Condor Gold Share Discussion Threads

[sunjammer] 20/9/2012 07:26

From pdp100:

For what it's worth here are my thoughts on this evening's presentation.

MC was his normal very professional self with the added advantage that he has an EXCELLENT story to tell after yesterday's "game changer" update.

Some interesting updates to the presentation, compared to last week's presentation in Vale. I am sure the company will post on the website tomorrow:

1. 12 month target for la India - 3m oz resource with 1m indicated. MC's exact words – should "easily able to hit".

2. Fast track to open pit mining now there is almost 1m oz open pit.

Not discussed with the board but MC feeling is fast track to open pit. Target 100k oz pa mill.

3. Prove additional open pit resources... Start trenching America vein to see if it mirrors la India for open pit opportunity.

4. PEA within 60 days.

Additional comments:

1. Changed from JORC to CIM for North American investors. 43-101 report out within 30 days.

2. Further drilling to prove up 3 veins: Mestiza, America and la India

3. El Salvador not getting any better

Questions asked:

1. Environmental issues – obviously need to address and meet all international standards but cyanide is used by 3 other producers in Nicaragua.

2. Open Pit v BFS – which is the chicken and which is the egg. Do we actually need to get to BFS and measured resources if we can move enough to indicated to get the funding we need.

3. Do we have what we need to go to production – no we would need a serious miner who has set up a gold mine

4. Canada listing? – in no hurry, not for next 6 months, but would like to attract Canadian fund managers who would be happy to buy in London listed shares if the story is good enough.

[rame4] 20/9/2012 07:26

Very informative, thanks.

[sunjammer] 20/9/2012 07:25

Courtesy of norville on lse:

Some more golden nuggets for you:

I'm sure the presentation will be available soon but here are the two key slides:

Strategy

- Fast track open pit of 977,000 oz at 3.7g/t to production

- 12 month target la India Project: 3m oz resource, 1m indicated

- Prove additional open pit resources

- Bring La India Project to BFS

- Lobby Government in El Salvador to re-commence exploration on Condor's 1m oz gold resource

Future Plans for La India Project

- Fast track open pit to 100,000z gold Indicated oz p.a. mill

- 1,000,000 oz gold indicated by Sept 2013

- 3.0m oz gold resource by Sept 2013

- Prove up open pit targets on America and Central Breccia

- PEA in next 2 months

- Pre-feasibility studies commence Q4 2012

- Take to BFS



Please note (as I know some like to take any source as gospel ;-)) that Mark caveated heavily that he made this strategy up yesterday post results and a formal strategy will be made following discussion with board members.

[scientologyweirdo] 20/9/2012 07:19

norville

19 Sep


Presentation Pt2 1. Mark heavily implied a move to production a. Talk of wanting to have a crack at it himself. b. Talk of 5 year time line with Condor c. Insufficient expertise to do so at moment. Need to recruit a couple of people looking to recruit a COO with experience of building in the short term future. d. "I have no intention of selling, certainly not at this price" e. He did throw in the line about attacking on two fronts but I'm less sure he is after a short term sale now. 2. TSX Listing a no go a. Certainly not in the next six months b. Primarily as it would limit funding options c. Nice throw-away comment along the lines of: North Americans will buy shares on any exchange if they know that they can five-fold their initial investment. 3. Non committal on funding. I got the impression something is brewing on that front. 4. Looking to replicate parallel vein set and open pit potential of La India Vein in American Vein set (?500K open pit) 5. El Salvador is screwed

[scientologyweirdo] 20/9/2012 07:19

pdp1000

19 Sep


tonight's presentation Hi guys, For what it's worth here are my thoughts on this evening's presentation. MC was his normal very professional self with the added advantage that he has an EXCELLENT story to tell after yesterday's "game changer" update. Some interesting updates to the presentation, compared to last week's presentation in Vale. I am sure the company will post on the website tomorrow: 1. 12 month target for la India - 3m oz resource with 1m indicated. MC's exact words – should "easily able to hit". 2. Fast track to open pit mining now there is almost 1m oz open pit. Not discussed with the board but MC feeling is fast track to open pit. Target 100k oz pa mill. 3. Prove additional open pit resources... Start trenching America vein to see if it mirrors la India for open pit opportunity. 4. PEA within 60 days. Additional comments: 1. Changed from JORC to CIM for North American investors. 43-101 report out within 30 days. 2. Further drilling to prove up 3 veins: Mestiza, America and la India 3. El Salvador not getting any better Questions asked: 1. Environmental issues – obviously need to address and meet all international standards but cyanide is used by 3 other producers in Nicaragua. 2. Open Pit v BFS – which is the chicken and which is the egg. Do we actually need to get to BFS and measured resources if we can move enough to indicated to get the funding we need. 3. Do we have what we need to go to production – no we would need a serious miner who has set up a gold mine 4. Canada listing? – in no hurry, not for next 6 months, but would like to attract Canadian fund managers who would be happy to buy in London listed shares if the story is good enough.

[scientologyweirdo] 20/9/2012 07:18

MC was presenting last night ?

[scientologyweirdo] 20/9/2012 05:59

Gold consolidating above $1750/oz

[hellisreal] 19/9/2012 23:57

What is a Condor?

Answer- a CONDOR is 4 under par.

This mighty bird gives its name to the rarest of all occurences in golf: a hole in one on a par five. Only two are recorded. Shaun Lynch on the 496 yard 17th at Teign Valley in July 1995 and L. Brice on the 480 yard 5th at Hope CC, Arkansas in 1962. Both holes are dog-legs.

