Response to Ghana Media Speculation
Response to Ghana Media Speculation
Perth, June 16, 2020 AEST (ABN Newswire) - Cardinal Resources Limited (ASX:CDV) (FRA:C3L) (OTCMKTS:CRDNF) (TSE:CDV) refers to its announcements of 30 March and 4 May 2020 in respect of the continuing strategic process with banks, financiers and other parties which continue to show interest in bringing the Namdini Project into production with a view to maximising economic outcomes ("Strategic Process").

The Company also notes the recent local Ghanaian media article with respect to potential strategic alternatives.

The Board of Cardinal wishes to advise that as part of the Strategic Process it remains in discussions with parties regarding a potential strategic transaction. Whilst discussions in relation to any potential transaction remain ongoing, at this time no agreement has been entered into in relation to any transaction and there can be no guarantee that any agreement will be entered into.

Accordingly, given that there is no certainty that any strategic transaction will proceed, Cardinal advises that shareholders should be cautious in trading on media speculation. The Company will update the market if and when any formal agreement is entered into in relation to a potential strategic transaction.

About Cardinal Resources Ltd

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

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.



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

Alec Rowlands
IR / Corp Dev
Cardinal Resources Limited
P: +1-647-256-1922

Andrew Rowell
Cannings Purple
P: +61-400-466-226

Peta Baldwin
Cannings Purple
P: +61-455-081-008

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