Does anyone know this company I saw they had a interesting drilling report today

I thought it possibly worthwhile to look at this thread again. As you can see from the AFX, the DT seems to think they are worth a punt, although risky. Their latest placing was at 30p and the SP has retraced to below that level over the last week or so. The TA seems to indicate that they are oversold and now ready to start the next leg up, (trading at the lower BB, RSI should now become stronger and MACD possibly becoming more positive). However, upward trend is still intact, but only just. Minerals not quite the flavour of the day at the moment, but worth a look.


UK smallcap opening - Southern African Res up on resource discovery hopes
AFX


LONDON (AFX) - Southern African Resources attracted support amid talk that the late stage platinum exploration company is about to confirm it has discovered two substantial new resources.

Andrew Groves, the entrepreneur behind the company, has bought untenanted land in the Bushveld complex in South Africa. SA Resources also reckons it may have discovered a previously unknown extension of the complex across the border in Botswana.

The Sunday Telegraph told readers the shares - 1-1/2 pence firmer at 33-3/4 by 8.02 am - are risky but worth a punt.

fjb/ab



Southern African Resources PLC
16 September 2004


Southern African Resources Plc / Ticker: SFU / Index: AIM / Sector: Exploration

16th September 2004

The following amends the placing announcement released today at 09.25 under RNS
number 0195D.

Due to a typo the title of the announcement was changed to read 15.5 million
and not 15.8 million as previously stated. All other details remain unchanged
the wording of which is detailed below.


SOUTHERN AFRICAN RESOURCES RAISES 15.5 MILLION
FROM US INSTITUTIONS

Southern African Resources Plc ('SAR' or 'the Company'), the AIM listed mineral
exploration company, is raising 15,496,667 (approx US$27.5 million), before
costs, through the placing of 51,655,555 shares, at 0.30 per share, with
leading North American financial institutions.

The money raised will be used to complete the bankable feasibility study on
SAR's first Platinum Group Metal + Gold (PGM+Au, or 4E) mine project on the
Leeuwkop 402JQ prospect on the western limb of the world-renowned Bushveld
Igneous Complex in South Africa. This first mine is intended to produce 300,000
ounces 4E per annum for a minimum period of 20 years.

SAR Chief Executive Officer Roy Pitchford said: 'Raising this capital is another
step forward in the Company's objective of becoming a premier
institutional-quality investment opportunity in the PGM sector. In welcoming
these leading financial institutions to SAR's register, we are building an
excellent institutional investor base capable of supporting our development into
a major PGM producer.'

The Company is currently conducting a confirmatory drilling programme on its
Leeuwkop 402JQ prospect. Results from the first ten parent holes drilled have
significantly raised the grade estimates from the inferred resource estimate of
the previous scoping study and as a result are believed to have increased the
value of the resource substantially. The Company intends to expand substantially
its present drilling programme at Leeuwkop and adjoining properties, with the
twin objectives of increasing the existing inferred resource of 56 million
ounces 4E in the selected mining area and upgrading this in situ resource to
measured status.

In addition, with this new funding, the Company will seek to add significant
shareholder value by confirming and upgrading the inferred resources not only at
the selected mine site zone but over the entire southern portion of its
accumulated land package in the Greater Leeuwkop area, the total of which has
been previously estimated by Snowden Mining Industry Consultants to host a
potential 125 million ounces 4E.

Roy Pitchford continued: 'The news release on 14th September, in which the
Company was able to announce further encouraging drill results, confirms our
view that we possess a first-rate project in just the right place to develop a
PGM mine. With more than a doubling of our potential inferred resource base
earlier this year, higher grades than originally anticipated in our drilling
program, and a strong cash balance of more than 19 million (approx US$ 33.5
million) with no debt, the Company is better positioned than ever to emerge as
the most attractive investment vehicle in the PGM sector.'
Additionally, the Company is pleased to report that scout drilling on its Molopo
Farms Igneous Complex tenements in Botswana has commenced, examining exploration
targets identified from the recently completed aero and ground magnetic surveys.
The area is being further explored as it shows distinct geological similarity to
the Bushveld Igneous Complex. Furthermore, potential PGM prospects identified
elsewhere in southern Africa are being pursued as acquisition and exploration
candidates.

The Company's placement agent is receiving a commission of 3.61 million shares
as compensation for acting on the Company's behalf in this transaction.

Application will be made for the new shares to be admitted to trading on AIM and
it is expected that dealings in these shares will commence on 21st September
2004. The new ordinary shares will rank pari passu in all respects with the
existing shares in issue. Total shares issued and outstanding now consist of
325,861,425 shares in primary issue and 494,208,925 fully diluted.

**ENDS**

Issued on behalf of Southern African Resources Plc by St Brides Media & Finance
Ltd, 46 Bedford Row, London WC1R 4LR.

Contacts:
Phil Edmonds/Roy Pitchford
Southern African Resources Plc Tel: 0845 108 6060

Hugo de Salis
St Brides Media & Finance Ltd Tel: 020 7242 4477


This information is provided by RNS
The company news service from the London Stock Exchange

Southern African Resources FY losses widen
AFX


LONDON (AFX) - Southern African Resources PLC announced an increase in losses for the year to March 2004 to 487,896 stg from 192,676 last year, with the loss per share widening to 0.27 pence from 0.26.

The AIM-listed mineral exploration company said it is moving fast towards achieving its aims of becoming a major Platinum Group Metal (PGM) developing company, adding that it is now fully financed for the next phase of its development.

The company said the inferred resource at its flagship Leeuwkop property on the Bushveld Igneous Complex in South Africa, which was 56 mln oz of 3PGM metals plus gold at the beginning of the year, may more than double following land extension gains.

Drilling is producing strong results, which is increasing the resource grades and the potential value of the deposit, the group added.

Southern African also believes there is significant potential at its Molopo Farms Project in Botswana.

Following recent funding, the company has cash of 19 mln stg, which it will use to complete the bankable feasibility study on its first PGM mine project on the Leeuwkop prospect.

This prospect is targeted to produce 300,000 ounces of 4E a year for at least 20 years.

The company said it is actively looking for further opportunities in the PGM sector in southern Africa.

newsdesk@afxnews.com

ak/






Regards

PTH