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From: B-Haile (eritrea.lave@comhem.se)
Date: Tue Nov 30 2010 - 20:50:11 EST
South Boulder Mines Ltd
ASX Release
1 December 2010
DRILLING CONTINUES TO INTERSECT SHALLOW POTASH AT COLLULI
Drill hole Col-006 has intersected a total potash interval of 24.08m starting from 48.32m vertical depth;
. The result further supports the stated initial exploration target of 300-500mt of potash ores with average grades of 21 - 25% KCl;
. Col-006 was drilled approximately half way between previous holes Col-001 and Col-004 and confirms the extensive continuity of mineralisation over at least 4.5km2;
. Hole Col-001 and Col-004 intersected a total thickness of 28.33m and 21.46m of potash respectively;
. Hole Col-006 intersected;
- 6.29m of sylvinitite from 48.32m;
- 0.64m of carnallitite from 54.61m;
- 7.36m of carnallitite from 70.85m;
- 9.79m of kainitite from 78.21m;
. It is expected that grades similar to that announced from previously released holes will be confirmed with chemical assays;
. Assays up to 44% KCl have been intersected over 3.44m from sylvinitite intercepts;
. 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 starting capacity of 1.5Mt of potash p.a.;
. The study will also examine the viability of additional production of up to 3Mt of potash p.a;
. Exploration results to date have confirmed Colluli as the world's shallowest buried evaporite potash deposit;
. New drilling and scoping study results will be released as the come to hand.
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