Cardinal Resources (ASX:CDV) - CEO, Archie Koimtsidis
CEO, Archie Koimtsidis
Sourced: 121 Mining
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  • West African gold explorer Cardinal Resources’ (CDV) Namdini Gold Project has received a development greenlight from the Ghana Government
  • The approval comes after the Ghanaian Environmental Protection Agency (EPA) approved Cardinal’s Environmental Impact Statement (EIS)
  • This means Cardinal now has a permit to start developing Namdini
  • While it looks to begin development, the company says there have been no confirmed cases of COVID-19 at any of its sites or offices
  • However, like many other miners, it does have a response in place to ensure the protection of all staff and contractors
  • Cardinal Resources is up 8.45 per cent on the market this morning and is currently selling shares for 38.5 cents each

West African gold explorer Cardinal Resources’ (CDV) Namdini Gold Project has received a development greenlight from the Ghana Government.

The approval comes after the Ghanaian Environmental Protection Agency (EPA) has approved its Environmental Impact Statement (EIS), which means Cardinal now has a permit to start developing Namdini.

In a feasibility study, published to market last October, Cardinal valued the project outcomes at Namdini at US$1350 per ounce. However, the explorer also showed a gold price sensitivities from US$1150 per ounce and up to US$1550 per ounce.

Namdini Project Feasibility Study Outcomes. Sourced from Cardinal.

COVID-19

While it looks to begin development, Cardinal says there have been no confirmed cases of COVID-19 at any of its sites or offices. However, the company does have a response in place to ensure the protection of all staff and contractors.

“The safety of our people, their families and the communities in which we operate are, and will always be Cardinal’s first priority. The challenges of COVID‐19 are constantly changing and we remain flexible and united in our responses to maintain staff safety,” the company said.

All international travel into Ghana remains suspended, while on the ground, workers have been reduced to essential staff only.

Although fieldwork has been scaled back, Cardinal says it has been actively working on adding value to Namdini.

Cardinal Resources is up 8.45 per cent on the market this morning and is currently selling shares for 38.5 cents each at 11:23 am AEST.

CDV by the numbers
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