Cardinal Resources Limited (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) ("Cardinal" or "the Company") advises that the Company is evaluating a larger process throughput option due to an increase in their indicated resource categorisation from 4.3Moz to 6.5Moz (ASX/TSX announcement 5 March 2018 "Cardinal Upgrades Indicated Minerals Resource to 6.5Moz").

Cardinal will evaluate the economic results of the new option against the Company's current Preliminary Economic Assessment (PEA) (ASX/TSX announcement 5 February 2018 "Namdini Gold Project Preliminary Economic Assessment"), and should the economic results be favourable the Company will release an updated PEA reflecting the new option.

On review should the Company's evaluation of a larger throughput option show marginal economic results to Cardinal's PEA, released in February 2018, Cardinal will continue with the planned Preliminary Feasibility Study (PFS), as indicated in the Company's Investor Presentation.

As a result, the planned PFS due Q2 2018, would be deferred to Q3 2018, to allow for this evaluation process.

To view the Company's updated Investor Presentation, please visit:
http://abnnewswire.net/lnk/7V34U647


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.

 

Contact

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

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

Warrick Hazeldine
Cannings Purple
E: whazeldine@canningspurple.com.au
P: +61-417-944-616



Link: Updated Investor Presentation


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