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DECEMEBER 2008+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-/div+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:20.0pt+ADs-font-family: Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Open Briefing+ADw-span class+AD0-GramE+AD4APA-sup+AD4-?+ADw-/sup+AD4-.+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-Sundance Resources.+ADw-/span+AD4- +ADw-a name+AD0AIg-OLE+AF8-LINK2+ACIAPgA8-/a+AD4APA-a name+AD0AIg-OLE+AF8-LINK3+ACIAPgA8-/a+AD4APA-span class+AD0-SpellE+AD4APA-span class+AD0-GramE+AD4-Mbalam+ADw-/span+AD4APA-/span+AD4APA-span class+AD0-GramE+AD4- Project +ACY-amp+ADs- Market Update.+ADw-/span+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:20.0pt+ADs-font-family: Georgia+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-At its recent AGM, Sundance Resources Limited flagged a proposed increase in annual production up to 50 million tonnes per annum for its +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Iron +ADw-u1:State u2:st+AD0AIg-on+ACIAPg-Ore+ADw-/u1:State+AD4- Project in +ADw-u1:country-region u2:st+AD0AIg-on+ACIAPg-Cameroon+ADw-/u1:country-region+AD4-, +ADw-u1:place u2:st+AD0AIg-on+ACIAPg-West Africa+ADw-/u1:place+AD4-. Why are you contemplating this increase when several Australian iron ore producers have been forced to reduce short-term production targets?+ADw-b+AD4APA-o:p+AD4APA-/o:p+AD4APA-/b+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-It needs to be recognised that +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- is a very large, long-term iron ore project.+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-In November 2008, we announced a 0.5 billion tonne increase in Inferred Resources at the +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- Deposit, to a total of 2.45 billion tonnes. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-This makes +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- one of the largest known iron ore deposits in the world that is NOT controlled by a major mining group or steel producer.+ACY-nbsp+ADs- This is a real competitive advantage for Sundance as it offers the opportunity for the project to be a long life independent +ADw-span class+AD0-GramE+AD4-producer ?+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-this+ADw-/span+AD4- is of great value to major steel producers looking to diversify their long-term supply options.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-As soon as we announced this increase in resources at +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4-, we commenced a review of the optimal scale of production from the deposit.+ACY-nbsp+ADs- We have just completed the first phase of this review which has shown that staged production up to 50 million tonnes per annum appears achievable over the first 20 years of operations, solely from currently estimated resources at +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4-.+ACY-nbsp+ADs- This still leaves scope for further increases in capacity and/or mine life as additional resources are defined - a very important point as the project has significant exploration upside with less than 0.3+ACU- of our total landholding having been drilled to date.+ACY-nbsp+ADs- This really is a project of world scale.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Our planning of the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Project is based on taking maximum advantage of the size of the resource and the capacity of the proposed transport infrastructure.+ACY-nbsp+ADs- This dictates that we maximise production throughput. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-This approach may seem counter to the current market, but Sundance is taking a long-term view in its development planning.+ACY-nbsp+ADs- The current downturn in financial and commodities markets will pass and I am quite confident that markets will have recovered by the time we come into production.+ACY-nbsp+ADs- We are therefore planning for generational growth in demand over the next twenty to thirty years, not market conditions in the next two or three years.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-I am convinced that China, and other emerging economies, will underpin a return to strong commodities demand over the next few years and that major steel producers will position themselves to support new, large scale, independent producers such as Sundance.+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:12.0pt+ADs-font-family:+ACI-Times New Roman+ACIAOw- mso-fareast-font-family:+ACI-Times New Roman+ACIAOw-mso-ansi-language:EN-GB+ADs-mso-fareast-language: FR+ADs-mso-bidi-language:AR-SA'+AD4APA-br clear+AD0-all style+AD0-'page-break-before:always'+AD4- +ADw-/span+AD4APA-/b+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-What are the implications of this increase in production for the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- +ADw-span class+AD0-SpellE+AD4-Project+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- capital cost and economics?