| To: Letmebe Frank who wrote (6937) | 8/8/2002 12:15:35 PM | | From: Gord Bolton | | | | SouthernEra Joint Venture Awarded New Platinum Properties in South Africa
Shares Issued and Outstanding: 51,580,800
TSX: SUF
TORONTO, Aug. 8 /CNW/ - SouthernEra Resources Limited is pleased to
announce that the South African government's Department of Minerals and Energy
has awarded three new platinum properties in the vicinity of the Messina
Platinum Mine to the Company and its 50 percent joint venture partner
Mvelaphanda Resources. Mvelaphanda Resources is South Africa's leading black-
controlled platinum mining company and, like SouthernEra's 70.4 percent
controlled subsidiary Messina Limited, is listed on the Johannesburg Stock
Exchange.
The three properties awarded to the SouthernEra joint venture are
Rooibokbult 121 KS, Turfpan 122 KS and Dwaalkop 455 KS. These properties are
located in the area between Messina's current Phase 1 (Voorspoed Section) and
Phase 2 (Doornvlei Section). It is anticipated that a prospecting contract
will be concluded between the South African government and the joint venture
in the near future, following which a prospecting permit will be issued.
Commenting on the awarding of these new platinum properties,
SouthernEra's President and CEO, Patrick Evans, said: "We are very pleased
that our application for these new properties has been successful. The joint
venture expects to be able to commence a prospecting program over the new
properties as soon as the necessary permits have been issued. These properties
have the potential to add significantly to the current known resources at
Messina Platinum."
The SouthernEra joint venture had also applied for the property to the
east of Messina's current Phase 2 (Doornvlei Section), known as Mphahlele
Location. However this property has been awarded to a third party.
SouthernEra Resources is a fully integrated international mining company,
which generates projects offering exceptional rates of return. The Company's
focus is on platinum group metals and diamonds. Its operations in South Africa
include the 70.4 percent owned Messina Platinum Mine and the 50 percent owned
Klipspringer Diamond Mine.
-30-
For further information: PLEASE CONTACT: SouthernEra Resources Limited,
Patrick C. Evans, President and CEO; or Dr. Sally Eyre, Vice President
Corporate Affairs, Telephone: (416) 359-9282, Fax: (416) 359-9141,
e-mail: inbox@southernera.com
newswire.ca |
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| To: Rory McLeod who wrote (6940) | 8/9/2002 12:28:31 PM | | From: The Osprey | | | | Ihave bought it and traded it and bought it again and have a bunch now with good levels as result of the trading of it.This is one fine company IMHO and the future looks very good.I will hold a good core position for a year or so as I think this is going much,much higher.
Good Luck and good trading.
The Osprey |
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| To: Rory McLeod who wrote (6940) | 8/15/2002 1:28:31 PM | | From: Rory McLeod | | | | News
biz.yahoo.com
1st Drill Program Defines 1.44 Million Ounce PGM Resource at Millennium
Shares Issued and Outstanding: 51,580,800 TSX: SUF AIM: SRE
Program Confirms Reef Grade and Continuity for Resource Expansion
TORONTO, Aug. 15 /CNW/ - This year's Phase 1 drilling program at SouthernEra's Millennium Project in Mpumalanga Province, South Africa successfully intersected the UG2 Reef and defined an inferred resource of 10.03 million tonnes, grading 4.46 grams per tonne (5PGE+Au), containing 1.44 million ounces of precious metals on the eastern portion of the project. The initial drilling failed to intersect a strike extension of the UG-2 Reef to the west, but subsequent re-interpretation and deepening of one of the original holes has now intersected the reef and established continuity of the structure to the west. Assays on this deepened hole are pending.
Patrick Evans, SouthernEra President and CEO, said the initial drill program at Millennium has successfully met all of its objectives. "We have defined an initial resource at a grade mined economically elsewhere on the Bushveld Complex and we have confirmed the continuity of the UG2 Reef along strike which gives us the potential to expand the resource significantly."
