South Boulder Mines

Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer focused on potash, nickel and gold. South Boulder has a 90% interest in the Colluli Potash Project in Eritrea and a 100% interest in the Duketon Gold Project in Western Australia. The Colluli Potash Project has a current JORC Compliant Measured, Indicated and Inferred Mineral... Resource Estimate comprised of 261.81Mt _at_ 17.94% KCl or 11.33% K2O of Measured Resources, 674.48Mt _at_ 17.98% KCl or 11.36% K2O of Indicated Resources and 143.50Mt @ 18. 00% KCl or 11.37% K2O of Inferred Resources for a total of 1,079.00Mt @ 17.97% KCl or 11.35% K2O (total contained potash of 194.09Mt KCl or 122.61Mt K2O); This includes higher grade Sylvinite of 114.60Mt @ 28.56% KCl or 18.04% K2O. The current resource is included in an exploration target of 1.25 - 1.75 billion tonnes @ 18-20% KCl ## (see disclaimer below). An engineering scoping study for the production of 1Mt p.a. of potash demonstrated an estimated capital cost of US$0.74bn generating a Pre-tax NPV12 of US$1.33bn. A Definitive Feasibility Study into open pit mining and processing of the resource is underway with initial production scheduled for 2016 or sooner. South Boulder has strong support from the Eritrean Government to build a long term, economically and environmentally sustainable resource project. Within the Duketon Gold Project area, South Boulder entered a farm-out Joint Venture (JV) Agreement with Independence Group NL, whereby Independence can earn a 70% interest in the nickel rights on select tenements held by South Boulder in the Duketon Project, by the completion of a Bankable Feasibility Study within 5 years of the grant of the relevant tenement.Read More