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Monday, March 21, 2011

Hanlong Mining takes 19% stake in Sundance Resources

Monday , 21 Mar 2011

Key Points
* Hanlong Mining becomes largest shareholder in Sundance Resources Ltd
* Hanlong acquires Talbot Group stake

Hanlong Mining Investment Pty Ltd, through its affiliated entities (collectively "Hanlong"), has become the largest shareholder in Sundance Resources Ltd (ASX:SDL).

On Friday 18th March 2011, Hanlong acquired the entire holding of the Talbot Group 433,791,352 shares which added to existing relevant interests gives it 514,984,194 shares, or approximately 19.0% of the company.

Hanlong Mining Chairman and Head of Iron Ore Business, Peter Mansell, said the investment in Sundance was consistent with Hanlong's strategy to be a significant investor in quality projects in the iron ore industry.

"We're a financial investor and will be a supportive shareholder assisting the company to fast-track its infrastructure and mine development plans."

Hanlong Mining is a subsidiary of Sichuan Hanlong Group, a privately owned industrial conglomerate based in Chengdu, China. (by mineweb)

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