The Millennium Project is located in the Eastern Limb of the Bushveld Igneous Complex, 30km east of the town of Groblersdal and is comprised of portions of the farms Blaauwbank 168 JS, Rietkloof 166 JS and Haakdoorndraai 169 JS. The mineral resource defined at the Millennium Project is restricted to Portions 10 and 11 of the farm Blaauwbank 168 JS only, less than 20 percent of the prospected area to be drilled (see attached map).
SouthernEra drilled three boreholes on the farm Blaauwbank, two of which intersected the UG2-like horizon: BB01 and BB03. Further intersections of the reef were obtained from these holes using deflections. Drill hole BB02 failed to intersect reef due to the presence of a dyke above the expected elevation of the UG2 Reef.
Assay results were as follows:
<<
Table 1.1. Borehole BB01
-------------------------------------------------------------------------
BH BB01 True
Intersection Reef 3PGE+Au Thickness Accumulation 5PGE+Au
(g/t) (cm) (cm-g/t) (g/t)
-------------------------------------------------------------------------
Original UG2 3.68 120.5 443 4.38
-------------------------------------------------------------------------
1st Deflection UG2 3.37 117.8 397 4.01
-------------------------------------------------------------------------
2nd Deflection UG2 5.14 114.2 587 6.12
-------------------------------------------------------------------------
Average 4.06 117.5 476 4.83
-------------------------------------------------------------------------
Table 1.2. Borehole BB03
-------------------------------------------------------------------------
BH BB03 True
Intersection Reef 3PGE+Au Thickness Accumulation 5PGE+Au
(g/t) (cm) (cm-g/t) (g/t)
-------------------------------------------------------------------------
1st Deflection UG2 3.53 135.0 477 4.20
-------------------------------------------------------------------------
2nd Deflection UG2 3.00 126.0 377 3.57
-------------------------------------------------------------------------
3rd Deflection UG2 2.39 116.0 278 2.85
-------------------------------------------------------------------------
Average 3.00 125.7 377 3.57
-------------------------------------------------------------------------
In keeping with industry practice in South Africa, Lakefield Laboratories assayed the drill core for three platinum group elements plus gold ("3PGE+Au"). SouthernEra has converted these 3PGE+Au assays to 5PGE+Au based on the published results of split determinations on selected reef intersections on adjacent properties onto which the reef continues. These results, independently audited by SRK Consulting Ltd., were used to convert the 3PGE+Au values to 5PGE+Au. This amounted to a 19% increase in grade (g/t).
The inferred resource was calculated using a simple average of the grade intersections weighted by their reef width. This procedure was adopted due to the near-normal distribution of grade values within the reef. Based on the SouthernEra intersections, the rhodium content is similar to a typical UG2 but the platinum to palladium ratio is higher, at 2:1 to 3:1, rather than close to 1:1 which is common elsewhere on the Eastern Bushveld Igneous Complex. The PGE split information is shown in Tables 1.3 and 1.4.
Table 1.3. PGE Split Data BB01
-------------------------------------------------------------------------
BH BB01
Intersection Reef 3PGE+Au Pt Pd Rh Au 5PGE+Au
(g/t) (%) (%) (%) (%) (g/t)
-------------------------------------------------------------------------
Original UG2 3.68 57.7 34.4 6.3 1.6 4.38
-------------------------------------------------------------------------
1st Deflection UG2 3.37 59.2 34.1 5.3 1.4 4.01
-------------------------------------------------------------------------
2nd Deflection UG2 5.14 55.1 36.4 6.3 2.2 6.12
-------------------------------------------------------------------------
Average 4.06 57.3 35.0 5.9 1.7 4.83
-------------------------------------------------------------------------
Table 1.4. PGE Split Data BB03
-------------------------------------------------------------------------
BH BB03
Intersection Reef 3PGE+Au Pt Pd Rh Au 5PGE+Au
(g/t) (%) (%) (%) (%) (g/t)
-------------------------------------------------------------------------
1st Deflection UG2 3.53 55.6 36.7 6.7 1.0 4.20
-------------------------------------------------------------------------
2nd Deflection UG2 3.00 71.0 19.9 8.3 0.8 3.57
-------------------------------------------------------------------------
3rd Deflection UG2 2.39 64.8 25.3 8.5 1.4 2.85
-------------------------------------------------------------------------
Average 3.00 63.8 27.3 7.8 1.1 3.57
-------------------------------------------------------------------------
Allowing for a conservative 20 percent geological loss of tonnes due to structural complexity and potholing, an Inferred Resource has been calculated at 10.03 million tonnes for the Project based on the following parameters:
Table 1.5. Resource Parameters.
