Pictured: Cardinal Managing Director Archie Koimtsidis
Another key milestone has been ticked off by Cardinal Resources Ltd at the Namdini gold project, Ghana.
The company was granted an EPA permit by the Ghanaian Environmental Protection Agency.
It is another important step for Cardinal as it looks towards development of the 5.1 moz gold project in the country’s north.
EPA approval comes during a time the company continues to work with the Special Purpose Committee to review all strategic alternatives after Nord Gold approached Cardinal in March to potentially participate in Namdini.
Based on $US1,550/oz gold prices assumptions, a pre-tax NPV of $US1.44 billion was estimated at Namdini. This morning gold was $US1,700/oz.