Project Summary

South Boulder Mines and the Eritrean National Mining Company (ENAMCO), are 50-50 Joint Venture partners of the Colluli Mining Share Company. The joint venture company is focussed on the development of the Colluli resource. The Colluli deposit is located in Eritrea, East Africa approximately 350km from the country capital of Asmara and only 180km from the port of Massawa – the country’s primary import and export facility.

The Colluli concession covers over 400 square kilometres and contains a variety of salts including rocksalt, magnesium chloride, gypsum and potassium bearing salts suitable for the production of potash. Since exploration commenced in 2010, over 1 billion tonnes of potassium bearing salts have been identified and the joint venture is now focussing on the development economics of the project.

Mineralisation of the potassium bearing salts makes Colluli the shallowest known potash deposit in the world. Its unique combination of potassium bearing salts makes it suitable for the production of potassium sulphate, a premium potash fertiliser which sells at a premium to the more common potassium chloride. Potassium sulphate has limited production centres around the world and is suitable for application to fruits, vegetables, coffee plants and other chloride intolerant crops.

The pre-feasibility study is expected to be complete by the end of February, 2015.

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