Cardinal Resources Inc fka CDNL

[nonewname1]

I think the original environmental assessments that were completed by Cardinal as a part of the application to EXIM were enough for the Cameroon government to go ahead with the project. And then the International Monetary fund suggested/requested additional feasibility studies.

These studies, which are not funded through an Export Credit Agency, and not included in the value of the main contract, were recommended after meetings between the International Monetary Fund and Cameroon officials to help focus their infrastructure spending and debt

As noted by the Director General, Cardinal Resources has been directed to quickly move ahead and finish this work before the end of July

So the Cameroon officials want to finish them quickly, while meeting to finalize plans for the first main contract.

While completing the Feasibility Studies we will also be meeting with the key officials, to finalize the schedule and first sites, for the main contract. This step will result in systems being delivered under the contract beginning in the 3rd Quarter of 2016 and projected to be completed over the following 15 months.

Just Kevins way of explaining exactly what is happening.

This might help, from a previous update, basically says the EXIM already found the project to be feasible, but Cameroon needed the new studies as a part of the documentation process for externally financed projects,

A similar analysis was also provided to the U.S. Export Import Bank (EXIM) as part of the application process for the funding. In their review EXIM concluded, that the project was environmentally sound and feasible. The reason that Cameroon is undertaking similar studies is that it is part of a new documentation procedure that covers externally financed projects.

So basically, Kevin is assuring us that the project is feasible, we are just dotting the i's to get the financing and start the work.