Dynamic Fund held an equity position of 9.07% and has now increased its holding to 10.85% buying on market since Cardinal's recent "Interim Metallurgical Update" was announced on the ASX platform.
Archie Koimtsidis, CEO/MD of Cardinal, said:
"We are very pleased with Dynamic Funds continued support in Cardinal as a key institutional investor and a substantial shareholder of the Company.
"In particular, we would also like to thank their Technical Team and most Senior Management.
"Their shareholding supports the tremendous potential of our Namdini Project."
About Cardinal Resources Ltd
Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.
The Company's Namdini Project has an Indicated Mineral Resource of 6.5Moz of gold contained in 180Mt at 1.1 g/t Au at a cut-off of 0.5g/t Au and an Inferred Mineral Resource of 0.5Moz of gold contained in 13Mt @ 1.2 g/t Au at a cut off of 0.5 g/t Au.
The Company is focused on the development of the Namdini Project through advancing the Pre-Feasiblity study, supported by additional multi-disciplinary engineering activities.
Exploration programmes are also continuing at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal Resources Limited
P: + 61-418-769-579