Thomas has over 45 years’ experience in the mining industry, serving as senior vice president at Kinross Gold Corporation (TSX:K) until July 2012 and as global managing director and board director at Hatch Ltd for six years.
Cardinal managing director & CEO Archie Koimtsidis said the company was pleased to have Thomas join the Cardinal board.
“His many years of expertise in project development will be of significant value to Cardinal and its stakeholders as the company moves the Namdini Gold Project towards the next level, its definitive feasibility study which is anticipated [in] quarter three 2019.
“The board, management and study managers would like to sincerely thank Jacque McMullan for his invaluable technical contribution to the completion of the Namdini Gold Project PFS.
“We all appreciate Jacques’ offer to provide advice as an independent consultant and wish him the best in his future endeavours.”
Thomas has a doctorate in technical sciences (project implementation) from Delft University of Technology and in 2001 he was awarded the Selwyn G Blaylock Medal by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) for advancements in mining internationally.
Cardinal recently completed the pre-feasibility study (PFS) for Namdini, demonstrating the project contains 4.76 million gold ounces from a maiden probable ore reserve estimate of 129.6 million tonnes at 1.14 g/t gold.
The PFS used a US$1,105 per ounce gold price to provide a life-of-mine optimised pit converting 73% of the 6.5 million ounces of indicated mineral resource to probable reserves.
A 38% post-tax internal rate of return (IRR) was generated through a US$1,250 gold price financial model.
All-in sustaining costs of US$599 per ounce were determined for the first 2.5 years, inclusive of a 1.8-year payback period.
The capital development cost for the 9.5 million tonne per annum throughput plant is US$414 million, down from US$426 million.
Cardinal is focused on advancing its feasibility for Namdini and is supporting its work with additional multi-disciplinary engineering activities.
Exploration programs are also underway at the company’s Bolgatanga and Subranum projects, in northern and southern Ghana, respectively.