Cardinal Resources Ltd (ASX:CDV) has updated its feasibility study and project finance activities at its Namdini Gold Project in Ghana with expected delivery this quarter, one quarter ahead of schedule.
There has been strong interest received from a range of potential financiers, providing the company with confidence that it will be capable of securing the required project funding package on favourable terms.
Cardinal managing director and CEO Archie Koimtsidis said: “The entire feasibility study team has been performing an exceptional job of bringing together the feasibility study for Cardinal’s Namdini Gold Project well ahead of its original planned completion of quarter-three calendar year 2019.
“Finalisation of the feasibility study within this quarter will be a significant step forward for the company as it continues to substantiate the significant value inherent in the Namdini Gold Project for investors.
“The pre-feasibility study has already demonstrated the robust nature of our Namdini Gold Project and provides a strong body of work which has been leveraged off for the feasibility study.
“The feasibility study will factor an optimisation study that has recently been undertaken on the Namdini Gold Ore Reserve to ensure the optimal stage 1 pit design to accelerate capital payback and maximise returns for shareholders.”