Perth, July 13, 2017 AEST (ABN Newswire) - Cardinal Resources Limited ("Cardinal" or the "Company") (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is pleased to announce that the application by Savannah Mining Ghana Limited (Savannah) for a Large-Scale Mining Licence over an area of approximately 19.54 Sq Km in the Upper East Region of Ghana covering Cardinals Namdini Project has been granted by the Minister of Lands and Natural Resources of Ghana. Savannah has also completed an initial Environmental Impact Statement ("EIS") and has lodged the EIS with the Environmental Protection Agency ("EPA").

Cardinal and Savannah have both signed the necessary documentation to assign the Namdini Mining License to Cardinal Namdini Mining Limited (Cardinal Namdini), a wholly owned subsidiary of Cardinal, for $1.00 as per the Savannah Agreement. After the completion of the upcoming Preliminary Economic Assessment ("PEA"), Cardinal Namdini will submit to the Minerals Commission an updated EIS and an application for an Operating Permit, bringing all permitting for the Namdini Project on track for development.

The Namdini Mining Lease is for an initial period of fifteen years and is renewable.


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
CEO / MD
Cardinal Resources Limited
P: +1-647-256-1922
or +61-8-6558-0573
Email: archie@cardinalresources.com.au



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