-------------------------------------------------------------------------
Average Reef Thickness Dip Density Average grade 5PGE+Au
(m) (degrees) (gm/cc) (g/t)
-------------------------------------------------------------------------
1.252 28 3.48 4.46
-------------------------------------------------------------------------
>>
The resource on Blaauwbank has been independently estimated by Resource Services Group Pty Ltd. and has all been categorized as an Inferred Mineral Resource based on the September 1999 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (The JORC Code), which conforms to the requirements of National Instrument 43-101.
Three additional holes were drilled on the adjoining property of Rietkloof (RK01, RK03 and RK04 - see attached map) to confirm the continuity along strike. The drilling program highlighted the presence of a fault that has resulted in a vertical downward throw of up to 500m and it is postulated that the sub-outcrop has been displaced by approximately 1500m in the southerly direction. An analysis of the drill core against the stratigraphy of the boreholes with successful intersections supports the presence of the fault and therefore suggests the drill holes along strike were terminated above the reef. The sub-outcrop remains on SouthernEra landholding, thus enhancing the down-dip potential on the remainder of the property.
This drilling program has been supplemented by a high-resolution aeromagnetic survey over the farm Rietkloof. The interpretation of the data and additional fieldwork has been completed and a further drilling program has commenced to confirm the reef continuity on Rietkloof. On the 12th August 2002 the first hole of the new program (deepening of RK03 previously terminated at 330m) intersected the reef at 578m, which serves to confirm the downward throw. The intersection, which comprises an interval 182cm of chromite with a similar succession to BB01 and BB03, will be evaluated shortly. It is planned to complete a further six holes as well as the deepening of the existing holes RK01 and RK04. The drilling program and resource evaluation will be completed by December 2002, at which time it is anticipated that a resource will be declared on the Rietkloof portion of the Millennium Project area.
SouthernEra Resources is a fully integrated international mining company, which generates projects offering exceptional rates of return. The Company's focus is on platinum group metals and diamonds. Its operations in South Africa include the 70.4 percent owned Messina Platinum Mine and the 50 percent owned Klipspringer Diamond Mine.
To view map, please visit: files.newswire.ca
For further information
SouthernEra Resources Limited, Patrick C. Evans, President and CEO, Dr. Sally Eyre, Vice President Corporate Affairs, Telephone: (416) 359-9282, Fax: (416) 359-9141, E-Mail: inbox@southernera.com |
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| To: Gord Bolton who wrote (6938) | 8/18/2002 9:54:00 PM | | From: Gord Bolton | | | | BUSINESS
Mining to dig deep
Thebe Mabanga
The government is well placed to develop the junior mining sector over the next decade -- but is likely to be forced to rethink key aspects of its proposals for empowerment in the mining industry.
This is according to industry players, who were reacting to the Department of Mineral and Energy Affairs's draft empowerment charter. Leaked last week, this sent tremors through local and foreign stock markets.
The Broad Based Socio-economic Empowerment Charter is an important product of the recently passed Minerals and Petroleum Resources Development Bill. The charter, intended to be in place six months after the Bill becomes law, will define how mineral rights will be transferred to boost empowerment.
The charter proposes that 51% of mining assets be transferred into black hands in the next decade. It also provides that applicants for new or renewed mining licences should have a 51% empowerment partner for new ventures and 30% for existing operations.
The proposals stipulate improvements in the living and working conditions of mine workers, the transfer of technical and managerial skills and preferential procurement.
