PERTH (miningweekly.com) – Dual listed Cardinal resources has increased the mining license area of its Namindi gold project, in Ghana, more than three fold.
The ASX- and TSX-listed company on Thursday reported that the mining license for Namindi had increased from an area of 19 km2 to 63 km2, with the license stretching over a 15-year term.
“It is most pleasing to have the Minister for Lands and Natural Resources and the Minerals Commission of Ghana support our mining license area expansion,” said Cardinal CEO and MD Archi Koimtsidis.
“The expansion aligns with the company’s plan to not only significantly optimise the location of key infrastructure such as tailings storage facilities, stockpiles and waste dumps, but also to further explore financial benefits during the front-end engineering and design of the Namindi project.”
He added that the enlarged project area also allowed Cardinal to expand its exploration activities immediately south of Namindi.
An October feasibility study into the Namindi project estimated that it would produce some 4.2-million ounces of gold over a mine life of 15 years, with an estimated 1.1-million ounces expected over the first three years of the operation. Namindi is expected to cost $390-million to develop.