Gold Fields Becomes Substantial Holder
Perth, April 4, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) (CRDNF:OTCMKTS) ("Cardinal" or the "Company") is announcing that Gold Fields Limited (JSE:GFI) (NYSE:GFI) ("Gold Fields") has become a substantial shareholder of Cardinal through on-market purchases.
Gold Fields became a substantial shareholder of Cardinal on 3 April 2017 with an ordinary shareholding of 6.4%.
Further, the Company advises that Gold Fields is, or is entitled to be, the registered holder of 24,887,425 listed options in Cardinal (ASX.CDVOA), which has also been acquired through on-market purchases. On a fully diluted basis Gold Fields would hold 10.35%.
Archie Koimtsidis, MD/CEO of Cardinal, said:
"We acknowledge Gold Fields as a substantial shareholder of the Company. Their investment confirms 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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