STB 0.00% 40.0¢ south boulder mines ltd

News: South Boulder Mines chairman acquires shares on market

  1. South Boulder Mines (ASX:STB) non-executive chairman Seamus Cornelius has acquired a further 100,000 shares of the company in an on-market purchase.

    Cornelius bought the shares for a total of $18,300, or an average of $0.183 per share. This follows his acquisition of 50,000 shares earlier this month.

    The latest purchase brings his total holding to 5,342,799 shares held directly and indirectly.

    Cornelius also holds 2 million options exercisable at $0.34 and expiring on 29 November 2016.

    His share purchase follows recent moves by managing director Paul Donaldson and non-executive director Anthony Kiernan to lift their stakes with on market trades.

    South Boulder has completed Pre-Feasibility Study (PFS) drilling at its Colluli Potash Project in Eritrea ahead of schedule and is continuing with Definitive Feasibility Study (DFS) drilling.

    The early completion of the PFS section of the drilling program allows for the finalisation of the mining study and the Resource Report by the Perth-based company and will ensure delivery of the PFS early in 2015. Delivery of the DFS is expected in mid-2015.

    Recent, it completed preliminary process design for potassium sulphate (Sulphate of Potash) production using simple liberation and conventional flotation.

    Additional metallurgical test work has reduced Capex and Opex from the initial design. This, along with improved yields, is expected to have a positive economic impact on the project.

    The company has been pursuing a modular and scalable approach towards developing the project, which has a large resource of 1 billion tonnes of potassium bearing salts, all of which are suitable for the production of potash fertilisers, and is close to the coast.



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