Cardinal - Namdini Project Finance Update

TORONTO, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Cardinal Resources Limited (ASX/TSX: CDV) is pleased to provide an update regarding Project Financing for its 5.1 Moz* Namdini Gold Project in Ghana.

The Company in conjunction with appointed financial advisers, Cutfield Freeman & Co, (ASX/TSX - Press Release dated 3 April 2019) have received a number of term sheets from banks and financiers.  

With the release of the Feasibility Study and accompanying NI43-101 Technical Report (ASX/TSX Press Release dated 28 November 2019) additional banks, financiers and corporates have shown interest in Project Finance participation and have subsequently been granted access to the data room. 

In addition, the Company is concurrently evaluating strategic alternatives to bring the Namdini Project into production with a view to maximising economic outcomes for Cardinal shareholders. 

Cardinal’s Chief Financial Officer, Jon Grygorcewicz stated:
“With the current gold price maintaining a price above US$1,500/oz as compared to the gold price of US$1,350/oz used in the Company’s Feasibility Study, it creates an even more compelling financial model and project valuation which provides a greater level of confidence to banks, financiers and corporates.

“We are pleased with the strong level of interest and the rate of progress to date.  We look forward to updating shareholders as we progress the Namdini Project Financing programme.”

ABOUT CARDINAL

Cardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused exploration and development Company that holds interests in tenements within Ghana, West Africa.

The Company is focused on the development of the Namdini Gold Project and released the Feasibility Study on 28 November 2019. The Feasibility Study concluded the Project has strong economic returns with a post-tax NPV₅ of USD$590 million and an IRR of 33.2% at a conservative gold price of USD$1,350 per gold oz.

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 April 3, 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.