Condor Gold Share Discussion Threads

[mlangton1] 30/10/2012 12:45

MacQ offloading 350k shares?

[warmsun] 30/10/2012 12:45

deleted...apologies.

[saturdaygirl] 29/10/2012 21:03

Yawn !

Anyone here not reading LSE for themselves needs a head transplant.

HIR, you take your fellow shareholders for dummies ?

[hellisreal] 29/10/2012 20:30

From Tester on LSE

Decent blue day today, slightly up from 179 to 182., volume below average however at 118,965 - closing spread 179/185. My impression from the days trades are that its another mexican standoff between sellers and buyers.. although there were a few big buys today, and a few smaller sells towards the close. For those buyers waiting to see if we would fall any lower after the slight drift in share price over the past few days.. the answer was no. And with the time till next news reducing, it seems very unlikely we will see a mass sell off here to drive the share price any lower. We are fully funded (backed by a canadian institutional investor and MacQuarie bank) with a placing underpinning the share price now. For any new prospective Condorians - Jibbo posted the revised fundamentals of CNR earlier today - suggest you read them as they are a very good summary of where we are at the moment as a company. Also I suggest you watch the presentation the_share was referring to from the minesite investor conference last week. Mark Child (and his team of geologists) have proven themselves repeatedly over the past two years and delivered an excellent resource update recently. A 198 page NI43-101 technical report from SRK consultants is out for peer review atm and is due to be released in the next few days. This document will be used as the basis for a Preliminary Economic Assessment (PEA) to be released mid-end Nov. This will update us on projected IRR, NAV, NPV, discount rates, Op costs per oz, etc etc. In short, I hink its fair to say that those of us who have been here for the past two years are rather looking forward to reading it. Ahem, ;-) We are also starting a 10.000m drilling program on 1st Nov. We also await imminent news on trenching results on the America vein system which, after subsequent shallow drilling, may prove to mirror or surpass the La India open pit resource of 977k oz at 3.6g/t. The new resource target is 3Moz by September 2013 which we fully expect to be comfortably exceeded (as was this years resource target of 1.75Moz (2.4Moz) ). 1 year of scoping studies (FS, PFS, BFS) starts after the PEA is released. And a further 18 months to 2 years till first production. I can hear a few of you switching off at this point, saying - ok I'll come back in August 2013 then!! But the point is, this is a high grade, open pit system with proven metallurgical recovery rates of 90%+. And we are liable to a take out bid at any time after the PEA. With a resource over 2M oz we are in the top percentile of junior explorers. Combine that wih high grade, low costs and mining friendly politically stable country of operation and you can understand why Canadians, Chinese etc etc might want to buy us. regards, T123

[panamabob2] 29/10/2012 18:23

Absolutely H I R.I am putting my faith in the PEA as a springboard for the next leg up.Condor has always been news driven and right now it is ready for a really good news story.The P E A will be the one.IMHO.

[saturdaygirl] 29/10/2012 18:22

I checked the online limits twice today , both times was offered 50k to buy .

MM`s are not short of stock or so they make out !

[hellisreal] 29/10/2012 15:29

2 meaty delayed through earlier @ 183p 25,000 x 2

Folks getting in before PEA, ii ?

[hellisreal] 29/10/2012 15:05

Dear Minesite subscriber,

Weekly Review
This market may be down, but it's not yet out, as demonstrated by the strong attendance at our 91st Minesite forum last week. For much of the event it was standing room only as punters heard a detailed exposition on ETPs from Neil Jamieson of ETF Securities, as well as the compelling, and in some cases happily familiar stories of Condor, Comstock, Leyshon and Gunson.

No doubt about it – the appetite is there. But the story has to be good – really good. Which is why Condor for one, which has been growing its resource base in Nicaragua at a rate of knots, is so widely followed, even though it's still some distance away from production.

In a market where the danger of being wiped out is still uppermost in everybody's minds, Condor's share price performance stands out a mile. Its shares have more than quadrupled since late June, and not as a result of being punted around by speculators coming in and out, but as a result of good hard resource development work.

However, for every Condor there are myriad failures, and even those right at the top end of the market are not immune to the current pressures.

So it was that following many months of share price underperformance, Cynthia Carroll stepped aside from Anglo American, only to see the shares immediately rally by three per cent. The Anglo chairman subsequently hazarded that as far as Cynthia's successor is concerned a decision has yet to be made, although he added that the company probably couldn't afford Mick Davis.

During the recent Glenstrata negotiations Mick's annual salary expectations were not far off the current market capitalisation of Condor Gold, which just goes to highlight the disparity of incomes and expectations at the different ends of the industry. But as far as investors are concerned, the real upside will always be found amongst the juniors - juniors like Condor and all the other presenters at our 91st Forum, juniors that we bring to you every day of the week here on Minesite.

