Commonwealth Bank Becomes Substantial Holder
Perth, May 22, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) (CRDNF:OTCMKTS) ("Cardinal" or the "Company") is pleased to announce that Commonwealth Bank of Australia (ASX:CBA) ("CBA") and its related bodies, which includes Colonial First State, has become a substantial shareholder of Cardinal through on-market purchases.
CBA became a substantial shareholder of Cardinal on 18 May 2017 with an ordinary shareholding of 5.01%.
Archie Koimtsidis, MD/CEO of Cardinal, said:
"We welcome CBA and their team at Colonial First State as a substantial shareholder of the Company. Their investment confirms the tremendous potential of our Ghanaian Projects."
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.
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