News: South Boulder Mines directors acquire shares on the market

South Boulder Mines (ASX:STB) managing director Paul Donaldson and non-executive director Anthony Kiernan have increased their shareholdings through on market purchases.

Donaldson acquired 50,000 shares for a total of $10,000, or an average of $0.20 each, bringing his total holding up to 250,000 shares.

Kiernan bought 100,000 shares for $19,000, or an average of $0.19 each, increasing his total holding up to 345,000 shares.

Both have several holdings of unlisted options.

South Boulder has just completed its annual exploration licence extension for the Colluli Potash Project in Eritrea, which has a large Resource of 1 billion tonnes of potassium bearing salts that are suitable for producing higher value sulphate of potash (SOP).

The company is progressing a modular and scalable approach towards developing the project.

It is also the closest SOP resource to the coast globally, being just 75 kilometres to the designated loading point at Anfile Bay and 180 kilometres from the Port of Massawa, and the company has a strong relationship with the government.

Drilling is underway to provide key data for both the Pre-Feasibility Study and concurrent Definitive Feasibility Study. The PFS is due for delivery in February 2015 while the DFS is expected in mid-2015.

South Boulder has $10 million in cash on hand.