------------------

    Total                                  24.5       4.98         3.93

    -------------------------------------------------------------------------

   

 

    In calculating this latest Probable Mineral Reserves at an economic   

cut-off of US$30/tonne, the following modifying factors were used: geological

and pillar losses 25 percent, Merensky grade dilution 10 percent, UG2 grade

dilution 8 percent and waste mining due to potholing and faulting 5 percent.

    The qualified person in respect of the Phase 1 Probable Reserve statement

is Mr. Michael Cowell, B.Sc., Hons. Chief Mine Geologist, Messina Platinum

Mines Limited, a registered Professional Practicing Natural Scientist with the

South African Council for Natural Scientific Professions (SACNASP). The

resource and reserves have been classified in terms of South Africa's SAMREC

Code of reporting of mineral resources and mineral reserves, which conforms to

the requirements of Canada's National Instrument 43-101.

    The previous Probable Mineral Reserve statement for the Voorspoed

Section, dated July 2002 was 5.33 million tonnes at 4.30 grams per tonne 3PGE

+ Au. The statement was prepared by Venmyn Rand (Pty) Limited an independent

technical and economic consultant. The independent competent persons include;

W.M. Stear, Ph.D., M.Sc. (Geol.) M.Sc., (Min. Eng.) FSAIMM, FAusIMM, FGSSA,

Pr.Sci.Nat., L.A. Freeman, Ph.D., (Geol.) B.Sc. Hons, GDE (Min. Eng.) MGSSA,

MSAIMM, Pr.Sci.Nat., and R.J. Lamming, B.Com (Econ.) B.Sc., Hons. (Geol)

MAusIMM, MGSSA.

    SouthernEra Resources is an independent producer of platinum group metals

(PGM's) and diamonds. The company also has an extensive PGM and diamond

exploration program. The common shares are listed on the Toronto Stock

Exchange and the London Stock Exchange AIM.

 

    For further information: PLEASE CONTACT: SouthernEra Resources Limited,

Patrick C. Evans, President and CEO; or, Dr. Sally Eyre, Vice President,

Corporate Affairs, Telephone: [phone], Fax: [phone],

E-mail: inbox(at)southernera.com

    (SUF.)