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Level 3, 24 Outram Street, West Perth WA 6005 PO Box 497, West Perth WA 6872 Australia
T: +61 8 9220 2300 F: +61 8 9220 2309
ABN 19 055 719 394
ASX Announcement | Media Release 13 January 2016
UPDATE
Sundance Resources Limited ("Sundance" or "Company") (ASX: SDL) refers to the announcement of 23 December 2015 in relation to the Porter litigation and subsequent requests for voluntary suspension.
The Company advises it has made significant progress in reaching a settlement with Mr David Porter in relation to both Supreme Court actions. The Company anticipates it will finalise the settlement and announce the details shortly, after which it will return to trading on ASX.
Separately, Sundance has been advised that the proposed signing of an Engineering, Procurement and Construction ("EPC") contract between the Government of Cameroon and a Chinese state‐owned construction company to construct the port and rail infrastructure for the Mbalam‐Nabeba Iron Ore Project ("Project") located in Cameroon and Congo has been postponed.
The selected EPC contractor advised that it continues to support the Project but has requested a postponement of the contract signing until market conditions improve and progress on their financing is more advanced.
Sundance had previously advised that it expected the contract would be signed during the December 2015 quarter. The postponement was unexpected for both Sundance and the Government of Cameroon given the recent advances made with the EPC contract ready for execution. Sundance and the Project continues to have the strong support of both the Cameroon and Congo Governments.
The Company is now assessing the impact this postponement will have on the Project and will update shareholders in the near term once this assessment has been completed.
ENDS
For further information: GIULIO CASELLO
Chief Executive Officer and Managing Director Sundance Resources Limited
Tel: +61 8 9220 2300
Media enquiries:
Luke Forrestal/Warrick Hazeldine Cannings Purple
Mobile: +61 411 479 144/+61 417 944 616