Cardinal Resources Ltd: Quarterly Activities and Cashflow Report, December 2019

Perth, Australia - Cardinal Resources Ltd. (ASX:CDV) (FRA:C3L) (OTCMKTS:CRDNF) (TSE:CDV) a Ghana gold focused exploration and development company, is pleased to present its Quarterly activities report for the period ended December 31, 2019.

HIGHLIGHTS

- On October 3, 2019 the Company announced that it successfully raised $17.6M through exercise of the Company's Listed Options (ASX:CDVOA). A total of 117,398,958 Listed Options were exercised, being 99.84% of the Listed Options on issue, only 188,081 Listed Options expired unexercised.

- On October 15, 2019 the Company announced its annual Ore Reserves and Mineral Resources statement.

- On October 28, 2019 the Company released its Feasibility Study confirming the Namdini Project as a tier one gold project.

- On November 28, 2019 Cardinal released its Feasibility Study NI 43-101 Technical Report.

OUTLOOK

The principal activity of the Company is gold exploration and mine development in Ghana. The Company holds tenements prospective for gold mineralisation in Ghana in two granite-greenstone belts: the Bolgatanga Project and the Namdini Gold Project ("Namdini Gold Project" or "Namdini"), which are, respectively, located within the Greenstone Belts in northeast Ghana and the Subranum Project, which is located within the Sefwi Greenstone Belt in southwest Ghana.

The main focus of activity is the Namdini Gold Project which has a gold Ore Reserve of 5.1Moz (138.6Mt @ 1.13g/t Au; 0.5g/t Au cut-off) inclusive of 0.4 Moz Proved (7.4Mt @ 1.31g/t Au; 0.5 g/t Au cut-off) and 4.7Moz Probable (131.2Mt @ 1.12 g/t Au; 0.5g/t Au cut-off).

To view the quarterly report, please visit:
https://abnnewswire.net/lnk/X6CXDUAO

About Cardinal Resources Ltd:

Cardinal Resources Ltd. (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a West African gold exploration and development Company that holds interests in tenements within Ghana, West Africa.

The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.

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

Source: Cardinal Resources Ltd.



Contact:

Archie Koimtsidis CEO / MD Cardinal Resources Ltd. P: +61-8-6558-0573 Alec Rowlands IR / Corp Dev Cardinal Resources Ltd. P: +1-647-256-1922 Andrew Rowell Cannings Purple E: arowell@canningspurple.com.au P: +61-400-466-226 Peta Baldwin Cannings Purple E: pbaldwin@canningspurple.com.au P: +61-455-081-008