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-The proposed increased in production can be delivered very efficiently as it requires minimal increase in transport and export infrastructure above that already required for 35 million tonnes per annum throughput. This dramatically reduces the capital cost of the project on an annual tonne production basis. It also reduces unit operating costs and shortens the capital payback period. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-What we are proposing makes a lot of sense and we expect that it will be well supported by prospective customers.+ACY-nbsp+ADs- Sundance is also fortunate in that we are not yet in the construction or start-up phase of our project, which will enable us to take advantage of the more competitive construction cost environment and means that we currently carry no debt.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4-+ADw-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-You also indicated at the AGM that the Company has commenced discussions with a number of major industry groups who have expressed strong interest in respect of iron ore sales, equity and financing.+ACY-nbsp+ADs- Can you give more detail?+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Sundance recently commenced a process to identify potential strategic partners for the project.+ACY-nbsp+ADs- This process has attracted the attention of a number of major mining, steel producing and trading companies.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Expressions of Interest have been received from a range of groups. +ACY-nbsp+ADs-Discussions are continuing, with due diligence underway. +ACY-nbsp+ADs-Azure Capital is advising Sundance on this process. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The responses to date support our view that major industry groups are keen to ensure diversity of future supply of high quality product.+ACY-nbsp+ADs- We expect that recent announcements that a number of established iron ore producers are cutting production will make the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Project even more attractive as the major steel producers remain concerned about consolidation in the industry and the tightening of supply as existing operators defer expansion projects.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Mbalam+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- has the resource base necessary to be one of the top ten iron ore projects in the world, so it is not surprising that we are attracting attention from some of the heavyweights of the global iron and steel industry.+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Mbalam+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- certainly brings something different to the table because of the quality of its product mix, the +ADw-span class+AD0-SpellE+AD4-project+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- exploration upside, the potential for downstream processing opportunities based on low cost energy in +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Cameroon+ADw-/u1:country-region+AD4APA-/u1:place+AD4- and the +ADw-span class+AD0-SpellE+AD4-project?s+ADw-/span+AD4- geographic location relative to key markets. +ACY-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-What are the major strategic milestones achieved by Sundance and what are the immediate challenges for the Sundance Board and management team?+ACY-nbsp+ADs- +ADw-b+AD4APA-o:p+AD4APA-/o:p+AD4APA-/b+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Sundance has announced successive increases in tonnage and grade at +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- through 2008.+ACY-nbsp+ADs- We have exceeded our exploration targets both in terms of resources and timeline.+ACY-nbsp+ADs- This is a real credit to our exploration team.+ACY-nbsp+ADs- We are now undertaking in-fill drilling on the deposit to progressively convert the resource to Indicated and Measured status. This is being undertaken in the context of recent capital management initiatives by the Company including the conversion of some exploration services costs to equity.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Preliminary mine pit modelling estimates economically recoverable resources of around 200 million tonnes of DSO and 1.5 billion tonnes of +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- from +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- with a strip ratio of less than 0.3: 1. The resource remains open at depth.+ACY-nbsp+ADs- This supports staged production of up to 50 million tonnes per annum of product over 20 years of operations.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-We have drilled only around 10 km+ADw-sup+AD4-2+ADw-/sup+AD4- of a total 3,755 km+ADw-sup+AD4-2+ADw-/sup+AD4- landholding controlled by Sundance in this iron ore province. We plan to extend drilling on the +ADw-span class+AD0-SpellE+AD4-Metzimevin+ADw-/span+AD4- deposit, where we have already +ADw-span class+AD0-GramE+AD4-identified ?DSO+ADw-/span+AD4--style? +ADw-span class+AD0-GramE+AD4-supergene+ADw-/span+AD4- mineralisation from drilling over recent months, and progress exploration over our adjacent permits in the +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Congo+ADw-/u1:country-region+AD4APA-/u1:place+AD4-.