Offer Update

MessinaRights Offer Concluded

 

    Minority Shareholders contribute US$4 million to Messina's Development

    Shares Issued and Outstanding: 51,828,400

    TSX: SUF

    AIM: SRE

 

    TORONTO, Nov. 11 /CNW/ - SouthernEra Resources Limited is pleased to

report on the results of the rights offer at the Company's subsidiary, Messina

Limited, which concluded last Friday, November 8.

    In a show of overwhelming support, 90 percent of the minority

shareholders in Messina Limited subscribed to the shares offered under the

rights offer. Through the support of Messina's minorities, approximately US$4

million has been contributed to Messina Limited to support funding of ongoing

development at the Messina Platinum Mine. As the underwriter of the rights

offer, SouthernEra Resources Limited has taken up the Messina shares not

subscribed to, thereby marginally increasing its interest in Messina Limited

from 70.42 to 70.91 percent.

    Commenting on the rights offer, SouthernEra President and CEO, Patrick

Evans, said: 'The results of the rights offer reflects the high level of

confidence that exists for the Messina Platinum Mine. SouthernEra welcomes

this strong signal of support from the minority shareholders in Messina who

have now demonstrated their willingness to contribute to the funding of

Messina's development. This support is particularly welcome at a time when

consideration is being given to the expanded development of the Greater

Messina resource.'

    SouthernEra Resources Limited is an independent producer of platinum

group metals and diamonds. The Company also has an extensive PGM and diamond

exploration program. The common shares of SouthernEra are traded on the

Toronto Stock Exchange (SUF) and the London Stock Exchange's AIM (SER).

 

   

    For further information: 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. SRE)