In September 2006 South Boulder entered into a Joint Venture Agreement with Uranex NL for the uranium rights on its P38/3298 permit in consideration for 275,000 fully paid Uranex shares.  All non-uranium mineral rights have been retained by South Boulder. 

South Boulder will be free carried to the completion of a bankable feasibility study, which must be completed by Uranex within 6 years.

South Boulder’s two uranium tenements E38/1732 and P38/3298 are located 134 kilometres east of Laverton in the Yamarna Greenstone Belt. They cover portions of the historic calcrete-hosted Thatcher Soak uranium deposit discovered by BP Minerals in 1977.

An aircore and rotary air blast drill program over the permits has been completed to quantify the deposit and test its depth and strike potential.

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