+ACY-nbsp+ADs- We have recently obtained some historical logs from drilling on the +ADw-span class+AD0-SpellE+AD4-Nabeba+ADw-/span+AD4- deposit in the +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Congo+ADw-/u1:country-region+AD4APA-/u1:place+AD4- which indicate interesting near-surface mineralisation similar to historical values reported at +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- and +ADw-span class+AD0-SpellE+AD4-Metzimevin+ADw-/span+AD4- by the UNDP. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The main focus for 2009, however, will be to complete the Feasibility Study of the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Project, including Government and financing approvals.+ACY-nbsp+ADs- Confirmation of construction costs will be critical to this work program and we have commenced discussions with a number of major international contractors in this regard.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-As mentioned previously, one important consequence of the financial crisis is that the capital cost environment is shifting in favour of large-scale projects such as +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- with material, equipment and engineering costs falling and improved access to labour and contractors. +ACY-nbsp+ADs-This will reduce capital costs and enhance the construction timeline to completion. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span class+AD0-SpellE+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-What+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4APA-/i+AD4APA-/span+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- your assessment of the iron ore market after your recent travels through +ADw-u1:place u2:st+AD0AIg-on+ACIAPg-Asia+ADw-/u1:place+AD4-?+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-There is little doubt that Chinese economic growth is slowing from its peak last year, probably to levels of around 7-8+ACU- per annum next year.+ACY-nbsp+ADs- +ADw-span class+AD0-SpellE+AD4-That+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- still strong growth, which will be supported by recent fiscal stimulus measures announced in +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-China+ADw-/u1:country-region+AD4APA-/u1:place+AD4- and other countries around the world.+ACY-nbsp+ADs- We expect this growth to provide a solid base demand for key raw materials in the medium to long-term that will continue to underpin and sustain quality, iron ore projects.+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-The fact that major companies are continuing to invest in iron ore projects around the world sends a very positive message about the long-term future of the industry.+ACY-nbsp+ADs- We are certainly seeing evidence that major steel producers are continuing to encourage the development of high quality suppliers of iron ore independent of the major mining houses.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Of particular relevance to Sundance is the deal announced in October by a consortium of five major Japanese and Korean steelmakers and trading house Itochu Corporation to buy a 40+ACU- stake in the +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- iron ore mining subsidiary of the Brazilian steel maker CSN for US+ACQ-3 billion.+ACY-nbsp+ADs- This is a major investment which rivals Anglo +ADw-span class+AD0-SpellE+AD4-American+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- acquisition of Brazilian +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- iron ore producer MMX earlier this year. Interestingly, our +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Project holds resources equivalent, if not larger, than these Brazilian projects. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-The value of recent iron ore transactions in +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Brazil+ADw-/u1:country-region+AD4APA-/u1:place+AD4- is also enlightening. The transaction value for +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- projects in +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Brazil+ADw-/u1:country-region+AD4APA-/u1:place+AD4- is approximately US+ACQ-1.00/tonne of in-ground +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- resource. +ADw-span class+AD0-SpellE+AD4-Sundance+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- current market capitalisation is equivalent to only US+ACQ-0.05/tonne of in-ground resource ? +ADw-span class+AD0-GramE+AD4-clearly+ADw-/span+AD4- a significant +ADw-span class+AD0-SpellE+AD4-mis+ADw-/span+AD4--match given that the quality and nature of the +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- is similar to the Brazilian +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- ores.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4-+ADw-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-There has been a lot of press recently commenting on the quality of iron ore supply from newer producers, particularly from spot sales. How does the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- ore compare on quality? Will there be any quality impact on the prices you will receive for +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- iron ore?