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Gold Fields buys Cardinal Resources shares

A Gold Fields Ltd. subsidiary bought approximately C$2.4 million in Cardinal Resources Ltd. shares to keep a toehold in the junior explorer.

Cardinal recently ran a C$12 million bought-deal financing, and Gold Fields, which held an 11.1% interest in Cardinal before the financing went ahead, took part in order to maintain its stake, Gold Fields' subsidiary Corporate International Holdings BV said in a Nov. 27 press release.

After the financing, Gold Field's stake in Cardinal inched up to 11.5% of outstanding shares.

Cardinal is focused on developing gold projects in Ghana, in particular the Namdini property where it last pegged indicated resources of 120 million tonnes at 1.1 g/t of gold and inferred resources of 84 million tonnes grading 1.2 g/t of gold.

Cardinal aims to update the resource in the first quarter of 2018 and is in the middle of a 9,000-meter drill program to further outline and possibly extend the deposit, according to a November corporate presentation.