South Boulder Mines Limited (ASX:STB) Establish American Depository Receipt Program
Sydney, July 28, 2011 AEST (ABN Newswire) - South Boulder Mines Limited (
ASX:STB) (OTC: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
CMSC owns exploration tenements spanning over 400km2 within the Danakil Depression in South East Eritrea.
Since 2010, 97 holes have been drilled identifying a resource containing more than one billion tonnes of potassium bearing salts suitable for the production of potash fertilisers.
South Boulder Mines Ltd is currently working on the Feasibility Study to support the development of the project.
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