South Boulder Mines (ASX:STB) non-executive director Anthony...

South Boulder Mines (ASX:STB) non-executive director Anthony Kiernan has bought 75,000 shares in the company in an on market purchase.

He paid a total of $14,167, or an average of $0.189 per share, increasing his total holding to 420,000 shares.

Kiernan also has:

- 500,000 unlisted options exercisable at $1.50 each expiring on 30 November 2015;
- 500,000 unlisted options exercisable at $2.00 each expiring on 30 November 2015;
- 1,000,000 unlisted options exercisable at $0.34 each expiring on 29 November 2016; and
- 150,000 Performance Rights – Class 2.

His share purchase follows recent moves by managing director Paul Donaldson and non-executive chairman Seamus Cornelius 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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