Condor Gold PLC Grant of Options (9983K)

TIDMCNR

RNS Number : 9983K

Condor Gold PLC

27 September 2016

 
                                                                                                      Condor Gold Plc 
                                                                                                       7(th) Floor 39 
                                                                                                        St. James's 
                                                                                                           Street 
                                                                                                      London SW1A 1JD 
                                                                                                        Tel: +44 020 
                                                                                                       74932784 Fax: 
                                                                                                            +44 
                                                                                                        020 74938633 
 

27(th) September 2016

Condor Gold Plc

("Condor" or "the Company")

Grant of Options

Condor Gold Plc, an AIM quoted gold exploration and development company focused on permitting a base case 2,800tpd processing plant with the capacity to produce 100,000 oz gold per annum and demonstrating a District scale gold play at its La India Project in Nicaragua, announces that on 26(th) September 2016 (the "Grant Date") it granted 1.74million share options under the Company's existing share options scheme to Directors and other staff.

The share options were granted by the remuneration committee and approved by the Board as part of the Company's annual share option scheme. The share options were granted to:

   Mark Child           600,000 
   Jim Mellon           150,000 
   Roger Davey        150,000 
   Peter Flindell         150,000 
   Kate Harcourt       150,000 
   Dave Crawford      40,000 

Other employees 500,000

The share options have an exercise price of 80 pence, representing the 30 day VWAP of the shares and are exercisable for a period of 5 years from the Grant Date, with the restriction that no options can be exercised within 12 months of the Grant Date, only up to 50% of the said options can be exercised in the following 12 months and thereafter 100% of the said options can be exercisable, provided that the grantee remains with the Company.

Following the grant of the share options outlined above, the share options outstanding will represent 10.88% of the 52,910,649 ordinary shares in issue.

- Ends -

For further information please visit www.condorgold.com or contact:

 
 Condor Gold plc       Mark Child, Executive 
                        Chairman and CEO 
                        [phone] 
 Beaumont Cornish      James Biddle/ Roland 
  Limited               Cornish 
                        [phone] 
 
   Numis Securities      John Prior & James 
   Limited               Black 
                         [phone] 
   Farm Street Media 
                         Simon Robinson 
                         [phone] 
 

About Condor Gold plc:

Condor Gold plc was admitted to AIM on 31(st) May 2006. The Company is a gold exploration and development company with a focus on Central America.

Condor completed a Pre-Feasibility Study (PFS) and two Preliminary Economic Assessments (PEA) on La India Project in Nicaragua in December 2014. The PFS details an open pit gold mineral reserve of 6.9M tonnes at 3.0g/t gold for 675,000 oz gold producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit only scenario details 100,000 oz gold production p.a. for 8 years whereas the PEA for a combination of open pit and underground details 140,000 oz gold production p.a. for 8 years. La India Project contains a total attributable mineral resource of 18.4Mt at 3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t to the CIM Code.

In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource. The resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua and Ravensgate and Geosure for El Salvador.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 27, 2016 12:10 ET (16:10 GMT)