Van Eck Increases Shareholding in Cardinal
Perth, Dec 12, 2016 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) ("Cardinal" "the Company") is pleased to announce that Van Eck Associates Corporation ("Van Eck") from New York has increased its holding in Cardinal to 6.32%.
Van Eck become a substantial shareholder of Cardinal on 30 November 2016 with an equity position of 5.28%, since this time Van Eck has increased its holding to 6.32%.
Archie Koimtsidis, Managing Director of Cardinal, said:
"We are very pleased with Van Eck's continued support in Cardinal as a key institutional investor and a substantial shareholder of the Company.
"Their shareholding supports the tremendous potential of our Ghanaian Projects."
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.
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