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Cardinal Trustees Accept Shandong Gold Tender Offer Toronto Stock Exchange: CDV.TO



TORONTO, September 15, 2020 (GLOBE NEWSWIRE) – Cardinal Resources Limited (ASX / TSX: CDV) (Cardinal or Company) informs that, in accordance with their publicly declared intention of acceptance, the Cardinal Directors who collectively hold approximately 6.07% of the Cardinals common stock (Cardinal actions) each instructed their broker / controlling participant to initiate acceptance of the off-market buyout offer by Shandong Gold Mining (HongKong) Co., Ltd (Shandong Gold Offer) in respect of all Cardinal Shares which they own or control.

The Shandong Gold Offer remains subject to a number of standard market conditions for a transaction of this nature (primarily including a minimum acceptance of 50.1% by Cardinal Shareholders) as set out in the Bidders’ Declaration. For more information on the Shandong Gold Offer, please refer to Cardinals Statement of Objectives and Shandong Gold Bidders Statement dated August 11, 2020 (as completed).

About Cardinal

Cardinal Resources Limited (ASX / TSX: CDV) is a West African focused gold exploration and development company with interests in real estate in Ghana, West Africa.

The company is focused on the development of the Namdini gold project and released its feasibility study on October 28, 2019. The Namdini project released a gold ore reserve of 5.1 Moz (138.6 Mt at 1.13 g / t Au; threshold of 0.5 g / t), including 0.4 Moz proven (7.4 Mt at 1.31 g / t Au; threshold of 0.5 g / t) and 4.7 Moz Likely (131.2 Mt at 1.12 g / t Au; threshold of 0.5 g / t).

The Company announced the completion of the Feasibility Study (FS), which was published on October 28, 2019. The technical report on MSDS, prepared in accordance with Regulation 43101 of the Canadian Securities Administrators, has been published on SEDAR at on November 28, 2019.

Cardinal confirms that it is not aware of any new information or data significantly affecting the information included in its announcement of the ore reserve of October 15, 2019 and included in the feasibility completed by the company on October 28, 2019. All assumptions and Important technical parameters underlying this estimate continue to apply and have not changed materially.

This press release has been authorized by the Board of Directors of Cardinal.

For more information, contact:

Sarah ShipwayAlec rowlands
Company SecretaryIR / Corp Dev
Cardinal Resources Limited (Australia)Cardinal Resources Limited (Canada)
Phone: +61 8 6558 0573Phone: +1 647 256 1922
Cannings Purple (Investor Relations, Australia)
Warrick Hazeldine
E: [email protected]

Competent / Qualified Person Declaration

The scientific and technical information contained in this announcement regarding the exploration results, mineral resources and ore reserves of the Namdini Gold Project has been reviewed and approved by Mr. Richard Bray, a Chartered Professional Geologist of the Australian Institute of Geoscientists and Mr. Ekow Taylor, Chartered Professional Geologist at the Australasian Institute of Mining and Metallurgy. Mr. Bray and Mr. Taylor have over five years of experience relevant to the styles of mineralization and type of deposits considered and the activity that is undertaken to qualify as a Competent Person as defined in the edition. 2012 of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person for the purposes of NI43101. Mr. Bray and Mr. Taylor are full-time employees of Cardinal and hold equity securities of the Company.

For more information on the Namdini project, please consult the feasibility study (FS) of the Namdini Gold Project, titled “Namdini Gold Project Feasibility Study 43-101 Report” by David Gordon, FAusIMM, Daryl Evans, FAusIMM, Nicolas Johnson , MAIG MPRm and Glenn Turnbull, FIMMM, MAusIMM, which was published on October 28, 2019. The technical report on the feasibility study, in accordance with National Instrument 43-101 of the Canadian Securities Administrators, was published on SEDAR at www on November 28, 2019.

Cardinal confirms that it is not aware of any new information or data significantly affecting the information included in its announcement of the ore reserve of April 3, 2019. All the important assumptions and technical parameters underlying this estimate continue to apply. apply and have not changed significantly.

This ASX / TSX press release was prepared by Cardinal Resources Limited (ABN: 56 147 325 620) (Cardinal or the Company). Neither the ASX nor the TSX nor their regulatory service providers accept responsibility for the adequacy or accuracy of this press release.

This press release contains summary information about Cardinal, its subsidiaries and their activities, which is current as of the date of this press release. The information contained in this press release is of a general nature and does not purport to be complete or contain all of the information that a potential investor may need in order to evaluate a possible investment in Cardinal.

By its nature, mineral exploration is a high risk activity and may not be suitable for some investors. Cardinals titles are speculative. Potential investors should consult their broker or financial advisor. There are a number of risks, both specific to Cardinal and of a general nature, which may affect Cardinal’s future operational and financial performance and the value of an investment in Cardinal, including, but not limited to, economic conditions, stock market fluctuations, movements in the price of gold. , regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and dependence on key personnel and currency fluctuations.

With the exception of legal liability which cannot be excluded and subject to applicable law, each of the officers, employees and advisers of Cardinals expressly disclaims all responsibility for the accuracy or completeness of the information contained in this press release. and excludes all liability of any kind (including negligence) for any loss or damage which may be suffered by any person as a result of any information contained in this advertisement or any errors or omissions here. Except as required by applicable law, the Company has no obligation to update any person regarding any inaccuracies, omissions or changes in the information contained in this press release or any other information made available to any person. nor any obligation to provide the person with additional information. . The recipients of this press release should make their own independent assessment and determination of the prospects of the Company, its activities, its assets and liabilities and the matters dealt with in this press release.

Forward-looking statements

Certain statements contained in this press release, including information about the future financial or operational performance of Cardinal and its projects may also include statements which are forward-looking statements which may include, among others, statements regarding the objectives, planned schedule of the feasibility study (FS) on the Namdini project, estimates and assumptions regarding mineral resources and anticipated grades and upgrading rates, production and prices, upgrading costs and results, capital expenditures and are or may be based on assumptions and estimates relating to future technical, economic, market, political, social and other aspects. These forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by Cardinal, are inherently subject to significant technical, commercial, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from the estimated or anticipated events or results reflected in these forward-looking statements.

Cardinal disclaims any intention or obligation to publicly update or publish any revision of any forward-looking statement, whether as a result of new information, future events, circumstances or results or otherwise after today’s date. hui or to reflect the occurrence of unforeseen events, other than those required by the Corporations Act and the listing rules of ASX and TSX. The words believe, expect, anticipate, indicate, consider, target, plan, intend, continue, budget, estimate, be able, want, plan, and similar expressions identify forward-looking statements.

All forward-looking statements made in this press release are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, therefore, investors are cautioned not to place undue reliance on forward-looking statements because of the inherent uncertainty therein.

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