The Subranum tenement is situated in the southern portion of Ghana, approximately 45km northwest of the township of Kumasi, and 240 km northwest of the capital city Accra, in the Sabranomu district.
Cardinal Resources Subranum Limited (Cardinal Subranum) is the beneficial and title holder of Subin-Kasu Prospecting Licence, which comprises the Subranum Project.
The Subin-Kasu Prospecting Licence was originally granted to Newmont Ghana Gold Limited. On April 6, 2012, Newmont Ghana Gold Limited entered into a purchase and sale agreement (the Purchase and Sale Agreement) with Cardinal Subranum and assigned the Subin-Kasu Prospecting Licence to Cardinal Subranum, in consideration for certain cash payments and Cardinal’s agreement to incur certain exploration expenses.
Under the Purchase and Sale Agreement, Cardinal Subranum agreed to pay a two percent net smelter returns royalty on all minerals mined, removed and sold in respect of the Subin-Kasu Prospecting Licence.
On November 24, 2015, the Minister responsible for Lands and Natural Resources (the Minister) approved the Purchase and Sale Agreement and Cardinal Subranum became the title holder of Subin-Kasu Prospecting Licence until September 15, 2016. On November 18, 2016, the Minerals Commission wrote to Cardinal Subranum requesting it to make payment for the extension of the Subin-Kasu Prospecting Licence for a period of 12 months. Cardinal Subranum made the payment for the extension of the Subin-Kasu Prospecting Licence on December 14, 2016. On February 27, 2017, the Minerals Commission confirmed that Cardinal Resources Ghana Limited is the holder and owner of the Subin-Kasu Prospecting Licence.
The Subin-Kasu Prospecting Licence covers a total land size of 68.70 km² located in the Offinso and Ahafo-Ano South District of the Ashanti Region in the Republic of Ghana, expires on September 15, 2017, and is eligible for renewal.
Please do not hesitate to contact Cardinal Resources Limited using the form below.
We will respond promptly to your enquiry and look forward to being of service to you.