Cardinal’s Mining Licence Receives Sovereign Ratification - Seite 2

Figure 1: 63 km² Namdini Mining Licence
https://www.globenewswire.com/NewsRoom/AttachmentNg/34f3581c-715f-42ac ...

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 its Feasibility Study on 28 October 2019. 

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.

The Company has advised that the Nord Gold SE (Nordgold) unconditional on-market takeover offer for Cardinal at $0.66 cash per share (Takeover Bid) is being considered in detail by the board, together with the special purpose committee and its financial and legal advisers.

Having regard to the unsolicited nature of the Nordgold Takeover Bid and the provisions of the Bid Implementation Agreement (which contain, amongst other matters, matching rights in favour of Shandong Gold Mining (HongKong) Co., Limited (Shandong Gold) and Shandong Gold Mining Co., Ltd.) Shareholders are advised to TAKE NO ACTION at this time in relation to the Nordgold Takeover Bid.

Cardinal will provide an update to shareholders imminently.

*The Namdini Project has a published gold Ore Reserve of 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut-off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut-off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut-off).

For further information contact:

Archie Koimtsidis	Alec Rowlands
CEO / MD	IR / Corp Dev
Cardinal Resources Limited	Cardinal Resources Limited
P: [phone]	P: [phone]
Cannings Purple (Investor Relations, Australia)
Peta Baldwin or Warrick Hazeldine
E: [e-mail] E: [e-mail]

Competent / Qualified Person Statement

The scientific and technical information in this announcement that relates to Exploration Results, Mineral Resources and Ore Reserves at the Namdini Gold Project has been reviewed and approved by Mr. Richard Bray, a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr. Ekow Taylor, a Chartered Professional Geologist with the Australasian Institute of Mining and Metallurgy.  Mr. Bray and Mr. Taylor have more than five years’ experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as a Qualified Person for the purposes of NI43‐101.  Mr. Bray and Mr. Taylor are full‐time employees of Cardinal and hold equity securities in the Company.