Cardinal Resources Limited (ASX / TSX: CDV) (“Cardinal” or “the Company”)  is pleased to announce the results of its Preliminary Feasibility Study (“PFS”) for the Namdini Gold Project (“Namdini”) in Ghana, West Africa.


  • 76 million ounces from 129.6 Mt @ 1.14 g/t Au at 0.5 g/t cut-off Maiden Probable Ore Reserve estimate
  • US$ 1,105/oz gold price used to provide a Life of Mine (LOM) optimised pit converting 73% of the 6.5Moz Indicated Mineral Resource to Probable Ore Reserves
  • US$ 1,250 gold price financial model generated a 38% Post-Tax Internal Rate of Return (IRR)
  • US$ 599/oz all-in sustaining costs (AISC) for the first 2.5 years inclusive of 8-year payback period
  • US$ 414M (down from US$ 426M) Capital development cost for the 9.5 Mtpa throughput plant
  • 06 Moz at 1.31 g/t Au and strip ratio of 0.5 to 1 (waste to ore) for first 2.5 years of production (Starter Pit)
  • 86% Metallurgical recovery for Starter Pit and 84% for LOM with ongoing optimisation testwork

Comments from Archie Koimtsidis, Managing Director and Chief Executive Officer:

“We now have a compelling Business Case to move into the Definitive Feasibility Study (DFS) phase for the 9.5 Mtpa throughput processing facility based upon the optimum Return On Capital Employed (ROCE). The Feasibility Study (FS) is fully funded and will form the basis for the development of our Namdini Project in Ghana with completion anticipated in Q3 2019.

The PFS study confirms the Namdini Project as one of Ghana’s and Africa’s most promising undeveloped, large gold assets. The financial modelling of the project shows it to be technically sound and financially viable and could generate US$ 1.4 billion free cash flow (pre-tax) utilising the 9.5 Mtpa throughput model.”


The Namdini Gold Project PFS is based upon the following key input parameters:

  • The revised Mineral Resource model referred to in the press release by Cardinal Resources Limited to the ASX, dated March 5, 2018 titled ‘Cardinal Upgrades Indicated Mineral Resource to 6.5 Moz’ (Cardinal, 2018), compiled by MPR Geological Consultants.
  • A Probable Ore Reserve and detailed monthly mining and processing schedules, derived entirely from the Ore Reserve, produced by Golder Associates Pty Ltd (“Golder”) after the application of mining parameters, ore cartage costs based on in-country contractor miner supplier inputs, processing inputs and geotechnical pit design considerations.
  • Geotechnical inputs and parameters for staged pit designs from Golder (Perth).
  • Process engineering design, capital and operating costs by Lycopodium Limited (Perth).
  • Metallurgical recovery inputs based on test work by ALS Global (Perth) and interpreted by Independent Metallurgical Operations (IMO, Perth).
  • Waste, residue and water storage design and earthworks by Knight Piésold Consulting (Perth).
  • Other cost inputs e.g. power, administration and accommodation by owner’s team and consultants’ inputs.
  • Financial model compiled by owners’ team and verified by independent accounting companies.


The term ‘Ore Reserve’ is synonymous with the term ‘Mineral Reserve’ as used by Canadian National Instrument 43-101 ‘Standards of Disclosure for Mineral Projects’ (NI 43-101, 2014) and conforms with CIM (2014).  The JORC Code (2012) is defined as an ‘acceptable foreign code’ under NI 43-101.

The PFS referred to in this announcement is based upon a Probable Ore Reserve derived from Indicated Mineral Resources.  No Inferred Mineral Resources have been included in the estimation of Ore Reserves.  The Company advises that the Probable Ore Reserve provides 100% of the total tonnage and 100% of the total gold metal underpinning the forecast production target and financial projections.  No Inferred Mineral Resource material is included in the Life of Mine plan

Unless otherwise stated, all cash flows are in US dollars and are not subject to inflation/escalation factors and all years are calendar years.  The PFS has been prepared to an overall capital expenditure (CAPEX) level of accuracy of approximately ‐30% to +20%.  This announcement has been prepared in compliance with the JORC Code (2012) and the current ASX Listing Rules and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (CIM 2014).

The Company has concluded that it has a reasonable basis for providing forward looking statements included in this announcement.  The detailed reasons for this conclusion are outlined throughout this announcement and in Forward Looking and Cautionary Statements.


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

The Company is focused on the development of the Namdini Project through a resource expansion drilling programme and is now advancing the feasibility study supported by additional multi-disciplinary engineering activities.

Exploration programmes are also underway at the Company’s Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.

  • A technical report containing the PFS and prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101) of the Canadian Securities Administrators will be available on SEDAR at within 45 days.

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Firmenkontakt und Herausgeber der Meldung:

Swiss Resource Capital AG
Poststrasse 1
CH9100 Herisau
Telefon: +41 (71) 354-8501
Telefax: +41 (71) 560-4271

Jochen Staiger
Telefon: +41 (71) 3548501
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