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Market: ASX
52-week High/Low: A$0.77 / A$0.14
Sector: Gold Mining
Market Cap: A$147.43M
Cardinal Resources Ltd

Cardinal Resources Ltd

Cardinal Resources Ltd (ASX:CDV) a gold focussed exploration company with four tenements in Ghana, West Africa.

Cardinal Resources Ltd

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Cardinal Resources Ltd Snapshot

Cardinal Resources Limited is a focused gold exploration and development company. Its key assets are located in the mineral-rich country of Ghana, West Africa.

Cardinal owns and operates 2 drill rigs and has in country infrastructure which allows it to be a low cost exploration and development company.

Cardinal has its operational base located within close proximity to the Bolgatanga Project in North East Ghana and has its corporate office located in Perth, Western Australia.

The Board of Directors comprises Non-Executive Chairman Alec Pismiris, Managing Director Archie Koimtsidis and Executive Director Malik Easah and Non-Execitive Directors Mark Thomas and Simon Jackson.

Cardinal is the beneficial owner of 2 gold exploration assets, the Bolgatanga Project area and the Subranum Project comprising circa 734 km² of granted tenements.

The Bolgatanga Project is located in a Paleoproterozoic granite-greenstone belt in northeast Ghana close to the border with Burkina Faso. The Subranum Project is situated in the south western portion of the country, also within a Paleoproterozoic granite-greenstone belt. Gold mineralisation in Ghana and along strike in Burkina Faso is principally located within the greenstone belts. There is significant production from a number of gold mines in both regions, as well as from numerous small artisanal workings.

The Bolgatanga Project area is located within a series of highly prospective granite-greenstone belts, being the Bole-Nangodi belts. Similarly, the Subranum project is hosted within the Sefwi-Bibiani granite-greenstone belt. The belts are a NE extension to the Paleoproterozoic aged Birimian basins that formed during the collision between the West African and Guyana Archean Shields.

Figure 1: Location of the Bolgatanga and Subranum Projects


Ghana has a low sovereign risk rating and has enjoyed over 20 years of continuous democratic rule. It is one of the most developed and affluent countries in Africa, with a well-developed Mining Code, infrastructure and a population with the technical skills to support modern mining projects.

Political stability in Ghana has made the country one of the most attractive new mining investment areas in Africa. After South Africa, Ghana is Africa's second-largest gold producer. Large industry players such as Newmont Mining Corporation, AngloGold Ashanti and Kinross, have been joined by smaller companies including Randgold Resources, Keegan Resources, , Golden Star Resources, PMI Gold Corp, Perseus Mining, Azumah Resources and African Gold Group, as well as individual and local artisanal miners.

Many industry participants see potential for the discovery of further significant deposits in Ghana as large parts of the country, particularly in the NE region, remain relatively under-explored.

The Bolgatanga Project is situated within the Upper East Region of Ghana near the town of Bolgatanga. The project area covers circa 660km2 of Paleo-Proterozoic greenstone belts in the Upper East Region of Ghana.

The Project consists of the Namdini Mining License, Kungongo and Bongo Reconnaissance Licences and the Ndongo Prospecting Licence. The Kungongo and Bongo tenements cover part of the NE extensions of the Bole-Bolgatanga Fault whilst the Namdini and Ndongo tenements straddle the Nangodi Greenstone Belt (Figure 1).

Figure 1: Location and geology of the Bolgatanga Project

(click here for more information on BOLGATANGA: Ghana)


The Subranum tenement is situated in the southern portion of Ghana, approximately 45km northwest of the township of Kumasi, and 240 km northwest of the capital city Accra, in the Sabranomu district.

Cardinal Resources Subranum Limited ("Cardinal Subranum") a Ghanaian registered Company and a wholly owned subsidiary of Cardinal, has entered into a Sale and Purchase agreement with Newmont Ghana Gold Limited (a subsidiary of Newmont Mining Corporation) for the purchase of Subin Kasu Prospecting Licence (the "Subranum Project").

Subject to the approval of the sale by the relevant Minister for the Ghanaian Minning Act, Cardinal Subranum will acquire 100% of the Subin Kasu Prospecting Licence and pay to Newmont Ghana Gold Limited US$50,000 on or before 10 days after the approval date, US$50,000 on the first anniversary of the approval date and a final $100,000 on the second anniversary date. In addition Cardinal Subranum will be required to spend US$250,000 on exploration within the first year from approval and a further US$750,000 in the second year.

Location and geology of the Subranum Project

Cardinal Subranum will be required to pay Newmont Ghana Gold Limited US$50,000 per annum from the date which Cardinal Subranum reports a "gold resource estimate" of 1 Moz of Gold. Subject to the grant of a Mining Lease under the Ghanaian Mining Act, Cardinal Subranum will be required to pay Newmont Ghana Gold Limited a 2% Net Smelter Royalty.

The single tenement in the Subranum Project covers an area of 68.7 km2 and is situated in the Sefwi-Bibiani greenstone belt in South-western Ghana, and is proximal to the currently producing Bibiani and Chirano mines. Bibiani has produced over 3.8 million oz Au since its discovery in 1902, from a mixture of open pit and underground mining methods. Current owner Noble Mineral Resources Pty Ltd recently completed its first gold pour in March 2012 from a re-furbished 2.7 Mtpa mill.

