Cardinal’s Mining Licence Receives Sovereign Ratification
TORONTO, July 20, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is very pleased to advise that its Namdini Mining Licence has officially received Sovereign Parliamentary Ratification in Ghana.
HIGHLIGHTSParliamentary Ratification of the Mining License paves the way for secure and solid project developmentThe 63 km2 Mining Licence is granted for an initial term of 15 years and is renewableThe recently Expanded Mining Licence allows for further financial optimisation by repositioning infrastructure such as tailings storage facilities, stockpiles and waste dumpsExploration potential enhanced within the expanded area along the Namdini shear to the southCardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated:“It is most pleasing to have the Minister for Lands and Natural Resources and the Minerals Commission of Ghana support our Mining Licence which has led to the Sovereign Ratification of our Mining Licence by the Parliament of Ghana. This Ratification and the recent issuing of the Environmental Protection Agency (EPA) Permit along with our Water Extraction Permit and Relocation Action Plan Approval, places the Namdini Gold Project into an extremely secure and solid position for development.”“The Company would also like to acknowledge the Local Community, Traditional Council, Local and National Governments for their admirable support of the Namdini Gold Project.”Namdini Mining LicenceA Large-Scale Mining Licence covering the Namdini Mining Licence was granted to Cardinal Namdini Mining Limited (“Cardinal Namdini”), by the Minister for Lands and Natural Resources under the Ghanaian Minerals and Mining Act 2006 (Act 703) in 2017. Cardinal Namdini is a wholly owned subsidiary of Cardinal Resources Limited.The Large-Scale Mining Licence originally covered 19km2 in the Dakoto area of the Talensi District in the Upper East Region of Ghana and has now been expanded to an area of 63 km2; the maximum allowable (Figure 1).The expanded Large-Scale Mining Licence has been granted for an initial period of 15 years commencing in 2020 and is renewable (Figure 1). Expansion of the Large-Scale Mining Licence will allow Cardinal to improve and de-risk mine and infrastructure design and optimise financial outcomes as the Company continues to progress the FEED programme.Figure 1: 63 km2 Namdini Mining Licence
ABOUT CARDINALCardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused exploration and development Company that holds interests in tenements within Ghana, West Africa.The Company is focused on the development of the Namdini Gold Project and released its Feasibility Study on 28 October 2019. Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of April 3, 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.The Company has advised that the Nord Gold SE (Nordgold) unconditional on-market takeover offer for Cardinal at $0.66 cash per share (Takeover Bid) is being considered in detail by the board, together with the special purpose committee and its financial and legal advisers.Having regard to the unsolicited nature of the Nordgold Takeover Bid and the provisions of the Bid Implementation Agreement (which contain, amongst other matters, matching rights in favour of Shandong Gold Mining (HongKong) Co., Limited (Shandong Gold) and Shandong Gold Mining Co., Ltd.) Shareholders are advised to TAKE NO ACTION at this time in relation to the Nordgold Takeover Bid.Cardinal will provide an update to shareholders imminently.*The Namdini Project has a published gold Ore Reserve of 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut-off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut-off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut-off).For further information contact:Competent / Qualified Person Statement