The Namdini Mining Licence is located in the Bolgatanga region, 6 km south east of the operating Shaanxi underground Gold Mine and 12 km from Cardinal’s Ndongo East Prospect. Extensive mining activities occur all around the Namdini licence attesting to the gold bearing potential of this whole area.
Figure 1: Namdini Project Proximity Map
Cardinal currently holds its interest in the Namdini Project through an agreement dated July 23, 2014 between Savannah Mining Ghana Limited (Savannah) and Cardinal Mining Services Limited (CMS), a wholly-owned subsidiary of Cardinal, and agreements with the holders of small scale mining licences within the area comprising the Namdini Project. CMS and Savannah agreed that CMS would have an exclusive right of first refusal to provide technical and financial support towards the development of the mining rights now comprising the Namdini Project, in exchange for which CMS would be entitled to “the entire gross mineral values” won from any mining licence in respect of which CMS provided support.
The Minister responsible for Lands and Natural Resources (the Minister) signed a mining lease for Savannah (the Namdini Lease) on October 12, 2016 over an area of approximately 19.54 km² in the Dakoto area of the Talensi District Assembly in the Upper East Region of Ghana (see map below). The Namdini Lease is for an initial period of fifteen years ending October 11, 2031. An application can also be submitted for an extension of the Namdini Lease if required. The Namdini Lease is currently being processed by the Ghana Government, and Cardinal believes that the final registration of the Namdini Lease by the Ghana Government will be completed during the course of 2017.
Upon final registration, approval and effectiveness of the Namdini Lease, Cardinal intends to direct Savannah to assign the Namdini Lease to Cardinal Mining Namdini Limited, a wholly-owned subsidiary of Cardinal. Under the Minerals and Mining Act 2006 (Act 703), the indirect transfer of ownership of a mining lease is subject to the non-objection of the Minister and direct assignment of a mining lease requires the consent of the Minister. Cardinal does not anticipate that any objection will be made by the Minister to the transfer of the Namdini Lease from Savannah to Cardinal Mining Namdini Limited.
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