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Mine Life Research Report 6th July 2016

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    Not sure this has been discussed on here yet. A research report by Mine Life (Gavin Wendt) was posted on Cardinal's website on 6th July following the Downdip Extension announcement (and quarterly). Nothing new to those of us who have been here for a while, but not bad reading for anyone new or unfamiliar with Cardinal's current position (prior to the recent $22m placement).

    Summary of the report:
    - Mine Life initiated coverage at 29c in June.
    - They have met with Archie 'consistently' for project updates
    - Discusses 290m vertical depth of Section O (NMRD483-749)
    Note: NMRD483-749 was a depth extension hole drilled to 414m linear depth with significant mineralisation continuing to 362m
    - Discusses 300m mineralised zone in Section J confirming "gold mineralisation is consistently being intersected along strike and at depth".
    - A further 13 diamond and 9 RC updip holes pending (at the time - currently 13 diamond, 13 RC updip, and 2 holes being drilled as at 7th July)
    - Exploration Target due in Q3.
    - Notes nearby open-pit Youga Mine, historic Nangodi underground mine, producing Shaanxi underground mine all share major regional shear than Namdini is position on.
    - Cash position of $4.9m with projected exploration expenditure of $0.76m for Q3 (following CR this will now be ~$26.5m cash position following AGM approval)
    - Relays "multi-million ounce potential" at Namdini

    See here:
    http://cardinalresources.com.au/uploads/documents/2016/MLB_Jul6_16.pdf
 
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