Sundance Resources Limited announced that the Ministerial Council for the Republic of Congo met on Friday 28 December 2012 and has approved the Company's application to develop and mine the high-grade Nabeba Iron Ore deposit.
The Council confirmed that it had reviewed the application and recommendation by the
Minister of Mines and approved the issue of the Nabeba Mining Permit.
Nabeba is a pivotal part of Sundance's Mbalam-Nabeba Iron Ore Project. The deposit helps underpin Stage One of the development, in which 35 million tonnes of Direct Shipping Ore quality iron ore will be produced each year for a minimum 10 years.
Mr Giulio Casello MD of Sundance said this approval, coupled with the recently signed Mbalam Convention in Cameroon, paved the way for work to start on what will be a world-class iron ore operation once financing is confirmed. It will bring with it significant economic, financial and social benefits for the people of the Republic of Congo.
Nabeba is a high-grade hematite and itabirite deposit located in the Sangha region of the Republic of Congo in central Africa. Congo Iron SA holds two exploration research permits, Nabeba-Bamegod and Ibanga, in the District of Souanké. The Mining Permit is for Nabeba-Bamegod.
Sundance has total high grade hematite JORC resources of 775.4 million tonnes at 57.2% Fe in both Congo and Cameroon. Of that a JORC reserve of 309Mt at 62.25% Fe is at Nabeba. During the past year, the Company has also drilled and defined a substantial Itabirite Hematite Resource at Nabeba of 1.72 billion tonne at 33.9% Fe which extends the life of the mine well past 25 years and supports the long term vision of the country.
Grant of the Congo Mining Permit for Nabeba completes all the Conditions Precedent to be met by Sundance under the Scheme Implementation Agreement with Hanlong (Africa) Mining Investment Limited.
