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Cardinal Resources strengthens board with Kenneth Thomas appointment

Thomas will bring specialist expertise in project development to Cardinal’s board as the company moves its Namdini Gold Project towards the definitive feasibility stage.

Thomas replaces outgoing non-executive director Jacques McMullan

Cardinal Resources Ltd (ASX:CDV) has appointed Kenneth G Thomas to its board as non-executive director as the company develops its Namdini Gold Project in Ghana.

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.

READ: Cardinal Resources completes PFS for Namdini Gold Project in Ghana

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.”


READ: Cardinal Resources eyes further upside to 6.5 million ounces of gold resource in Ghana

Between 1987 and 2001 Thomas worked in progressively senior roles at Barrick Gold Corporation (TSX:ABX) to senior vice president, technical services.

Prior to Barrick, Thomas worked for 10 years in Zambia and South Africa for Anglo American plc (LON:AAL)

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.

He is also a fellow and past president of CIM and an experienced public company director, including his current appointment as a director of Continental Gold Ltd (TSX:CNL).

READ: Cardinal Resources drilling continues to extend Ndongo East gold discovery in Ghana

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.

Quick facts: Cardinal Resources Ltd

Price: 0.37 AUD

Market: ASX
Market Cap: $182.79 m

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