Cardinal – Namdini Project Finance Update

Cardinal - Namdini Project Finance Update

TORONTO, Jan. 29, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX/TSX: CDV) is pleased to provide an update regarding Project Financing for its 5.1 Moz* Namdini Gold Project in Ghana.
The Company in conjunction with appointed financial advisers, Cutfield Freeman & Co, (ASX/TSX – Press Release dated 3 April 2019) have received a number of term sheets from banks and financiers.  With the release of the Feasibility Study and accompanying NI43-101 Technical Report (ASX/TSX Press Release dated 28 November 2019) additional banks, financiers and corporates have shown interest in Project Finance participation and have subsequently been granted access to the data room. In addition, the Company is concurrently evaluating strategic alternatives to bring the Namdini Project into production with a view to maximising economic outcomes for Cardinal shareholders. Cardinal’s Chief Financial Officer, Jon Grygorcewicz stated:
“With the current gold price maintaining a price above US$1,500/oz as compared to the gold price of US$1,350/oz used in the Company’s Feasibility Study, it creates an even more compelling financial model and project valuation which provides a greater level of confidence to banks, financiers and corporates.

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