News: SDL Sundance Resources Says Republic Of Congo Issued Decree To Withdraw Mining Permit From...

Dec 16 (Reuters) - Sundance Resources Ltd (SDL) :

• SUNDANCE RESOURCES LTD - MARKET UPDATE - CONGO AND CAMEROON-SDL.AX
• BECAME AWARE ON 7 DEC REPUBLIC OF CONGO ISSUED DECREE ON 30 NOV TO WITHDRAW MINING PERMIT FROM UNIT CONGO IRON
• CONSIDERS CONGO BREACHED NUMEROUS PROVISIONS OF MINING CONVENTION DATED 24 JULY 2014 BETWEEN CONGO AND CONGO IRON
• CONGO IRON IS NOW COMMENCING FORMAL DISPUTE RESOLUTION PROCESS PROVIDED FOR IN CONVENTION
• IF DISPUTES ARE NOT RESOLVED WITHIN 60 DAYS CO & UNITS TO START INTERNATIONAL ARBITRATION PROCEEDINGS TO PURSUE FULL COMPENSATION
• FURTHER, WITHDRAWAL BREACHES CONGO'S UNDERTAKING NOT TO EXPROPRIATE ALL OR PART OF ASSETS OF CONGO IRON
• CO BEEN IN DISCUSSIONS WITH ASX AND AGREED CO'S SHARES TO BE DELISTED AS AT CLOSE OF TRADING ON 21 DEC
• CONSIDERS CAMEROON HAS BREACHED CERTAIN OBLIGATIONS OWED TO SUNDANCE AND CAM IRON UNDER TRANSITION AGREEMENT DATED 30 JUNE 2015