Mining Licence Receives Sovereign Ratification
Mining Licence Receives Sovereign Ratification
Perth, July 20, 2020 AEST (ABN Newswire) - Cardinal Resources Limited (ASX:CDV) (FRA:C3L) (OTCMKTS:CRDNF) (TSE:CDV) is very pleased to advise that its Namdini Mining Licence has officially received Sovereign Parliamentary Ratification in Ghana.

HIGHLIGHTS

- Parliamentary Ratification of the Mining License paves the way for secure and solid project development

- The 63 km2 Mining Licence is granted for an initial term of 15 years and is renewable

- The recently Expanded Mining Licence allows for further financial optimisation by repositioning infrastructure such as tailings storage facilities, stockpiles and waste dumps

- Exploration potential enhanced within the expanded area along the Namdini shear to the south

Cardinal's Chief Executive Officer / Managing Director, Archie Koimtsidis stated: "It is most pleasing to have the Minister for Lands and Natural Resources and the Minerals Commission of Ghana support our Mining Licence which has led to the Sovereign Ratification of our Mining Licence by the Parliament of Ghana. This Ratification and the recent issuing of the Environmental Protection Agency (EPA) Permit along with our Water Extraction Permit and Relocation Action Plan Approval, places the Namdini Gold Project into an extremely secure and solid position for development."

"The Company would also like to acknowledge the Local Community, Traditional Council, Local and National Governments for their admirable support of the Namdini Gold Project."

Namdini Mining Licence

A Large-Scale Mining Licence covering the Namdini Mining Licence was granted to Cardinal Namdini Mining Limited ("Cardinal Namdini"), by the Minister for Lands and Natural Resources under the Ghanaian Minerals and Mining Act 2006 (Act 703) in 2017. Cardinal Namdini is a wholly owned subsidiary of Cardinal Resources Limited.

The Large-Scale Mining Licence originally covered 19km2 in the Dakoto area of the Talensi District in the Upper East Region of Ghana and has now been expanded to an area of 63 km2; the maximum allowable (Figure 1*).

The expanded Large-Scale Mining Licence has been granted for an initial period of 15 years commencing in 2020 and is renewable (Figure 1). Expansion of the Large-Scale Mining Licence will allow Cardinal to improve and derisk mine and infrastructure design and optimise financial outcomes as the Company continues to progress the FEED programme.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/47R61886


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



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