June 7, 2002

News Release: Secures C$36.25 Million In Equity Financing - Proceeds to Fund Messina Mine Expansion and Rights Issue

SOUTHERNERA RESOURCES LTD ("SUF-T;SOARF-0")
The Board of Directors of SouthernEra Resources Ltd. announced that it has accepted a bought deal equity proposal to sell five million common shares at C$7.25 per share for gross proceeds of C$36.25 million to a syndicate led by National Bank Financial Inc. and BMO Nesbitt Burns Inc.. The syndicate also has the option to acquire an additional two million shares on the same terms and conditions at closing which is expected to occur on or before June 26, 2002. SouthernEra President and CEO Patrick Evans said this financing will contribute towards the funding of Messina Limited's proposed US$22 million mine expansion announced April 22, 2002. "We will also use the proceeds of this financing to take down our share of rights in a proposed Messina rights offering and also take up additional unexercised rights in order to increase our percentage ownership in Messina Limited. A rights offering will enable Messina to restructure its balance sheet and reduce its debt, including money borrowed from SouthernEra which now totals approximately US$7.5 million," said Mr. Evans.

SouthernEra currently owns 70.4% of the issued and outstanding shares of Messina Limited, a South African company listed on the Johannesburg Stock Exchange. Messina Limited owns 100% of the Messina Platinum Group Metals project, which at full production is now expected to produce approximately 220,000 ounces of precious metals per year, primarily platinum and palladium.

The securities offered have not been registered under the U.S Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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 under the symbol SUF on the Toronto Stock Exchange.

Subject to regulatory approval by the Toronto Stock Exchange. TEL: (416) 359-9282 SouthernEra Resources Limited FAX: (416) 359-9141 Dr. Sally Eyre, Vice President, Corporate Affairs e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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