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-One of the consequences of the financial crisis on the iron ore sector has been a flight to +ADw-span class+AD0-GramE+AD4-quality ?+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-in+ADw-/span+AD4- terms of project scale, product quality and longevity. This focus on product quality is also driven by energy and environmental pressures on major steel producers. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The strong demand and valuation for the Brazilian style +ADw-span class+AD0-SpellE+AD4-itabirites+ADw-/span+AD4- I just mentioned is driven by the quality of the concentrate product.+ACY-nbsp+ADs- These +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- ores can be upgraded to produce a premium quality iron concentrate with extremely low contaminant content. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Our +ADw-span class+AD0-SpellE+AD4-testwork+ADw-/span+AD4- to date shows that the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- can produce a similar high quality concentrate product.+ACY-nbsp+ADs- We have significant flexibility in terms of product range, with the +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- upgrading to produce both Blast Furnace (+ADw-span class+AD0-GramE+AD4-?BF+ADw-/span+AD4-?) grade concentrate (65+ACU- Fe) and/or Direct Reduction (?DR?) grade concentrate (68+ACU- Fe). Silica, alumina and phosphorus contents are well within desired levels for both product streams.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Major steel producers are very keen to secure both DR grade concentrate, for pellet production, and BF grade sinter feed, where the high quality concentrate is blended with sinter fines sourced from sources such as +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Australia+ADw-/u1:country-region+AD4APA-/u1:place+AD4- which have increasing contaminant levels.+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The bulk of our DSO resource produces a run-of-mine product grading 62+ACU- Fe and around 5+ACU- silica. The balance of the DSO resource will be upgraded to maintain a consistent high quality DSO product grading 62+ACU- Fe, 5+ACU- silica, 2.8+ACU- alumina and 0.08+ACU- phosphorus. This product specification will be readily marketable to major mills.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Mbalam+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- can therefore deliver high-grade +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- concentrate and DSO products. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Can you give an updated financial assessment of the project?+ACY-nbsp+ADs- What are some of the specific operational and technical advantages?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Our financial modelling of the project gives an average annual cash flow of around US+ACQ-1.2 billion per year (real, calculated before tax and financing costs).+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-This modelling is based on our PFS cost and price estimates and assumes staged DSO and +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- concentrate production over 20 years.+ACY-nbsp+ADs- The model gives an +ADw-span class+AD0-SpellE+AD4-ungeared+ADw-/span+AD4- project NPV of US+ACQAPA-span class+AD0-GramE+AD4-2,300 ?+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-US+ACQ-3,000 million after tax (using a 10+ACU- discount rate).+ADw-/span+AD4- We have assumed long term iron ore prices 20+ACU- above 2007 contract prices which +ADw-span class+AD0-GramE+AD4-is+ADw-/span+AD4- significantly below current 2008 contract prices.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- mining operation will be very low cost with a very low strip ratio.+ACY-nbsp+ADs- The +ADw-span class+AD0-SpellE+AD4-Mbarga+ADw-/span+AD4- +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- is similar to the Brazilian +ADw-span class+AD0-SpellE+AD4-itabirites+ADw-/span+AD4- in generally having a higher feed grade and lower grinding index than magnetite iron ores. This leads to lower mining costs and better iron recoveries than similar projects. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPgA8-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Cameroon+ADw-/u1:country-region+AD4APA-/u1:place+AD4- also offers very interesting energy opportunities with current supply dominated by low-cost hydro power.+ACY-nbsp+ADs- There is enormous capacity to increase this hydro-power supply. +ACY-nbsp+ADs-This is expected to lead to low power costs for +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- beneficiation. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The country is also a fledgling gas producer, with potential to utilize these resources for value adding to part of our +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- concentrate output through pellet production. We are also investigating the potential of a start-up pig iron operation. This staged value adding development model has been adopted very successfully by a number of Brazilian +ADw-span class+AD0-SpellE+AD4-itabirite+ADw-/span+AD4- producers. