So 128mill shares 13.3mill in cash Market cap 26mill. Value put...

So 128mill shares 13.3mill in cash Market cap 26mill.
Value put on the potash 13mill.
Next quarter 1.9 mill on expl and 229thou on admin.
Good numbers sensible admin unlike some other pigs with snout in trough and no shareholder return.
Don't need a CR ATM so approx. 10.5 mill still in bank end of quarter ANN in Dec. Looks OK to me.
Comments? Potash currently is at $389.50t. In Oct 2012 it reached $440 a tonne. Lets work on minimums coming in at say $300 a tonne. STB have stated they are one of the shallowest so I would expect the cost to remove would be at the cheaper end of the scale. Even at 2MPTA we are looking at 600mill return. Haven't looked at recovery costs which is why I went for $300per tonne. So company is worth 23x what it is now if and when prod starts? With 194mt KCI and max 4MPTA it will still be around in 2060. But I won't.

Work is continuing on the DFS together with additional technical studies with a further progress update to be made available in the December 2013 Quarter.

The Colluli Potash Project is situated in the Danakil region of Eritrea, approximately 200km south-east of the capital city, Asmara. South Boulder has been actively exploring for potash at Colluli since 2009, having now identified a contained KCl resource of 194Mt and covering approximately 500km² area.
Colluli is the world’s shallowest potash deposit (starting at 16m below surface), facilitating the potential for a low CAPEX open pit mining development. The JORC/NI43-101 Compliant Mineral Resource Estimate for Colluli now stands at 1.08 billion tonnes @ 18% KCl for 194Mt of contained potash. There is substantial upside for the Project from the exploitation of other contained products within the resource.

Infrastructure: The principal infrastructure elements of the project are a 70-75km dedicated haul road, a power station, desalination plant, seawater intake and pipeline, product storage warehouse, accommodation village and numerous administration and operation offices, stores and workshops. Investigations underway for trans-shipping model utilising self-discharging barges with the potential start-up utilising the Massawa Port. Preliminary layouts of the proposed facilities have been completed and it is expected that port and transport infrastructure could be expanded to allow increased capacity of up to 4Mtpa.
Nothing in here that seems too complicated.

Good luck all