Cardinal's decision to seek dual listing on the TSX is driven by the strong and increasing levels of interest in Canada and North America, as the Company advances its projects in Ghana. Already, Cardinal has over 30% of its institutional shareholders in these markets and is covered with research by Clarus Securities in Toronto.
The Company engaged Roscoe Postle Associates Inc. ("RPA") to prepare a National Instrument 43-101 compliant technical report (the "Technical Report") on the Company's Namdini Gold Project in Ghana.
The following summary has been extracted from the Technical Report:
Summary of Mineral Resources Cardinal Resources Limited - Namdini Project Category Tonnage Grade Contained Metal (000 t) (g/t Au) (000 oz Au) Indicated 23,864 1.21 931 Inferred 100,149 1.1 3,629
Archie Koimtsidis, MD and CEO of Cardinal, said:
"The listing on the TSX is largely driven by the strong interest in the Namdini gold project by Canadian and North American institutional investors and various analysts who recognise the large potential for our Company. Given that the maiden resource has now been strengthened with the inclusion of the "updip" and "southern extension" drilling, we believe the Namdini project has strong potential for further growth through continued drilling along strike and at depth.
"We believe that the TSX listing represents an important step in building the profile of the Company and expect the listing will expand the knowledge base and understanding of Cardinal's potential."
The Preliminary Prospectus, is a non-offering prospectus which contains important information relating to the Company's business, operations and ordinary shares, is still subject to completion or amendment. Copies of the Preliminary Prospectus and the Technical Report have been released to ASX and are available under Cardinal's profile on SEDAR at www.sedar.com.
Cardinal also wishes to advise that as part of the Company's application to list its ordinary shares on the TSX, all of the Company's corporate governance policies were revised and updated to be compliant for the dual listing.
In accordance with ASX Listing Rule 12.10, the Company's Securities Trading Policy has been updated and is set out in Annexure A (see the link below) and supersedes all security trading policies previously released by Cardinal.
The Company has entered into updated employment agreements with Managing Director Archie Koimtsidis, Executive Director Malik Easah, Exploration Manager Paul Abbott, and Chief Financial Officer Erik Palmbachs. A summary of the material terms of Mr Koimtsidis and Mr Easah's agreements is set out in Annexure B (see the link below).
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To view the Technical Report, please visit:
About Cardinal Resources Ltd
The Company’s Namdini Project has a declared Indicated Mineral Resource of 120 Mt @ 1.1 g/t for 4.3 Moz Au and an Inferred Mineral Resource of 84 Mt @ 1.2 g/t for 3.1 Moz (refer to Cardinal “Technical Report on Namdini” dated 11 September 2017). The Company is focused on the development of the Namdini Project through a resource expansion drilling programme and continues to advance the PEA / Scoping Study which is now due for release in Q1 2018. In parallel, a pre-feasibility study is progressing supported by additional multi-disciplinary engineering activities. Exploration activity is also underway on its large portfolio of regional exploration Licenses.
For more information on the Company, Investors should review the Company’s filings that are available at http://www.sedar.com
Cardinal Resources Ltd