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:12.0pt+ADs-font-family:+ACI-Times New Roman+ACIAOw- mso-fareast-font-family:+ACI-Times New Roman+ACIAOw-mso-ansi-language:EN-GB+ADs-mso-fareast-language: FR+ADs-mso-bidi-language:AR-SA'+AD4APA-br clear+AD0-all style+AD0-'page-break-before:always'+AD4- +ADw-/span+AD4APA-/b+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-i+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-What is the latest on dealings with the +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Cameroon+ADw-/u1:country-region+AD4APA-/u1:place+AD4- Government?+ACY-nbsp+ADs- What support do you expect Sundance to get from development banks or agencies?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-MD Don Lewis+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-Sundance is working closely with the Cameroon Government on the development terms required to progress the project. The Government rapidly renewed Exploration Permit No. 92 to September 2010 in accordance with the terms of the Cameroon Mining Code, a clear example of their commitment and understanding of the significance of the Project. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-We are continuing to progress negotiations with the Government in respect of fiscal, equity and development terms which will underpin the project.+ACY-nbsp+ADs- While these negotiations are taking more time than anticipated, we are confident that agreement will be reached as we progress our Feasibility Study.+ACY-nbsp+ADs- The terms will ultimately be defined in the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Convention to be ratified by the Parliament of Cameroon prior to project commencement. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-The Government is very supportive of Sundance and the project.+ACY-nbsp+ADs- Interest within +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Cameroon+ADw-/u1:country-region+AD4APA-/u1:place+AD4- is very high.+ACY-nbsp+ADs- George Jones and I recently met the Prime Minister and it was very pleasing to hear him confirm that the Cameroon Government was committed to establishing an internationally competitive fiscal regime for the project through the +ADw-span class+AD0-SpellE+AD4-Mbalam+ADw-/span+AD4- Convention.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-The Government is ultimately a partner in this project, through its right under the Mining Code to a 10+ACU- interest in Cam Iron SA and through its interest in the +ADw-span class+AD0-SpellE+AD4-project?s+ADw-/span+AD4- long term success due to its impact on the economy of the country. We will be pleased to have the Government take up a direct interest in Cam Iron as they will then have common economic interests to Sundance. This will provide significant security and support for the project.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4-As +ADw-span class+AD0-GramE+AD4-a ?+ADw-/span+AD4-transforming development? +ADw-span class+AD0-GramE+AD4-for+ADw-/span+AD4- +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPg-Cameroon+ADw-/u1:country-region+AD4APA-/u1:place+AD4-, the Mbalam Project is likely to draw funding support from sources such as development banks, export credit agencies and sovereign funds. We have already been approached by a number of such agencies with interest in participating in funding of the project based on its potential to assist in the country+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4- broader development. +ACY-nbsp+ADs-These financing discussions will be progressed in partnership with Government.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify+ADs-line-height:12.0pt'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language: EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Thank you Don.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-div class+AD0-MsoNormal align+AD0-center style+AD0-'text-align:center'+AD4- +ADw-hr size+AD0-2 width+AD0AIg-100+ACUAIg- align+AD0-center+AD4- +ADw-/div+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-margin-right:2.15pt+ADs- mso-margin-bottom-alt:auto+ADs-text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-For further information on Sundance Resources visit +ADw-/span+AD4APA-a href+AD0AIg-http://www.sundanceresources.com.au/+ACIAPgA8-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-www.sundanceresources.com.au+ADw-/span+AD4APA-/a+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- or call Don Lewis on 08 9220 2300.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p style+AD0-'margin:0cm+ADs-margin-bottom:.0001pt+ADs-text-align:justify'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-To read other Open Briefings, or to receive future Open Briefings by email, please visit +ADw-/span+AD4APA-a href+AD0AIg-http://www.corporatefile.com.au/+ACIAPgA8-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-www.corporatefile.com.au+ADw-/span+AD4APA-/a+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- text-align:justify'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family: Georgia+ADs-mso-ansi-language:EN-GB'+AD4-DISCLAIMER:+ADw-/span+AD4APA-/b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4- Corporate File Pty Ltd has taken reasonable care in publishing the information contained in this Open Briefing?. 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