South Boulder Eritrea

South Boulder’s sixth year as a publicly listed company has been one of consolidation and acquisition in exploration projects. During the year the company acquired a new, potentially world class potash project at Colluli in Eritrea.

The target is an evaporite hosted potash deposit. There was production from the region by Italian colonialists in early part of last century and extensive drilling was conducted from 1958 – 1968. Since 1968 there has been no work completed on the prospect.

The tenement was awarded to South Boulder in July. With several competing claims this was a testament to the good work that both Lorry and Liam have done establishing South Boulders credentials with the Eritrean Government.

I with Lorry made our first planning visit to the project in September. It was my first visit to Eritrea and I left with the feeling that it was a country that one can do business in. The other fertilizer projects located in Western Australia and the Northern Territory have, either been put on the back burner or traded.

The Duketon Project has not been neglected during the year. Independence have continued exploring the Bulge region with the discovery of definite nickel sulphide in some drill intersections at the Rosie and Bulge C2 Prospects.

Using Independence’s nickel drilling in the Bulge area and assaying the samples for gold, STB has made a new gold discovery, the Terminator Prospect. We are currently undertaking follow up drilling on this project. The coming year promises to be a very active one for the company and I thank my fellow directors and all our staff for their hard work and effort over the past year.

TERRY GRAMMER

Chairman

PDF: South Boulder Annual Report 2009

Related posts:

1. SOUTH BOULDER MINES INVESTOR PRESENTATION
2. South Boulder Drill Tests Eritrea Scheduled for February/March
3. South Boulder Mines AGM Presentation 2009- Colluli Project Eritrea
4. Chalice Gold Annual Report 2009
5. Nevsun Resources Eritrea Annual Report 2008