Sundance adds to Cameroon iron project

July 21, 2008

July 21st (The Age) – Shares in iron ore explorer Sundance Resources Ltd surged on news it had increased the mineral resource at its 90 per cent-owned Mbalam project in Cameroon, West Africa.

It said it had defined a maiden 1.2 billion tonne itabirite hematite resource in the `inferred’ category under Australia’s mineral reporting code, JORC, at the Mbarga deposit within the project.

Sundance managing director Don Lewis recently said itabirite hematite had very low phosphorous, alumina and silica content, so it was sought keenly by steel mills for use as direct reduction grade feed or for blending with lower-grade ores.

The company said it had increased the JORC-compliant inferred resource of direct shipping ore-quality hematite to 200 million tonnes.

Sundance shares were the most traded by volume in early trade, with 47.45 million shares changing hands worth $12.39 million.

At 1306 AEST, the company’s shares were up 4.5 cents, or 20.45 per cent, to 26.5 cents.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: