| To: Gord Bolton who wrote (6948) | 8/27/2002 11:16:23 AM | | From: The Osprey | | | | Thanks for posting that Gord.I like this and that bankable feasibility explains why this is so undervalued.Got to go play golf shortly but if one takes the discounted numbers by SUF's interest and potential cash flows from production on Messina alone and use a factor of 8 X Cash flows for price target.....welll you get the picture.This is way undervalued.The other interests are supplementary to Messina which brought me to the table in the first place.
Regards,
The Osprey |
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| To: The Osprey who wrote (6949) | 8/28/2002 10:45:42 AM | | From: Gord Bolton | | | | SouthernEra Adds 7.8 Million Ounces of PGMs to Resource Base
Company Now Controls More than 24 Million Ounces of PGMs
Shares Issued and Outstanding: 51,580,800
TSX: SUF
AIM: SRE
TORONTO, Aug. 28 /CNW/ - SouthernEra Resources Limited is pleased to
announce the results of an initial evaluation of the three new platinum
properties - collectively known as the Dwaalkop properties - awarded recently
to SouthernEra and its 50 percent joint venture partner Mvelaphanda Resources.
The evaluation has resulted in a resource declaration of 7.8 million ounces of
5 platinum group metals plus gold (5PGM+Au) of which 3.2 million ounces are in
the Indicated category.
This resource was independently verified in accordance with South
Africa's SAMREC Code for the reporting of mineral reserves and resources,
which conforms to the requirements of Canada's National Policy Instrument
43-101 and the equivalent United Kingdom code for reserves and resource
classification.
The three properties awarded to the SouthernEra joint venture were
Rooibokbult 121 KS, Turfpan 122 KS and Dwaalkop 455 KS (see SouthernEra's news
release dated August 8, 2002 and map that can be viewed at
files.newswire.ca. These properties contain the
Merensky and UG2 reefs between the Phase 1 (Voorspoed) and Phase 2 (Doornvlei)
PGM projects currently being developed by Messina Platinum, SouthernEra's
70.4% owned subsidiary.
SouthernEra President and CEO Patrick Evans noted: "The Dwaalkop
properties bridge the gap between our Phase 1 and Phase 2 projects at Messina,
creating the opportunity for one integrated mining project with production
potential of more than 500,000 ounces of PGMs per year. After deducting
partner and minority interests, SouthernEra now owns for its own account
nearly 16 million ounces of PGMs. This additional resource takes us another
step toward establishing SouthernEra as one of the world's leading, low cost
producers of platinum group metals. We are also proud to have Mvelaphanda, a
well recognized black empowerment group, as a fully participating partner in
the development of the Dwaalkop properties".
The current Dwaalkop evaluation was based on 24 drill intersections of
the UG2 reef and 33 drill intersections of the Merensky reef to a maximum
depth of 778 metres. The properties' previous owner, Anglo Platinum, conducted
this drilling. The results of the resource evaluation are as follows:
<<
---------------------------------------------------------------------
Measured and Indicated Inferred
Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/t) (000's) (000's) (g/t) (000's)
---------------
Merensky 17,080 3.49 1,916
UG2 14,650 6.74 3,175 12,700 6.74 2,752
---------------------------------------------------------------------
Total 14,650 6.74 3,175 29,780 4.88 4,688
---------------------------------------------------------------------
The resources have been separately calculated for the Merensky and UG2
reefs using the histogram methodology employed for the adjoining Phase 1
(Doornvlei) and Phase 2 (Voorspoed) properties. The same mining marker
horizons for sampling and mining width were used for the new properties as for
Phase 1 and Phase 2: the upper 1 to 3 millimetre thick Chromitite stringer in
the Merensky Reef and the base of the UG2 Chromitite Layer. In addition,
losses due to potholing and other geological features were estimated at 25
percent.
The assayed values for 3PGM+Au were adjusted based on 5PGM+Au splits
determined by the test work on the adjacent Phase 1 and Phase 2 properties.
Average 5PGM+Au values for all representative Merensky and UG2 intersections
were calculated for each 1- centimetre interval above and below each mining
marker. Grade distribution histograms were determined for each reef. The
5PGM+Au grades were optimised for expected stoping widths. Dilution factors
were also incorporated into the resource estimation. The 5PGM+Au splits are
indicated below.
-------------------------------------------------------------------------
Reef Pt Pd Rh Ir Ru Au Pt: Pd Pt: Rh
-------------------------------------------------------------------------
Merensky 51.5% 29.0% 3.8% 1.5% 7.7% 6.5% 1.78:1 13.6:1
-------------------------------------------------------------------------
UG2 Chromitite 39.4% 35.8% 6.6% 3.1% 13.3% 1.8% 1.10:1 5.97:1
-------------------------------------------------------------------------
>>
Professor Danie Krige who is best known for developing the Kriging system
of grade estimation, which bears his name, has independently verified the
resource estimation and assay values. Professor Krige has over 50 years
experience in mine evaluation.
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. 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; or 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: Famularo who wrote (6951) | 8/29/2002 6:00:26 PM | | From: The Osprey | | | | Hey Frank...Long time no talk to.How ya been? This SUF is looking mighty fine.Another one I just bought to-day is IMG.T.It did a financing similar to SUF at the 7.00 level.I grabbed some at 5.65 and am holding both for the long haul.Good RRSP stuff if you ask me.Anyways good to see yoiu are still around.
The Osprey |
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| To: The Osprey who wrote (6952) | 8/30/2002 11:51:57 AM | | From: Famularo | | | | | Oaprey, yep, still around... I usually am quiet during the summer months. Fall 2002/2003, should be an interesting season for diamond exploration stocks.....frank |
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