• June 5, 2019

Positive Metallurgical Update on Cardinal Resources Namdini Project

Published on June 5th, 2019

Cardinal Resources Limited (ASX/TSX: CDV) is pleased to announce a positive development with respect to its metallurgical optimisation testwork activities on the Namdini Project. As a result of positive leach results, which are expected to enhance the project economics, further laboratory testwork has been initiated.

  • Positive leach recovery results reported from Aachen TM pilot scale testwork
  • AachenTM is a relatively simple, proven process being used by a number of successful gold producers globally and specifically in Africa. These operations have consistently demonstrated an uplift in gold recoveries with AachenTM.
  • AachenTM results on Namdini flotation concentrate indicates the following potential improvements:

o increased gold recovery (Table 1)

o coarser regrind size compared with the current flowsheet

    • reduced power consumption (ie lower installed power requirements and Opex)
  • o improved mass transfer of oxygen and reactivity of reagents
    • reduced reagent consumption leading to reduce operating costs

o expected reduction of both Capex and in particular, Opex

  • Cardinal has already tested 4,447 kg (>4 tonnes) comprising 7 pilot scale composites from 47 drill holes (Table 2) across the entire deposit. Cardinal is finalizing the testwork programme with a further 2,310 kg (>2 tonnes) of samples from an additional 24 drill holes
  • Final AachenTM testwork is in progress to further support the results received to date for potential inclusion into the Namdini Feasibility Study

This release has been independently reviewed by CSA Global (Perth) for JORC Code Compliance.

CSA Global have not verified the results presented.

Competent / Qualified Person Statement

All production targets for the Namdini Gold Mine referred to in this report are underpinned by estimated Mineral Resources and Ore Reserves which were prepared by competent persons and qualified persons in accordance with the requirements of the JORC Code and National Instrument 43‐101‐ Standards of Disclosure for Mineral Projects (“NI43‐101”), respectively (ASX/TSX press release dated 3 April 2019).

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