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Market: ASX
Sector: General Mining
Epic: .STB
News: Latest news
Web Site: South Boulder Mines
Other Articles: 05-03-201008-02-201005-02-2010

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South Boulder Mines

South Boulder Mines

South Boulder’s key projects are located within the state of Western Australia as well as in Eritrea focusing on multiple gold, nickel and fertiliser prospects. The company has an interest in the Colluli Potash Project located in the Danakil Depression region of Eritrea (Africa) approximately 200kms south east of the Capital Asmara. South Boulder also has a 100% interest in the Duketon Project in Western Australia. The Duketon Belt is located 120 kilometers north of Laverton in Western Australia and is considered prospective for gold, nickel sulphide and base metal mineralization.

 

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Friday, November 27, 2009

South Boulder Mines to raise $1.11 million to progress West Australian gold prospects

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South Boulder Mines (ASX: STB) will raise about $1.11 million to advance exploration at the company's prospects in Western Australia.

The company announced a prorata non renounceable entitlement offer of up to 5.5 million fully paid ordinary shares in the capital of the Company at $0.20 on the basis of one new share for every ten 10 shares held on the record date, to raise approximately $1.11 million.

The record date for determining the entitlement for shareholders to participate in the Entitlement Offer is 7 December 2009.

The Entitlement Offer will raise approximately the funds beforecosts, assuming the Entitlement Offer is fully subscribed or that any shortfall is placed by the directors.

Managing director Lorry Hughes said the funds would be used to accelerate exploration of the company’s recent Terminator gold discovery as well as to step up exploration at a pipeline of other gold prospects within the Duketon Gold Project, located north of Laverton in Western Australia.

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