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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri Jun 24 2011 - 13:14:34 EDT
South Boulder Mines feasibility studies continue to define a world class
potash project in Eritrea
Monday, June 20, 2011 by John Phillips
<http://www.proactiveinvestors.com.au/about_us>
South Boulder Mines feasibility studies continue to define a world class
potash project in Eritrea
South Boulder Mines (
<http://www.proactiveinvestors.com.au/companies/sponsors_landing/1142/south-
boulder-mines-1142.html> ASX: STB) is maintaining momentum in building the
Colluli Potash Project in Eritrea, where independent feasibility study
activities continue to define a world class project.
South Boulder are currently targeting 1.5 billion tonnes of potash at 20%
KCL, which has an in ground value of about USD $150 billion, dwarfing other
basic project valuations of companies and commodities comparing market
capitalisation to in ground value.
To put the company into perspective, South Boulder has a market
capitalisation of only A$240 million.
South Boulder is also expecting very low mining costs for the project due to
the open pit aspect, with Eritrea offering a stable geographic operating
environment.
Exploration at the newly defined Area B Prospect continues to intersect
potash from depths as shallow as 20 metres.
South Boulder said assays have yet to be returned from this new discovery
area but sylvinite, which is a typically high grade ore, has been visually
identified in core from 10 holes.
At Area A, drilling has identified potash outside of the current JORC
Resource.
A Scoping Study is forecast for completion in August 2011, with feasibility
studies expected by mid-2013, with the first potash production scheduled for
mid-2016.
Colluli has a current JORC Resource of; 33.39 million tonnes at 18.56% KCl
of Measured Resources, 173.37 million tonnes at 18.57% KCl of Indicated
Resources and 340.86 million tonnes at 18.58% KCl of Inferred Resources.
The total is 547.62 million tonnes at 18.58% KCl, for total contained potash
of 101.73 million tonnes.
An engineering Scoping Study is underway into open pit mining and processing
to produce up to 10 million tonnes annually of potash.
South Boulder will also soon list on the OTC/QX Exchange.
ERITREA COLLULI PROJECT INTERVIEW WITH THE CEO
Video-
<http://www.youtube.com/watch?v=FPAYh33DjnM&feature=player_embedded#at=15>
http://www.youtube.com/watch?v=FPAYh33DjnM&feature=player_embedded#at=15
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