ASX Release 10 January 2012
ASX Details ASX Code STB Berlin SO3-Ber Frankfurt SO3-Fra Share Price $1.335 Market Cap $129M Shares on issue 96.7M Company options 9.1M ($4.2M) Cash at Bank $13.5M Top 40 shareholders 65% Contact Details31 Ventnor Avenue
West Perth WA 6000
PO Box 970
West Perth WA 6872
Telephone +61 8 6315 1444 Facsimile +61 8 9478 7093 www.southbouldermines.com.au Listed Equity Holdings (ASX: MZM) 5.382M (ASX: AVZ) 0.400M (ASX: BUX) 1.610M (unlisted options) 0.750M (CDNX: CNI.V) 0.121M (ASX: LTX) 1.016M Auvex (Pte) 0.500M Fully Underwritten Non Renounceable Entitlement Offer - Confirmation of Dispatch of Offer Document and Entitlement and Acceptance FormsSouth Boulder Mines Ltd (ASX: STB) (Company) confirms that dispatch of the non-renounceable rights issue offer document dated 23 December
2011, together with personalised Entitlement and Acceptance Forms completed today.
As announced on 22 December 2011, eligible shareholders may subscribe for shares in the Company at $0.55 each on the basis of one (1) new share for every five (5) shares held on the record date, which was 5 January
2012.
-ENDS-
Investor Coverage
Recent investor relations, corporate videos and broker/media coverage on The Company's projects can be viewed on the website in the "Media Centre" and "Investor Centre" sections by following the links www.southbouldermines.com.au and www.abid.co.
About South Boulder Mines Ltd
Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer focused on potash, nickel and gold. South Boulder has a
100% 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 Est imate comprised of 133.70Mt @ 17.55% KCl of Measured Resources, 343.33Mt @ 17.38% KCl of Indicated Resources and
87.37Mt @ 24.96% KCl of Inferred Resources for a total of 564.40Mt @ 18.60% KCl (total contained potash of 104.96Mt); This includes higher grade Sylvinite of 130.39Mt @ 27.02% KCl. There is an exploration target of 1.25 - 1.75 billion tonnes @ 18-20% KCl ## (see disclaimer below). A definitive feasibility study into open pit mining and processing of an initial 1-2Mt p.a. of potash is underway and due for completion in 2013. Production is targeted in 2016 or sooner.
Within the Duketon Gold Project area, South Boulder entered a farm-out Joint Venture (JV) Agreement with Independence, whereby Independence can earn a 70% interest in the nickel rights on JV 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.
About the Nickel Joint Venture
The Duketon Nickel JV has had recent success at The Rosie and C2 Nickel sulphide prospects where drilling has defined intercepts of 5.20m @ 9.13% Ni, 1.09% Cu, 0.21% Co and 7.09g/t PGE's at Rosie and 50m @ 0.92% Ni including 37m @
1.05% Ni at C2. The deposits are located approximately 120km NNW of Laverton, W.A in the Duketon Greenstone Belt. The deposits are approximately 2km apart and the mineralisation at both prospects is considered open in most directions. A Mining Lease was granted over the Rosie and C2 deposits on the 19th of November. A resource definition and exploration drilling
program and scoping study into an open pit mine at C2 and an underground mine at Rosie is underway.
More information: | ||||
Lorry Hughes CEO/Managing Director +61 (8) 6315 1444 | Kerry Rudd Executive Assistant +61 (8) 6315 1444 | Liam Cornelius Executive Director +61 (8) 6315 1444 | Terry Grammer Chairman +61 (8) 6315 1444 | Dr Chris Gilchrist Non-Exec Director +61 (8) 6315 1444 |
## Competent Persons and Responsibility Statement
The Colluli Potash Project has a current JORC/43-101
Compliant Measured, Indicated and Inferred Mineral Resource
Estimate of 564.40Mt @ 18.60% KCl (total contained potash of
104.96Mt); Includes 130.39Mt @ 27.02% KCl. The resource
contains 133.70Mt @ 17.55% KCl in the Measured Category,
343.33Mt @ 17.38% KCl in the Indicated Category and 87.37Mt @
24.96% KCl in the Inferred Category. The current Mineral
Resource Estimate is included in the current exploration
target of
1.25 - 1.75 billion tonnes @ 18-20% KCl. The potential
quantity and grade of the total current exploration target
which includes the current Mineral Resource Estimate is
conceptual in nature and there has been insufficient
exploration to define a Mineral Resource other than the
current Mineral Resource Estimate and it is uncertain if
further exploration will result in the determination of a
Mineral Resource Estimate other than the current Mineral
Resource Estimate.
This ASX release has been compiled by Lorry Hughes using
information on exploration results and Mineral Resource
estimates su pplied by South Boulder Mines Ltd under
supervision by Ercosplan. Dr Henry Rauche and Dr Sebastiaan
van der Klauw are co-authors of the JORC and 43-101 compliant
resource report. Lorry Hughes is a member in good standing of
the Australian Institute of Mining and Metallurgy and Dr.s'
Rauche and van der Klauw are members in good standing of the
European Federation of Geologists (EurGeol) which is a
"Recognised Overseas Professional Organisation" (ROPO). A
ROPO is an accredited organization to which Competent Persons
must belong for the purpose of preparing reports on
Exploration Results, Mineral Resources and Ore Reserves for
submission to the ASX.
Mr Hughes, Mr Rauche and Mr van der Klauw are geologists and
they have sufficient experience which is relevant to the styl
e of mineralisation and type of deposit under consideration
and to the activity which they have undertaken to qualify as
a Competent Person as defined in the 2004 Edition of the
"Australian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves". Mr Hughes, Mr Rauche and
Mr van der Klauw consent to the inclusion in the report of
the matters based on his information in the form and context
in which it appears.
Quality Control and Quality Assurance
South Boulder Exploration programs follow standard operating
and quality assurance procedures to ensure that all sampling
techniques and sample results meet international reporting
standards. Drill holes are located using GPS coordinates
using WGS84 Datum, all mineralisation intervals are downhole
and are true width intervals. Assay values are shown above a
cut-off of 6% K2O. The samples are derived from
HQ diamond drill core which in the case of carnallite ores
are sealed in heat sealed plastic tubing immediately as it is
drilled to preserve the sample. Significant sample intervals
are dry quarter cut using a diamond saw and then resealed and
double bagged for transport to the laboratory. Halite blanks
and duplicate samples are submitted with each hole.
Chemical analyses were conducted by Kali-Umwelttechnik GmBH
Sondershausen, Germany utilising flame emission spectrometry,
atomic absorption spectroscopy and ionchromatography.
Kali-Umwelttechnik (KUTEC) Sondershausen1 have extensive
experience in analysis of salt rock and brine samples and i s
certified according by DIN EN ISO/IEC 17025 by the Deutsche
Akkreditierungssystem Prüfwesen GmbH (DAR). The laboratory
follow standard procedures for the analysis of potash salt
rocks
• chemical analysis (K+, Na+, Mg2+, Ca2+, Cl-, SO42-, H2O)
and • X-ray diffraction (XRD) analysis of the same samples as
for chemical analysis to determine a qualitative mineral
composition, which combined with the chemical analysis gives
a quantitative mineral composition.
ASX Report 10 January 2012 2
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