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From: B-Haile (eritrea.lave@comhem.se)
Date: Tue Jan 04 2011 - 03:55:15 EST
South Boulder Mines Ltd
ASX Release
04 January 2011
MORE POTASH INTERSECTED AND EXPLORATION TARGET INCREASED
- Diamond core drilling intersects additional potash in holes Col-011,
012, 013, 014, 015, 016 and 017 (Figure 1);
- The results confirm an increase in the initial exploration target to 500
- 750Mt of potash ores with average grades of 21-25% KCl located above 100m vertical depth. (To comply with the JORC Code, the following statement must be read proximal to the stated exploration target above; The potential quality and grade of the Colluli exploration target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource)
- A total of 17 diamond holes have been drilled at Colluli defining an area of >9km2;
- The extensive mineralisation intersected to date at the project is considered open in all directions;
- The current drilling is part of a JORC/43-101 resource and mining engineering study into the open pit mining and processing operation with an initial minimum starting capacity of 1.5Mt of potash p.a. The
study will also examine the viability of substantially increased production capacity;
- A maiden JORC/43-101 resource report is due for completion in January 2011. Scoping study results are planned to be completed in mid 2011;
- Exploration results to date have confirmed Colluli as the world's shallowest buried evaporite potash deposit;
- South Boulder is well financed to advance exploration and feasibility studies with ~ $15.5m in cash and NTA;
- Assay results and full details on further exploration drilling and scoping study results will be released as they come to hand.
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