Commonwealth Bank Becomes Substantial Holder
Commonwealth Bank Becomes Substantial Holder
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 gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.

The Company's Namdini Project has an Indicated Mineral Resource of 6.5Moz of gold contained in 180Mt at 1.1 g/t Au at a cut-off of 0.5g/t Au and an Inferred Mineral Resource of 0.5Moz of gold contained in 13Mt @ 1.2 g/t Au at a cut off of 0.5 g/t Au.

The Company is focused on the development of the Namdini Project through advancing the Pre-Feasiblity study, supported by additional multi-disciplinary engineering activities.

Exploration programmes are also continuing at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.



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

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