Shandong Gold satisfies FIRB Condition

TORONTO, Aug. 19, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “Company”) is pleased to advise that Shandong Gold Mining (HongKong) Co., Limited (“Shandong Gold”) has today given notice to Cardinal that the Foreign Investment Review Board (”FIRB”) approval condition of its off-market takeover offer to acquire all of the Shares in Cardinal it does not presently own at a cash price of A$0.70 per Share (“Offer”), has been fulfilled.

Satisfaction of the FIRB approval condition means that the Shandong Gold Offer has become free of that condition.

The Shandong Gold Offer remains subject to the other conditions contained in the Bidder’s Statement, including:

50.1% minimum acceptance by Cardinal Shareholders;

No material adverse change in relation to Cardinal; and

Other conditions customary for a transaction of this nature.

For further information in relation to the Shandong Gold Offer, please refer to Cardinal’s Target’s Statement and Shandong Gold’s Bidder’s Statement dated 11 August 2020.

Recommended Shandong Gold Takeover Bid

Cardinal’s Board of Directors (in consultation with the Special Committee, its financial and legal advisors), continue to unanimously recommend that Cardinal shareholders:

ACCEPT the Shandong Gold takeover offer (in the absence of a superior proposal); and

REJECT the Nordgold Bid.

About Cardinal

Cardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused exploration and development Company that holds interests in tenements within Ghana, West Africa.

The Company is focused on the development of the Namdini Gold Project and released its Feasibility Study on 28 October 2019. The Namdini Project has a published gold Ore Reserve of 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut‐off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut‐off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut‐off).

The Company announced completion of the Feasibility Study (FS), which was released 28 October 2019. The technical report on the FS, prepared in accordance with NI 43‐101 of the Canadian Securities Administrators, was issued on SEDAR at www.sedar.com on 28 November 2019.

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 15 October 2019 and included in the Company’s completed Feasibility dated 28 October 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.

This release has been authorised by the Board of Directors of Cardinal.

For further information contact:

Competent / Qualified Person Statement