Name of the Project
Namdini gold project.

Location
North-east Ghana.

Client
Cardinal Resources.

Project Description
A prefeasibility study (PFS) has confirmed Namdini as one of Ghana’s and Africa’s most promising, undeveloped, large gold assets.

The project has probable ore reserves of 129.6-million tonnes grading 1.14 g/t and indicated mineral resources of 180-million tonnes grading 1.1 g/t gold.

The financial modelling shows the project to be technically robust and financially viable using a 9.5-million-tonne a year throughput model.

The PFS envisages a starter pit that will operate for 2.5 years and produce 361 000 oz/y at a head grade of 1.31 g/t gold.

The project will have a total mine life, including ramp-up and closure of 14 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $927-million based on a 9.5-million-tonne-a-year operation, the internal rate of return is estimated at 49% and a payback of 1.8 years is forecast.

Value
The project will cost about $414-million to implement.

Duration
Not stated.

Latest Developments
The PFS has given Cardinal a compelling business case to progress into the definitive feasibility study phase. The study is fully funded and is expected to be completed in the third quarter of 2019.

Key Contracts and Suppliers
Golder Associates (openpit mine engineering services); Lycopodium (process plant and associated infrastructure, capital and operating cost estimation and input into the National Instrument 43-101 reports); Orway Minerals Consultants (comminution data analysis and crushing and grinding circuit option study); ALS Laboratory (Metallurgical testwork to support the process design and criteria); Knight Piésold Consulting (tailings storage facility and associated infrastructure design); IMO (metallurgical testwork analysis and process flowsheet development); MPR Geological Consultants (mineral resource modelling of the Namdini deposit); Orefind (geology and deposit structural genesis); Intermine Engineering Consults (mine schedule optimisation); Nemas Consulting (environmental-impact assessment study); and BDO (financial model reviewer).

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Cardin Resources (Ghana), tel + 233 382 021838 or email nfo@cardinalresources.com.au.