Response to Ghana Media Speculation
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
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