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South Boulder Mines Appoints New Chairman

Jul. 14, 2013 9:51 PM ET
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South Boulder Mines (ASX: STB) has appointed Seamus Cornelius as its non-executive chairman, effective immediately, replacing Terry Grammer.

Cornelius is a corporate lawyer and former partner of one of Australia's leading international law firms. He specialised in cross-border transactions, particularly in the resources sector.

He has been based in Shanghai and Beijing since 1993 and brings more than 20 years' of corporate experience in legal and commercial negotiations.

He has also advised global companies on their investments in China and in recent years advised Chinese State-owned entities on their investments in overseas resource projects.

South Boulder chief executive officer Paul Donaldson said Cornelius' skills and experience will help the company progress Colluli to the next phase.

"His international experience in the mining sector will be particularly valuable in progressing discussions with potential strategic investors." Donaldson added.

Grammer, who resigned to focus on his other corporate positions, has been non-executive chairman of South Boulder since October 2007 and assisted the company in early exploration activities at the Colluli Potash Project in Eritrea.

Colluli Potash Project

South Boulder had in May reached a major milestone in the development of its Colluli Potash Project in Eritrea after signing a binding term sheet agreement with the Eritrean National Mining Corporation (ENAMCO) that provided significant certainty as to the economic and fiscal basis under which the project can be developed.

Under the agreement, South Boulder and ENAMCO will incorporate a new Eritrean company, CMSC, that they will each hold a 50% stake in.

CMSC will own 100% of the Colluli Potash Project, takeover the Exploration Agreement with Eritrea and assume responsibility for the exploration, development and operation of the project.

It is proposed that project development costs for initial development will be funded 70% by debt sought by CMSC from a third party financier on commercial terms and 30% by equity provided by South Boulder.

South Boulder is also currently carrying out a study into processing a mixed feed of Kainite, Sylvinite and Carnallite into a single product.

The Colluli Potash Project hosts a total JORC resource of 1.08 billion tonnes at 17.97% KCl or 11.35% K2O for total contained potash of 194 million tonnes KCl.

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