Sundance Resources Ltd announced, September 23, the reception of the investment of 40 million Australian dollars from the Ukrainian billionaire Gennadiy Bogolyubov to advance the iron project of Mbalam- Nabeba to horse between Congo and Cameroon.

"We greet the arrival of our new strategic investor who showed, through his preceding investments in Consolidated Minerals and BC Iron, his confidence in strategic mining projects", commented Giulio Casello, DG and CEO of Sundance.

"We are delighted to have his support for the development of the iron project at Mbalam-Nabeba in Central Africa", he added.

M.Casello stressed that the funds had been delivered and "will be used to advance" this project in which Sundance intends to produce per annum, in a first stage, 35 million tons of ore with direct charging during 12 years.

Bogolyubov intervenes through the company Wafin Ltd and obtained emitted convertible obligations, at the price of conversion of 10 hundreds per action, like 50 million options, in term of first section, in Sundance Resources, specified the company listed on ASX.

Sundance Resources will emit, 210 different million options with Wafin, in second section, but the company intends to have the approval of the shareholders at the time of the general assembly envisaged in November.