South Boulder Mines Limited Drilling Continues To Intersect Massive Nickel Sulphides

Perth, Australia (ABN Newswire) - South Boulder Mines Limited (ASX: STB) is very pleased to report that together with JV partner Independence Group NL (ASX: IGO) further highly significant Ni-Cu-PGE assays have been returned from the Rosie Prospect including a very high grade Palladium interval.


Diamond hole TBDD100W1 intersected downhole intervals of;

- 6.53m @ 2.87% Ni, 0.57% Cu, 0.08% Co and 6.00g/t 6PGE's from 588.47m including;

- 3.77m @ 4.17% Ni, 0.67% Cu, 0.12% Co and 9.51g/t 6PGE's from 589.23m including;

- A 'massive sulphide' intercept of 0.81m @ 9.76% Ni, 1.15% Cu, 0.17% Co and 7.77g/t 6PGE's from 589.23m including;

- 0.40m @ 2.26% Ni, 0.61% Cu, 0.29% Co and 45.93g/t 6PGE's from 590.84m includes 44.8g/t Pd.

Further, diamond hole TBDD107 (results awaited) intersected a total downhole intercept of ~2.0m of massive and brecciated sulphides from ~509.5m. Preliminary geological logging has indicated there is ~1.5m of low MgO ultramafic rock between the 1.5m and 0.5m massive sulphide zones. The massive sulphides are within a larger zone with a combined downhole thickness of ~10m containing mostly disseminated, blebby, massive, breccia and stringer sulphides.

The position of the TBDD107 intercept is located ~50m above hole TBDD087 which intersected 4.55m @ 4.05% Ni, 0.70% Cu and 4.50 g/t 6PGE's from 575.31m downhole. Hole TBDD087 contained 1.05m of massive sulphides with the assay grading 8.9% Nickel.


Diamond hole TBDD100W2 intersected a downhole interval of;

- 4.01m @ 1.32% Ni, 0.25% Cu, 0.09% Co and 4.73g/t 6PGE's from 646.21m.

The results further confirm the overall continuity of significant mineralisation at Rosie.

The diamond drilling is part of a major resource definition program designed to test the continuity of mineralisation on a nominal 80m x 80m and 80m x 40m pattern. The drill out is currently utilising two rigs, will drill ~20 holes and is expected to take ~3 months to complete.

In addition a ~7,000m air-core program has commenced and is designed to test the interpreted western ultramafic contact. The program will also test interpreted extensions to the ultramafic unit that hosts the Rosie mineralisation.

Details on updated drill hole designs and further exploration results will be released as they come to hand.

Recent investor relations, corporate videos and broker/media coverage on The Company's projects can be viewed on the website in the 'Media Centre' and 'Investor Centre' sections by following the links www.southbouldermines.com.au and www.abid.co.


About the Nickel Joint Venture

The Duketon Nickel JV has had recent success at The Rosie and C2 Nickel sulphide prospects where drilling has defined intercepts of 5.20m @ 9.13% Ni, 1.09% Cu, 0.21% Co and 7.09g/t PGE's at Rosie and 50m @ 0.92% Ni including 37m @ 1.05% Ni at C2. The deposits are located approximately 120km NNW of Laverton, W.A in the Duketon Greenstone Belt. The deposits are approximately 2km apart and the mineralisation at both prospects is considered open in most directions. A Mining Lease was granted over the Rosie and C2 deposits on the 19th of November. A resource definition/exploration drilling program and a scoping study into an open pit/underground mining is underway.

For the complete South Boulder Mines announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/66917-ASX-STB-536670.pdf


About South Boulder Mines Limited:

Listed in 2003, South Boulder Mines (ASX: STB) is a diversified explorer focused on potash, nickel and gold. South Boulder has a 100% interest in the Colluli Potash Project in Eritrea and a 100% interest in the Duketon Gold Project in Western Australia.

The Colluli Potash Project has a current JORC/43-101 Compliant Measured, Indicated and Inferred Mineral Resource Estimate comprised of 33.39Mt @ 18.56% KCl of Measured Resources, 173.37Mt @ 18.57% KCl of Indicated Resources and 340.86Mt @ 18.58% KCl of Inferred Resources for a total of 547.62Mt @ 18.58% KCl (total contained potash of 101.73Mt); This includes higher grade material of 119.21Mt @ 23.14% KCl. There is an exploration target of 750Mt – 1.25 billion tonnes @ 18-20% KCl. An engineering scoping study into open pit mining and processing to produce up to 10Mt p.a of potash is underway.

Within the Duketon Gold Project area, South Boulder entered a farm-out Joint Venture Agreement with Independence, whereby Independence can earn a 70% interest in the nickel rights on JV tenements held by South Boulder in the Duketon Project, by the completion of a Bankable Feasibility Study within 5 years of the grant of the relevant tenement.



Contact:

Lorry Hughes, CEO/Managing Director
South Boulder Mines Limited

Kerry Rudd, Share Holder Enquiries
South Boulder Mines Limited

Liam Cornelius, Executive Director
South Boulder Mines Limited

Terry Grammer, Chairman
South Boulder Mines Limited
Tel: +61-8-6315-1444
www.southbouldermines.com.au