SDL is advancing a significant exploration program and feasibility studies on the project based on production of 35 million tonnes per year hematite.
It was also one of the hot stocks in the final months of 2010, surging from around 15 cents in September to a high around 60 cents by December.
Recently, the group had to deny newspaper reports that its majority shareholder Hanlong Mining is looking to make a full takeover offer.
SDL said on 16 May that it may sell up to 50% of its interest in the Mbalam Iron Project to a strategic partner.
The group is confident of successfully introducing a strategic partner to the project by the end of June 2011.
SDL shares rocketed 11% on the day of the takeover speculation, making it one of the best performers in the Australian share market.