Sundance Resources Limited advises that the High Grade Ore Reserve for Stage One of the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo now totals 352 million tonnes at 62.4% Fe. All Mineral Resources and Ore Reserves have been estimated in accordance with the JORC Code.
This upgraded estimate is significant because it confirms Mbalam now has sufficient Reserves to deliver Stage One of the Project. Stage One proposes the production of 35 million tonnes per year of High-Grade Direct Shipping Ore for at least 10 years.
The Ore Reserves increase is based on the current inventory of 521.7 million tonnes of High Grade Hematite
HIGHLIGHTS
1. High Grade Hematite Ore Reserves increased to 352 million tonnes at 62.4% Fe delivers Stage One of the Mbalam Project based on planned production of 35 million tonnes per annum of DSO for at least 10 years.
2. Prospects for Stage Two underpinned by additional resources of 2.3 billion tonnes of Itabirite Hematite at 38% Fe at Mbarga.
3. Exploration Target at Nabeba of an additional 1.5 to 2.5 billion tonnes of Itabirite at 30 to 40% Fe to bring total Itabirite resource potential to over 4 Billion tonnes.
4. Ore Reserve upgrade cements Sundance's first-mover advantage in this extensive new iron ore province.
5. Significant potential to grow the Project further with numerous drilling targets identified in both the Republic of Cameroon and the Republic of Congo.
Mr Giulio Casello CEO and MD of Sundance said this Ore Reserve upgrade further highlighted the financial and technical strength of the Mbalam Project. He added that "This outstanding result emphasises Mbarga/Nabeba's status as having some of the best quality, high grade iron ore in Africa. The quality of the high grade reserves which would be mined during Stage One is competitive in the international seaborne iron ore market.”
Mr Casello further said that "When combined with the over two billion tonnes of Itabirite resource we have at Mbarga, and the potential to grow our total resources of Itabirite2 and High Grade Hematite to beyond 5 billion tonnes, it is clear that the Mbalam Project is poised to play a significant role in the global iron ore market for decades to come."
