South Boulder Mines (ASX:STB) non-executive chairman Seamus Cornelius has acquired 50,000 shares of the company in an on market purchase.
He paid a total of $10,390.50, or $0.208 each, for the shares, taking his total direct and indirect shareholding up to 5,242,799 shares.
Cornelius also holds 2 million unlisted options exercisable at $0.34 each and expiring on 29 November 2016.
South Boulder completed the Pre-Feasibility Study preliminary process design for its Colluli Potash Project in Eritrea, confirming that simple floatation can produce potassium sulphate with yields of more than 80%.
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.
It expects to deliver the Pre-Feasibility Study in February 2015 and the Definitive Feasibility Study in mid-2015.
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