ASX Announcement Sundance Resources Limited (ASX: SDL) advises that it has become aware of a detailed internal commentary on the Company by one of Australia’s leading institutional brokers, Southern Cross Equities (SCE). This commentary, which has been released to selected clients of SCE, presents a very positive assessment of the international iron ore industry and the potential of Sundance’s Mbalam Iron Ore Project in West Africa. This assessment has been based on recent presentations released by the Company together with positive announcements relating to the arrival of a number of key, strategic investors on the Company’s register. Sundance has previously reported to the market the recent completion of a A$10 million share placement to the Triangle Resources Fund (Aust) LT, an international resources fund supported by the principals of AMCI and the First Reserve Private Equity Fund, and a A$50 million share placement backed by Sundance’s largest shareholder, Talbot Group Holdings, and Western Australian-based investment group, the Sarich Group. These placements have contributed to an increased international investment profile for the Company. The Company also advises that it is aware that another major international broker is currently preparing a research report on SDL following a recent site visit to the Mbalam Project in Cameroon. This follows research reports prepared earlier this year by DJ Carmichael and Hartleys Limited. The Company believes that the preparation of the broker commentary, combined with recent presentations and site visits by brokers and strategic investors in the Company, may be responsible for the increase in the Company’s share price over the past day. As previously reported to the market, drilling activities are continuing on the Mbarga Prospect at the Mbalam Project with a view to defining a JORC compliant mineral resource and outlining the broader potential of the exploration permit area to support a world-scale iron ore project.
SDL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