This is a good description of what MC has done for our company against the trend.

[scientologyweirdo] 19/9/2012 18:42

for those interested in gold stocks particularly producers on 1x cashflow





Buy Mwana Africa at 5.5p (MWA)

by Lucian Miers

I am not normally a great fan of resource companies in far away places as they invariably seem to disappoint, mainly because most are run for the benefit of the insiders with shareholders being the mugs who pay the bills.

It seems to me that Mwana Africa may well be an exception to this rule. Mwana is certainly not for the faint hearted. Its four main projects are: gold (Zimbabwe), nickel (Zimbabwe), Copper/Cobalt (Congo) and gold (Congo).

The Zimbabwe gold project is the Freda Rebecca mine which now produces 50,000 oz p/a and made $17 million after tax in the year to March 2012. The company is confident that it can continue to increase production and reduce costs.

Also in Zimbabwe is the Bindura Nickel Corporation (BNC) a two mine project which has been mothballed on care and maintenance since 2008. Mwana currently owns 52%. In April Mwana raised $33 million, $21 million of which has been used to underwrite a BNC rights issue to raise capital to restart its Trojan mine. Production is expected to ramp up rapidly and Glencore has agreed to buy the Nickel concentrate from the company. This should make BNC profitable within 2 years. Currently it is costing Mwana $8 million p/a in care and maintenance expenses. The fund raising was done at 5.5p, a premium to the price at the time and left the deep pocketed China International Mining Group Corporation (CIMCG) as the group's largest shareholder with 22%.

In the DRC, Mwana has an exploration licence over a huge area with copper and cobalt potential and it has recently ceded 62% to a Chinese company, Hailing, in return for a commitment to spend $25 million over the next four years.

Also in the DRC is the Zani Kodo gold project which has a JORC compliant estimate of 2 million oz. With work ongoing this is likely to increase.

Mwana has other bits and pieces in South Afica (diamonds) Botswana and Angola but mainly comprises the above four projects. I have watched the MWA for about a year now and the shares have done nothing until very recently when they have perked up a bit on reasonable volume. At 5.5p MWA is capitalised at £62 million (£20 million less than Desire Petroleum to give a comparison). I believe the gold producing Freda Rebecca is worth more than that alone.

I am fully aware of the fact that projects in Africa rarely go according to plan, but it looks to me like Mwana has put many of its problems behind it and I have bought the shares on the basis that there is considerable upside from here and I am in at the same level as the Chinese who bought back in April when the company's prospects were a lot less certain.

[panamabob2] 19/9/2012 18:19

Well, if it's in the 'Globe and Mail'--that is BIG in Canada!! Used to take it daily when I lived in Toronto.

[plasybryn] 19/9/2012 17:28

Thanks Sunjammer.

[bw64402] 19/9/2012 15:21

MWA. Was invested a couple of years back but pulled out with a small profit. Political uncertainty put it in the too risky pile for me. CNR & GRL present a much better chance of making money... Was also invested in GGP a while back but recent results are poor. CNR still the best for risk/reward.

[sunjammer] 19/9/2012 15:00

frankel2 19 Sep'12 - 12:10 - 7229 of 7236

New Edison Report values CNR's resource at 323p :)

[hellisreal] 19/9/2012 14:58

2 million tonnes, i wish

[hellisreal] 19/9/2012 14:34

Well you did do ur research way back! No longer in OMI,sold and put it all in here.
By far my largest holding over 2yrs and still adding.

[scientologyweirdo] 19/9/2012 13:58

It is one thing to be a 'ramper' but quite another to be a 'hypocritical ramper'

Condor Resources - Flight of the Condor in 2011? - CNR

Hellisreal - 28 Oct 2011 - 02:28:43 - 4349 of 7235

Bob like you I left a little in GGP. But liked the story here so much I have quite a high proportion of my pf in CNR.
You may like to look at OMI which is another goldie I rather like.

[scientologyweirdo] 19/9/2012 13:54

MWA is another gold mining company so might be of interest to those interested in gold mining companies ?

Unlike other rubbish like GRL or OTC or PGD which gets mentioned on here MWA is PRODUCING Gold NOW and is very very cheap by dint of trading on about 1x cashflow.

Producing 70k oz gold per annum (4.4m oz resource of which 2m+ oz is Indicated) @ cash cost of c.$700/oz

Simon Cawkwell is bullish on both CNR and MWA so we have some high quality common shareholders

[hellisreal] 19/9/2012 13:41

What has MwA got to do with us you ramper

[scientologyweirdo] 19/9/2012 12:56

MWA - Simon Cawkwell sounding positive on it at 6p

[lucky_punter] 19/9/2012 12:04

Condor Resources (LON:CNR) said its La India project in Nicaragua still has "considerable potential" even after a significant resource upgrade that smashed expectations.
The CIM compliant mineral resource rises 2.375 million ounces at 4.6 grams per tonne, representing a 46 per cent rise on the previous estimate while exceeding the company's year-end target of 2 million tonnes.

[doc robinson] 19/9/2012 11:21

a long way to go to get fair value then??

[scientologyweirdo] 19/9/2012 11:21

that's a start NTD but Edison are useless will wait for some decent analysts to comment

[frankel2] 19/9/2012 11:11

New Edison Report values CNR's resource at 323p :)