VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sep 14, 2012) - Sundance Minerals Ltd. ("Sundance" or the "Company") announces that, although the final prospectus dated May 10, 2012 was filed and receipted and the Company is now considered a reporting issuer, market conditions have not permitted the Company to complete the Initial Public Offering ("IPO") as planned within the allowed 90 day period. Sundance has instead completed a private placement for gross proceeds of CAD$310,000 at $0.20 per unit consisting of one common share and one common share purchase warrant exercisable at $0.30 for two years. The proceeds of the private placement will be used to fund minimum required operating expenditures. In addition, Sundance continues to work on seeking joint venture partners for its properties.
Sundance currently has a joint venture with Paget Minerals Ltd. ("Paget") and is preparing to drill at the San Ricardo property, the costs of which will be borne by Paget (see news releases dated September 11, 2012).
In view of Sundance''s decision not to complete the IPO at what it considers to be less than fair market value, Sundance has had to reduce expenditures and therefore has temporarily closed operations in Kazakhstan. When the investment climate improves, Sundance may consider returning to Kazakhstan, which is in management''s opinion, one of the most geologically prospective, yet underexplored, countries in the world.
Sundance Minerals is an exploration company focusing on precious and base metal projects in Mexico and the United States. Our mission is to create and sustain shareholder value by developing a balanced portfolio of exploration targets in known districts. Currently, Sundance''s portfolio comprises 14 properties in Mexico and one in Nevada, most of which are available for JV''s. Technical information including geology, geochemistry, and geophysics is available for all of them. Five out of the 15 properties have historic drill holes. Leading properties include Miranda and San Ricardo gold projects in Sonora, Los Tamales (Cu) in Sonora, as well as Geranio and Lachatao gold projects in the Natividad mining district in Oaxaca, Mexico.
For further information on Sundance Minerals Ltd. please visit our website www.sundanceminerals.com.
This release contains forward-looking statements, including statements regarding the use of the proceeds of the private placement, the seeking of joint venture partners and planned work at San Ricardo. Readers are cautioned not to place undue reliance on these statements as the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause actual results to differ materially from the Company''s expectations include the continued participation of Paget in the San Ricardo project and other factors of the mineral exploration industry more fully described in the Company''s Management Discussion & Analysis of Financial Position and Results of Operations, which is available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include the following: the continued participation of Paget in the San Ricardo project, and the availability of equipment and qualified personnel to advance the San Ricardo project. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.