South Boulder Mines Limited (ASX:STB) Establish American Depository Receipt Program

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Sydney, Australia, July 28, 2011 - (ABN Newswire) - South Boulder Mines Limited (ASX:STB.AX) (OBB:SBMSY) is pleased to announce the establishment of a Sponsored American Depository Receipt (ADR) Program.

The establishment of a sponsored ADR program is to create a broader secondary market for STB particularly in the United States and Canada, thereby providing better access for North American investors to trade in STB securities.

The ADR's will be tradeable via licensed U.S. brokers in the ordinary course of trading in the Over-The-Counter (OTC) Market in the U.S. STB has appointed The Bank of New York Mellon (BNYM) as its authorised U.S. representative, Principal American Liaison (PAL) and Depository Bank to establish the ADR facility.

Particulars for the U.S. sponsored ADR program are as follows;
U.S. Exchange; OTC
Ticker Symbol; SBMSY
CUSIP Number; 836709105
DR ISIN Number; US8367091050
ADR to Ordinary Share Ratio; 1:1

The establishment of the ADR program is the first step in listing STB on the OTCQX Exchange in the U.S. which is expected to follow. Participation in the ADR program is to increase STB's exposure and visibility in key markets that have a strong understanding of the potash industry.

Any queries in relation to the ADR facility can be directed to BNYM at www.adrbnymellon.com.

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 and exploration drilling program and scoping study into an open pit mine at C2 and an underground mine at Rosie is underway.

About South Boulder Mines Limited:

Listed in 2003, South Boulder Mines (ASX:STB.AX) 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
http://www.southbouldermines.com.au 

Source:

South Boulder Mines Limited

Copyright (C) 2011 ABN Newswire. All rights reserved.

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