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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	STB
Latest Price:	1.25 (0.81% )
52-week High:	5.95
52-week Low:	0.85
Market Cap:	108.89M

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South Boulder Mines Full South Boulder Mines profile here

South Boulder’s (ASX: STB) flagship project is the world class Colluli Potash Fertilizer Project in Eritrea where mine production of 1Mt p.a. is scheduled for 2016 or sooner from the world's first open cut potash mine.

South Boulder also operates the Duketon Project in Western Australia where there is demonstrated potential for gold, nickel sulphide and base metal mineralisation.

South Boulder Mines commences drilling at Colluli Potash

Thursday, June 24, 2010

South Boulder Mines (ASX: STB) has commenced diamond drilling at its potentially “world class” 100% owned Colluli Potash Project in Eritrea, representing a significant milestone for the company.

The 4-5 hole program is the first drilling program undertaken on the project in 42 years and is designed to confirm historic shallow potash drilling intercepts and provide data to complete an initial JORC resource calculation.

The program is expected to continue for the next 6-8 weeks.

Lorry Hughes, managing director, said “the key features of the Project are that we are only 70kms from the coast, there is potential to utilise low cost solution mining and solar evaporation and the historic mineralisation is shallow. It is hard to find a potash project across the globe that has these features.”

High grade ‘Houston Formation’ potash bearing horizons have been intersected up to 45m thick in drilling only 15kms from Colluli at the historic and world class ‘Musley Potash Project’.

In addition, Allana Potash Corp. (TSX-V: AAA) at their ‘Ethiopia Potash Project’ which contains part of the Musley potash mineralisation, have recently confirmed significant shallow potash mineralisation.

In a news release to the TSX-V on the 15th June 2010, Allana Potash Corp, reported that chemical analyses confirmed 5.5m @ 25.8% KCl including 2.0m @ 34.8% KCl in hole DK-10-02.”

“This is a great result for Allana and bodes well for South Boulder also, as it further confirms the prospectivity of the basin. Importantly buried potash mineralisation is typically laterally extensive so we are expecting to confirm extensions to this mineralisation within our project area,” added Hughes.

Eritrea is a country in the Horn of Africa, bordered by Sudan in the west, and Ethiopia in the south.

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