Condor Gold PLC Annual Financial Report (5914F)

TIDMCNR

RNS Number : 5914F

Condor Gold PLC

19 May 2017

 
                                                                               Condor Gold plc 
 
                                                                                   7(th) Floor 
                                                                         39 St. James's Street 
                                                                                        London 
                                                                                      SW1A 1JD 
                                                                    Telephone [phone] 
                                                                         Fax: [phone] 
 

19(th) May 2017

Condor Gold plc

('Condor', 'Condor Gold' or 'the Company')

Condor Gold plc announces its audited results for the year ended 31(st) December 2016 and Notice of its Annual General Meeting

Condor (AIM: CNR) is pleased to announce its results for the year ended 31(st) December 2016. A copy of the audited annual report to 31(st) December 2016 and AGM notification documents are available on www.condorgold.com

HIGHLIGHTS

   --      GBP2.82M raised by way of a private placement of new ordinary shares. 

-- The Company commenced drilling on the Cacao prospect in November 2016 and completed 719.6m of diamond core drilling. The drilling was a success and identified wide dilation zones for gold bearing fluids

-- 142g/t and 54g/t gold high grade rock chips were found 12 km from the main La India vein set on the Andrea vein in the north of the Project area.

   --      Soil survey progressed with 180km(2) completed by end 2016 on La India Project. 

-- Settled a dispute over the purchase of the high grade Espinito-Mendoza Concession, which cleared the way to advance the Concession and convert more of the high grade Soviet classified resource of 2,392kt at 10.2 g/t gold for 785,694 oz gold on the Mestiza Vein Set ("Mestiza") to NI 43-101 standards.

-- Settled NSR dispute with B2Gold Inc and Royal Gold Inc and acquired 3,508 hectares of land surface rights, which cover the area of the mine site infrastructure.

POST PERIOD HIGHLIGHTS

   --      GBP5.42M raised by way of a private placement of new ordinary shares. 
   --      Announced a 10,000m drilling programme for 2017 at the La India Project. 
   --      3 scout drilling targets completed and drilling has commenced on Mestiza. 
   --      Soil survey completed at end April on entire 313km(2) of the La India Project. 
   --      El Salvador's government passed a bill to ban metal mining outright across the country. 
   --      Secondary trading on the OTCQX Best Market in the U.S. commenced in April 2017. 

-- At a meeting with Government Ministers in early 2017 it was re-iterated that the Government is supportive of a new mine at Mina La India.

Mark Child, Chairman and Chief Executive of Condor Gold commented: "I am pleased to announce that the Company is making significant progress. Condor aims to continue its twin strategy in 2017 of obtaining the Environmental Permit for a base case 2,800tpd processing plant fed from a single open pit at La India, with the capacity to produce approximately 100,000oz gold per annum and proving a major Gold District via exploration. Following the GBP5.42M placement in February 2017, the exploration activity has increased as we continue to demonstrate a major Gold District at La India Project through a 10,000m drilling programme which aims to increase the current resource of 18.8 Mt at 4.0g/t gold for 2.4 M oz gold and identify new targets via scout drilling. The strategy builds on the release in December 2014 of a robust, economically attractive NI 43-101 technical report detailing a Pre-Feasibility Study ("PFS") and two Preliminary Economic Assessments ("PEAs")."

A full copy of the Company's Audited Annual Accounts for the year ended 31 December 2016 is being posted to all shareholders and is also available on the Company's website, http://condorgold.com/

The notice of the annual general meeting is also being posted to shareholders and the meeting is to be held at The Clubhouse, 8 St. James's Square, St. James's, London, SW1Y 4JU at 11:00 a.m. on 29 June 2017.

- Ends -

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

 
 Condor Gold plc               Mark Child, Executive 
                                Chairman and CEO 
                                [phone] 
 Beaumont Cornish                        Roland Cornish and 
  Limited                                 James Biddle 
                                          [phone] 
  Numis Securities 
  Limited                                 John Prior and James 
                                          Black 
                                          [phone] 
                                          1000 
           Farm Street Media             Simon Robinson 
                                          [phone] 
 

About Condor Gold plc:

Condor Gold plc was admitted to AIM on 31st 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 6.9 Mt at 3.0 g/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 18.08 Mt at 4.0 g/t for 2.31 M oz gold and 2.68 M oz silver at 6.2 g/t to the CIM Code.

In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6 g/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.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/5914F_1-2017-5-18.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 19, 2017 02:00 ET (06:00 GMT)