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From: B-Haile (eritrea.lave@comhem.se)
Date: Sat Jan 22 2011 - 21:17:21 EST
South Boulder Mines Ltd
ASX Release
19 January 2011
MAIDEN JORC/43-101 POTASH RESOURCE BASED ON ASSAYS FROM FIRST THREE HOLES ONLY
South Boulder Mines Ltd is pleased to announce the completion of an initial JORC and 43-101 compliant Measured, Indicated and Inferred Mineral Resource Estimate located at < 100m depth for the Colluli Potash Deposit.
Highlights include;
? A maiden Mineral Resource Estimate comprising;
o 547.62Mt @ 18.58% KCl (total contained potash of 101.73Mt);
o Includes 119.21Mt @ 23.14% KCl;
o Total in-ground value of ~ USD $40.5bn using USD $400/t KCl;
? Increased Exploration Target of;
o 750Mt - 1.25 billion tonnes @ 18-20% KCl;
o Includes 450Mt - 750Mt @ 20-23% KCl;
? To date a total of 17 shallow vertical diamond holes have been drilled at Colluli defining mineralisation over an area of >10km2. Of these only 3 holes (Col-001, 002 and 004) with assay results, have been used to calculate the initial resource tonnage and grade (Figure 1);
? This maiden resource represents the first stage of a mining engineering study into the optimum production capacity from open pit mining. The study will investigate a range of production scenarios from 1Mt - 10Mt p.a.;
? Mineralisation is currently open in all directions and a near term resource upgrade is expected on receipt of outstanding assay results from holes 006 - 017;
? The current potash resource is located from between 22.20m to 64.80m below surface confirming Colluli as the world's shallowest buried potash deposit;
? All potash is contained within potash minerals that can be processed using standard techniques;
? Scoping study results are planned to be completed in mid 2011;
? Drilling to resume in late January with a second rig planned to be onsite in early February;
? Outstanding assay results and details on further exploration drilling will be released as they come to hand.
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