This week the department moved into damage-control mode with an urgently convened gathering of the sector partnership committee, which includes the government, employers, unions, small black mining and a mysterious "foreign investors' and prospectors' forum".
Suggesting the leaked document was no more than a "draft to stimulate discussion", the meeting announced the formation of a task team to look into the proper formulation of a charter. The department refused to comment after the statement was released.
The department's move helped mining stocks recover some of the losses of up to 12% they suffered last Friday.
But an SG Securities analyst in London warned: "The damage is done. This will just not go away." Fund managers who walked away from South African mining stocks were unlikely to return in the immediate future.
A range of pitfalls remains, with the potential to spark conflict between the government, labour and the industry.
According to a source close to the process, the 51% proposed target accommodates suggestions received during the submission phase. These ranged from between 15% and 20% (from the mining houses) to as high as 80% (from labour and black business representatives).
The rapid transfer of half the industry's wealth remains the most difficult aspect of the mooted changes.
Alan Fine, spokesperson for Anglo Gold, illustrates this difficulty. He said his company was 51% owned by Anglo American, with 30% of the stock in the hands of foreigners and the balance owned by local institutional investors, some with a significant black empowerment component.
The difficulty would lie in identifying parties to give up their financial interest to accommodate the charter's 30% requirement on current operations.
"Government will have to engage on these issues. Something they could also do is to consider the portion held by black people through institutional investors [before setting targets]."
Anglo Gold has supported empowerment through R8-billion worth of deals in the past decade.
Part of the problem of having to relinquish a lucrative stake is that it comes at a high premium, which raises the financing requirement.
A suggested strategy for raising capital has been to use the Industrial Development Corporation (IDC), the National Empowerment Forum and the Development Bank of Southern Africa to help finance, through loans or by warehousing, shares for empowerment players. Funding of up to R27-billion has been set aside for this.
But this represents 3% of an industry valued at R750-billion. The financing requirement for empowerment players is currently valued at between R350-billion and R550-billion.
BHP Billiton's vice-president for investor relations, Michael Campbell, said the warehousing of shares by government institutions such as the IDC would effectively amount to nationalisation. "Once the shares get into the warehouse, they are unlikely to come out," he added.
The labour movement was also unmoved by the events of the past week. Gwede Mantashe, general secretary of the National Union of Mine-workers, this week branded the big mining houses racist and accused them of leaking the draft charter to cause panic and ensure the government began talks with its back to the wall.
A Johannesburg-based mining analyst, who asked not to be named, said that empowerment players would have to refine the art of deal-making.
In terms of the new mineral rights legislation, they would be able to bring exploration permits to the table, while established companies provided finance. The shareholder agreement would reflect the value of each partner's contribution.
Between 1998 and 2000 the department successfully formulated a White Paper for the liquid fields industry and adopted a negotiated industry charter that will transfer 25% of its assets to blacks within the next decade.
However, there are significant differences in mining. Relations between the government and the mining houses have been marked by suspicion and acrimony. It is no accident that the leaked charter is dated June 18 -- when conflict over the minerals Bill in Parliament was at its height. Mining interests expressed fears that the government would impose a charter by regulation.
However, the meeting of the "tripartite sector partnership" this week indicates the government is sensitive to private sector sentiment and intends negotiating the charter. "The matter should be handled with the necessary sensitivity it deserves," said the sector partnership's joint statement.
Billiton's Campbell said the government had shifted a long way since the 1994 White Paper on mineral rights, from 10-year unrenewable leases to the current 30-year renewable ones, and from centralised marketing to unrestricted marketing under the present Bill.
"We believe government will shift its thinking on the charter," he said.
mg.co.za |
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| To: The Osprey who wrote (6945) | 8/20/2002 8:47:20 AM | | From: Gord Bolton | | | | DENTONIA RESOURCES LTD.: HORSESHOE GOLD MINING INC. : KETTLE RIVER RESOURCES LTD.: ARCHON MINERALS LIMITED - Discovery Of New Kimberlite, Lac De Gras, NWT
8/19/02
Vancouver, BC, Aug 19, 2002 (Market News Publishing via COMTEX) --
DHK Diamonds Inc. ("DHK"), a private company, the current operator of DHK's Lac de Gras properties (WO claim block), equally owned by Dentonia Resources Ltd. ("DTA"), Horseshoe Gold Mining Inc. ("HSX") and Kettle River Resources Ltd. ("KRR") has been advised by Archon Minerals Limited ("Archon"), the operator of the current exploration program, that to date, four targets have been drill tested, three with negative results, the fourth, however, with positive results.
