West Africa gold development company acquired by Shandong Gold Mining
Cardinal Resources (TSX:CDV) said today it has been acquired by Shandong Gold Mining.
Cardinal is a West African gold‐focused exploration and development company that holds interests in tenements within Ghana, West Africa.
Cardinal said that Shandong Gold has received aggregate acceptances in respect of its unconditional off-market takeover offer for Cardinal (Shandong Gold Offer) in excess of 50% of all Cardinal Shares.
Shandong is one of China's top gold miners. Earlier this week, Shandong's attempted takeover of TMAC Resources in Canada was rejected.
Cardinal is focused on the development of the Namdini gold project. A feasibility study showed a gold Ore Reserve of 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut-off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut-off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut-off).