The previous estimate, tabled in July 2002, was 5.3 million tonnes grading 4.3 grams platinum group elements plus gold.
The updated reserve is based on an economic cutoff of US$30 per tonne, and includes geological and pillar losses of 25%, Merensky reef grade dilution of 10%, and UG2 reef grade dilution of 8%.
Previously, 28 boreholes (59 intersections) and 23 boreholes (61 intersections) defined a measured and indicated resource of 26.4 million tonnes running 6.31 grams PGEs plus gold in the Merensky and UG2 reefs to a depth of 1,000 metres.
Meanwhile, SouthernEra has agreed to support and underwrite another rights offering by Messina. A similar move in November 2002 resulted in SouthernEra’s boosting its stake in its subsidiary to 70.9% from 70.4% by taking up unsubscribed-to shares.
The deal saw about 90% of Messina’s minority shareholders subscribe, to generate about US$4 million for development at the mine.
Last month, SouthernEra completed an equity financing involving 9 million shares at $7.75 apiece with a group of banks. Proceeds totalled $70 million.
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