The fourth target was located by a combination of Falcon data and interpretation of topographical features, and has resulted in the intersection of a NEW KIMBERLITE, crater facies.
The discovery drill hole was collared in granite, on a lake shore, drilled at a 47 deg dip angle, encountered crater facies kimberlite, over a length of 127 ft., from 157 ft. to 284 ft,, and was still kimberlited when stopped.
Due to the softness of the kimberlite, which exerted pressure on the drill rods of the heliportable rig, this hole was stopped in kimberlite at 284 ft.
This NEW KIMBERLITE is located in a bay of a lake, 2,100 meters or 6,900 ft. west south-west of kimberlites DO27 and DO18, and about 200 meters or 650 ft. north of DO29N, the latter was described as, "a multi-phased system which includes hypabyssal kimberlite dikes, pyroclastic (crater facies) kimberlite and heterolithic kimberlite breccias", and when last tested in 1998, yielding 12 micro-diamonds from a 82kg sample.
The drill core from this NEW KIMBERLITE appears to contain indicator minerals and is different in texture from DO29N. Sediment fragments and the texture of the core samples, appear to be similar to some of Ekati and Diavik pipes, suggesting emplacement during the Cretaceous period.
The topographic setting of this NEW KIMBERLITE would have impeded down ice dispersion patterns of kimberlite indicated minerals (KIM), emanate from this pipe, perhaps explaining its non-detection to date.
The current exploration program calls for drill testing up to nineteen targets, fifteen remain, with a minimum of one drill hole per target, before prioritizing these targets for further testing.
Currently, the drill rig is being moved to a new target.
The current interest holders are: DHK 55%, Archon 20%, Aber 15%, SouthernEra 10%, with Kennecott retaining a 1% gross overriding royalty. BHP has the right, in the event of a 200 tonne bulk sample of a new discovery, at its cost, to earn a 54.5% interest, to be contributed, pro rata, by the other interest holders.
stockhouse.com |
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| To: Gord Bolton who wrote (6946) | 8/21/2002 9:26:51 AM | | From: Gord Bolton | | | | SouthernEra to Underwrite Messina Platinum Rights Issue
Shares Issued and Outstanding: 51,580,800
TSX: SUF
AIM: SRE
TORONTO, Aug. 21 /CNW/ - SouthernEra Resources Limited announced today
that it has agreed to underwrite a rights issue by its 70.4% owned subsidiary
Messina Limited, listed on the Johannesburg Stock Exchange.
The Messina rights offering will consist of 20 rights for every 100
shares currently in issue. Each right enables the purchase of one common share
of Messina Limited at a price of R60. A total of 2,592,979 rights will be
issued to the shareholders of record of the 12,964,895 Messina shares
currently issued and outstanding for total proceeds of R155,578,740. The
rights issue is subject to South African regulatory approval.
The proceeds from the exercise of the rights will be used by Messina to
reduce its unsecured debt obligations to SouthernEra Resources, which as of
June 30, 2002 totaled R155,970,280 (US$15m). SouthernEra advanced these funds
to Messina to finance the construction of the Messina platinum project in
South Africa. By underwriting this rights issue, SouthernEra could increase
its ownership in Messina to as much as 75.3%. SouthernEra expects to provide
further financing to Messina over the next year, which could result in further
Messina rights issues to convert these additional shareholder loans to equity.
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 (SRE).
-30-
For further information: SouthernEra Resources Limited, Patrick C.
Evans, President and CEO, Telephone: (416) 359-9282, Fax: (416) 359-9141,
e-mail: inbox@southernera.com |
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