Cardinal Directors Accept Shandong Gold Takeover Offer

TORONTO, Sept. 15, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “Company”) advises that in accordance with their publicly stated acceptance intention, the Cardinal Directors who collectively hold approximately 6.07% of Cardinal’s ordinary shares (Cardinal Shares) have each instructed their broker / controlling participant to initiate acceptance of the off-market takeover offer by Shandong Gold Mining (HongKong) Co., Ltd (“Shandong Gold Offer”) in respect of all of the Cardinal Shares they own or control. 
The Shandong Gold Offer remains subject to a number of standard market conditions for a transaction of this nature (including primarily, 50.1% minimum acceptance by Cardinal Shareholders) as set out in the in the Bidder’s Statement.  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 (as supplemented).About CardinalCardinal 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 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:
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