The Chirano gold mine operated by Kinross Mining Corporation, proximal to the Bibiani mine, produced in excess of 260,000 oz (equivalent) Au in 2011.

Despite the existence of these large discoveries and the extensive history of gold production in the area, the remainder of the Sefwi-Bibiani greenstone belt remains comparatively under-developed. Similar to the Bolgatanga Project, exploration of the Subranum Project will be targetting structurally controlled greenstone belt deposits, comprising fault and shear hosted veins contained within intermediate volcaniclastic rocks and felsic intrusives.

Last updated 9th October 2015.

Alec Christopher Pismiris
Non-Executive Chairman

Mr Pismiris is currently a director of Capital Investment Partners, a company which provides corporate advisory services. Since 1990 Mr Pismiris has served as a director and company secretary for various ASX listed companies as well as a number of unlisted public and private companies.

Mr Pismiris completed a Bachelor of Commerce degree at the University of Western Australia, a member of the Australian Instititute of Company Directors and is an associate of The Institute of Chartered Secretaries and Administrators. Mr Pismiris has over 25 years' experience in the securities, finance and mining industries. Mr Pismiris has participated numerous times in the process by which boards have assessed the acquisition and financing of a diverse range of assets and has participated in and become familiar with the range of evaluation creteria used and the due diligence processes commonly adopted in the commercial assessment of corporate opportunities.

Mr Pismiris is currently also a director of the following ASX listed companies. Mount Magnet South NL and Papillon Resources Limited.

Archie Koimtsidis
Managing Director

Mr Archie Koimtsidis has for the last 20 years been involved in all facets of gold exploration, discovery, production and refining in West Africa and South America.

His most recent appointment prior to joining Cardinal was as the Deputy Country Manager of Ghana for PMI Gold Limited a joint TSXV and ASX listed company. During this time he was responsible for all field operational matters including coordination of exploration, drilling programs and human resource management relating to that Company’s projects in Ghana.

Mr Koimtsidis has been instrumental in acquiring the Ghanaian projects on behalf of Cardinal and has a unique knowledge and understanding of geopolitical and operational matters relating to resource projects in West Africa.

Malik Easah
Executive Director

Mr Malik Easah is the principal of a successful alluvial mining operation in the North West Adansi Gold Obotan concession and is currently developing additional payable gold permits within the Ashanti and Nangodi Gold belts of Ghana.

Malik specializes in the manufacture of alluvial gold wash plants and recovery equipment and is regarded as an authority in the development of alluvial mining operations in Ghana.

Malik is a resident in Ghana.

Mark Thomas
Non-Executive Director
BSc (Hons)

Mark Thomas has over 28 years’ experience in exploration and mining geology, geostatistics and mining finance.

In 1994 Mr Thomas joined Macquarie Bank Limited in the Metals and Energy Capital Division undertaking a broad range of equity and debt finance transactions in the mining sector.

Mr Thomas was an Executive Director of Macquarie Bank for 11 years until his retirement in late 2014. He has extensive equity investment and banking experience with gold projects in West Africa, including undertaking transactions for several of the significant gold mining projects developed in Ghana over the past two decades.

Mr Thomas is a graduate from the University of Wales with a Bachelor of Science (Hons) in Geology.

Mr Thomas resides in Perth, Western Australia.

Simon Jackson
Non-Executive Director

Simon Jackson is a Chartered Accountant with over 25 years gold industry experience in Australia and Africa.

Mr Jackson was the Vice President Corporate Development and formerly the Chief Financial Officer for Red Back Mining Inc prior to its takeover by Kinross Gold Corporation in September 2010. He was an integral part of the senior management team that saw Red Back's market capitalisation grow from C$40 million in 2004 upon listing on TSX to over C$9 billion on takeover. While at Red Back, he oversaw the financing, development and construction of the company's mines in Ghana and Mauritania which today produce over 300,000 ounces of gold per year.

Mr Jackson is currently Non-Executive Director of Sarama Resources Ltd (TSXV: SWA) and Director of Orca Gold Inc. (TSXV: ORD). He holds a Bachelor of Commerce degree from the University of Western Australia and is a Fellow of the Institute of Chartered Accountants in Australia, initially spending 8 years with KPMG.

Mr Jackson resides in Perth, Western Australia.

Last updated 9th October 2015.

Mr Alec Pismiris B.Com. ICSA
Mr Archie Koimtsidis (MBA)
Mr Malik Easah
Mr Mark Thomas BSc (Hons)
Mr Simon Jackson B.Com, FCA

Sarah Shipway BCom, CA


Computershare Investor Services Pty Limited
Level 2, Reserve Bank Building
45 St Georges Terrace
Perth WA 6000

Telephone: 1300 787 272

Level 1, 115 Cambridge Street
West Leederville WA 6007

Telephone: (08) 9322 6600
Facsimile: (08) 9322 6610


Durugu Residential Area

PO Box 350
Bolgatanga, Ghana

Telephone: + 233 (0)3820 21838
Facsimile: + 233 (0)261 90 52 20

Email:[email protected]

Cardinal Resources Ltd Timeline



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