Sundance Resources Limited (ASX:SDL) Response to Media Coverage
Perth, Oct 11, 2011 AEST (ABN Newswire) - Sundance Resources Limited (ASX:SDL) notes today's media coverage relating to the application by the Hanlong Mining Group ('Hanlong') for Foreign Investment Review Board ("FIRB") approval.
Hanlong has informed Sundance that it is continuing to work productively with FIRB on its application and expects to receive FIRB's decision well within the indicative timetable for the proposed Scheme of Arrangement. Hanlong has informed Sundance that ASIC's investigation focuses on the individuals, not Hanlong.
The Scheme Implementation Agreement (SIA) signed by Hanlong and Sundance, as announced to the ASX on 4 October 2011, requires Hanlong to promptly inform Sundance should there be any material development that may lead to the non-fulfilment of a regulatory approval. Hanlong has advised it has no reason to provide such notification.
Both companies continue to progress phase one of the SIA which has Sundance and Hanlong in an exclusive arrangement with the mutual objective of working together to confirm the ratification of the Mining Permit in the Republic of Congo and the Mining Convention in the Republic of Cameroon on acceptable terms.
Sundance is being advised by UBS AG, Clayton Utz and CITIC Securities.
Managing Director & CEO
Sundance Resources Ltd
Sundance Investor Relations Manager