Namdini Project Finance Update
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.
"We are pleased with the strong level of interest and the rate of progress to date. We look forward to updating shareholders as we progress the Namdini Project Financing programme."
About Cardinal Resources Ltd
The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
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 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
Cardinal Resources Ltd