News: South Boulder Mines to make strategic share placement

South Boulder Mines (ASX:STB) has been granted an ASX trading halt pending an announcement relating to a strategic share placement.

The halt will last until the earlier of the announcement being made or the commencement of trade on Friday, 16 January 2015.

In December, the company finalised the open cut mining method to be used for the Colluli Potash Project in Eritrea.

The project hosts a highly-favourably suite of potassium bearing salts for low cost production of potassium sulphate (SOP or sulphate of potash).

South Boulder is well funded with cash at hand of $10.2 million as at 30 September 2014.

The Pre-Feasibility Study for Colluli is expected to be completed in February 2015.

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