New gold and nickel play

SOUTH Boulder Mines is the latest WA nickel sulphide and gold explorer to seek an ASX listing.

South Boulder hopes to be on the boards in October, on a 17.5-million share offer to raise $3.5 million.

Founded in August 2001 by managing director Liam Cornelius and tenement managers Eamon Cornelius and Brenton Parry, South Boulder has been busy targeting 1500 square kilometres of prospective territory in the Duketon greenstone belt.

Of numerous players in this belt two years ago, there are now just two main tenement holders – South Boulder and Newmont Mining – following South Boulder’s acquisitions.

Some of this territory is yet to be paid out with 4.5 million shares and $29,500 in cash when South Boulder lists.

“Focusing on just one proven area not only makes sense logistically, but it is a formula that has proven highly successful time and time again for mining companies,” Mr Cornelius said.

“Diligent exploration by professional explorers in the Duketon belt will inevitably throw up its fair share of excitement.”

When South Boulder established most of its portfolio, gold was trading at just $US260 per ounce, and when grandfather Ray Cornelius first discovered the Oroya Links outcrop in the 1930s, £5 per ounce.

The name South Boulder Mines is a tribute by brothers Liam and Eamon to Ray, who was born in South Boulder and whose father sank the Chaffers shaft in the Golden Mile.

South Boulder Mines now hopes to have its own gold operation up and running by the second quarter 2005, and is debuting with a 382,000-ounce resource base.

Liam Cornelius believes most of the required $3.5 million will be raised through South Boulder’s contacts and support base in China, Amsterdam and London, and the company has chosen not to contract a broker.

The company had four WA projects when formed, but has since spun off much of this to focus on the Duketon project. Its main assets are within pre-Native Title granted mining leases, Liam Cornelius said.

South Boulder plans to use 75 per cent of IPO funds raised for exploration and drilling.

The South Boulder board comprises Liam Cornelius, non-executive chairman Brian Rear and non-executive director and company secretary Lindsay Colless.

Mr Rear was a Straits Resources co-founder, and CEO through until last year, while Mr Colless is a director and company secretary of Alkane Resources.

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