Board Restructure

TORONTO, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Cardinal Resources Limited (Cardinal) wishes to advise that the board of directors of Cardinal has today been restructured, following the successful conclusion of the takeover bid by Shandong Gold Mining (HongKong) Co., Limited (Shandong Gold) at 95% of Cardinal’s share capital.

The following Shandong Gold nominees have been today appointed to the board:

• Mr Qiang Du;
• Mr Canwu Zheng;
• Ms Huijie Duan; and
• Mr Lingquan Kong.

The following Cardinal directors have resigned from the board:

• Mr Kevin Tomlinson; and
• Mr Trevor Schultz;

Mr Archie Koimtsidis, Mr Malik Easah, Mr Michele Muscillo and Dr Kenneth G. Thomas will continue as directors with the company for the time being.

Retiring Chairman of the Company, Kevin Tomlinson, stated:

“The team at Cardinal is to be commended for the discovery, delineation and development of the world class Namdini 5.1Moz* gold reserve. It has been an honour to lead the Company as Chairman and I extend my gratitude to Archie Koimtsidis and Malik Easah as well as their teams in Perth and Ghana for their tireless efforts in Cardinal’s development.

“My gratitude also goes to my fellow Directors for their guidance during the various studies and eventual takeover of the Company. I know I speak for all in wishing Shandong Gold the best success in Namdini’s development for the benefit of all stakeholders, including the people of Ghana.”

Incoming Chairman of the Company, Qiang Du, stated:

“On behalf of the incoming directors and Cardinal shareholders, I would like to thank Mr Kevin Tomlinson and Mr Trevor Schultz for their hard work, leadership and contribution to Cardinal.”

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.