SouthernEra has released its annual results, including further details on the development of production at its Messina mine.

The platinum group metals operator saw its asset value increase by 183 per cent to $291 million, with mining revenues up to $12 million.

Meanwhile, the company said that production at the Messina mine is gaining momentum, with commercial production status being secured in the last quarter of 2003.

Reef tonnes mined at Messina grew by 223 per cent over 2002, as the four upper levels of the Phase 1 mine were ramped up to support production of 80,000 tonnes per month.

A total of 3.7 million ounces of platinum were also declared at SouthernEra's Millennium Platinum Project.

SouthernEra president and CEO Patrick Evans welcomed the results, and was bullish about SouthernEra's prospects.

"SouthernEra continued to grow strongly on all fronts during 2003, despite the challenges posed by the exceptional strength of the South African Rand," he declared.

"For the first nine months of 2003 we continued to capitalize costs at Messina Platinum.Although the mine achieved commercial production status in the fourth quarter, we continue to invest in development at the mine in the build up to full production."

Messina's fourth quarter platinum group metals sales generated revenue of $12 million in conjunction with the company's portion of the Klipspringer diamond revenues.