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Sundance finds deposits at Mbalam Cameroon iron ore project
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Saturday, 19 Mar 2011

Reuters reported that Australian mining firm Sundance Resources said that recent finds at its Mbalam iron ore project in Cameroon had more than doubled the amount of indicated resources in the area. Indicated resources give the West Africa focused miner, confidence in the potential of iron ore to be mined in the area.

Sundance said indicated high grade hematite had more than doubled to 417.7 tonnes, following a large drilling program in the past 12 months, compared with 169 tonnes previously reported. News of the find pushed Sundance shares up 9.3% on the day.

Mr Giulio Casello CEO of Sundance said that "This resource estimate further strengthens our confidence of the viability of this project. We are now approaching half a billion tonnes of high quality iron resources and 85% of that is now indicated. We have a globally significant project capable of producing 35 million tonnes per annum of high quality iron ore for at least 25 years."

Mr Casello said the first phase of the project consists of a planned railway and deep water port. The company last year delayed the start up of production to 2013.

The company said in February the estimated USD 3.4 billion cost of the project was increasing.

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