Perth, May 22, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (ASX:CDV) (OTCMKTS:CRDNF) ("Cardinal" or the "Company") is pleased to announce that Commonwealth Bank of Australia (ASX:CBA) ("CBA") and its related bodies, which includes Colonial First State, has become a substantial shareholder of Cardinal through on-market purchases.

CBA became a substantial shareholder of Cardinal on 18 May 2017 with an ordinary shareholding of 5.01%.

Archie Koimtsidis, MD/CEO of Cardinal, said:

"We welcome CBA and their team at Colonial First State as a substantial shareholder of the Company. Their investment confirms the tremendous potential of our Ghanaian Projects."


About Cardinal Resources Ltd

Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a West African gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.

The Company’s Namdini Project has a declared Indicated Mineral Resource of 120 Mt @ 1.1 g/t for 4.3 Moz Au and an Inferred Mineral Resource of 84 Mt @ 1.2 g/t for 3.1 Moz (refer to Cardinal “Technical Report on Namdini” dated 11 September 2017). The Company is focused on the development of the Namdini Project through a resource expansion drilling programme and continues to advance the PEA / Scoping Study which is now due for release in Q1 2018. In parallel, a pre-feasibility study is progressing supported by additional multi-disciplinary engineering activities. Exploration activity is also underway on its large portfolio of regional exploration Licenses.

For more information on the Company, Investors should review the Company’s filings that are available at http://www.sedar.com

 


Contact

Archie Koimtsidis
MD / CEO
Cardinal Resources Limited
P: +61-8-6558-0573



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