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-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.
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 Limited
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