[hellisreal] 29/10/2012 15:03

The Abbey
NP, Happy to re post.
Shame they are not here really,but I think its the bad manners here that causes them to post on LSE.

[theabbey] 29/10/2012 14:53

Cheers Hellisreal. I can't keep up with that board so miss some of the material posts from Jibbo/V1d.

[hellisreal] 29/10/2012 11:57

Jibbo's latest

1. An excellent management team of Mark Child, Jim Mellon and Roger Davey. Mark Child's negotiation skills have contributed significantly to the resource in Nicaragua growing from 41,000 oz to the current 2.49 million oz at an average cost of just $4 an ounce. The industry average is nearer to $20 an oz.

2. The high grade of gold. The 2,497,000 million ounces in Nicaragua is at 4.6 g/t

3. Nicaragua is a mining friendly country with several established gold mines and the World Bank has recognized that Nicaragua is now the top location in Central America for investor protection. The exploration and mining licences held by CNR were awarded for a 25 year period. Despite the presence of B2Gold in the country with two operating mines and over 100k oz pa production, it is CNR that has by far the biggest resource in Nicaragua.

4. CNR now has a maiden open pit resource of 977,000 oz at a very high grade (for open pit) of 3.7 g/t. B2Gold, which operates a 100k oz pa open pit nearby, has an average open pit grade of 1.8g/t and operational costs of $500 an oz. CNR should be able to produce at around a similar cost or lower given the higher grade of CNR's open pit. By combining high grade narrow vein mining with open pit, a mill producing 150k oz pa could be feasible (based on the resource to date, which will continue to grow rapidly) and that will hopefully be confirmed in the forthcoming PEA in November. CNR will continue to target another two or three open pits and if successful La India District will become increasingly attractive to the big producers.

5. CNR's recent drilling has been highly successful, not only returning some bonanza grades, but also in terms of the ounces returned per metre drilled. The industry average is 250,000 oz per 5000m drilled or 354,000 oz per the 7090m drilled by CNR. The rate of return at La India has been 525,387 oz per 5000m - more than double the industry average.The last 7090m drilling campaign cost around $1.1 million and resulted in 750,000 new ounces (of which 500k were Indicated). That works out at around $1.4 per ounce. Soviet exploration estimated 2.4 million oz in the District but CNR has been exceeding the Soviet figures by more than 50%. CNR has since made several new and important discoveries and has has just purchased the exciting( contiguous) La Mojarra concession which may well contain the' feeder system' for the District. It is no wonder that Mark Child is now talking about the likelihood of at least 3.6 million oz in La India District.

6. Good local infrastructure with a main road, water, cheap labour and power lines nearby.

7. B2Gold's recent purchase of two concessions in Nicaragua equates, pro rata, to 500p per share. Edison value CNR's revised resource at £3.25 a share. We await the results of the PEA in less than a month's time and a resultant new (much higher) NPV (likely to be more than £7 per share)

[mellifluous] 28/10/2012 22:24

Gold looks to be on the turn after normal technical retrace.

Condor news should be timed perfectly for the next upswing.

[panamabob2] 28/10/2012 20:43

Either way,we're sitting on a gold mine!!

[drradcliffe] 28/10/2012 20:25

Yes that's right. Based on total shares + options of 35,747,746.

I also worked out what the share price would be using the two figures MC quoted:

$36 an ounce (today's market [under]valuation) and $165 an ounce (the price Yamana Gold paid for Extorre Gold in June this year). Extorre is an epithermal vein gold property in Argentina, geologically speaking it's comparable with La India, though politically Argentina is not as appealing as Nicaragua.

At 5.5M ounce, the projected share price is therefore either £3.40 ($36oz) or £15.80 ($165). I imagine takeover would be around the higher figure.

[saturdaygirl] 28/10/2012 18:32

mlangton1

I guess you found a 12 month competition

Well many holders of gold /silver mines have taken a right beating in the last 12 months ,in fact CNR is the only one making portfolio`s blue .

You must be a newbie to the sector to realise the privaledged postion CNR is in . I have long since converted all my holdings to all in one basket CNR 40500 shares at ave price £1.41 .
Wish everyone here well with their investment .

[plasybryn] 28/10/2012 17:45

Av. $60 per oz in the ground would give $300m = £5.68. Is that right?

[drradcliffe] 28/10/2012 17:39

Probably 5.5m oz - ignoring La Mojara.

Using MC's numbers. The Russians estimated 500K oz at La India, Condor actually discovered 1.5M oz after "we drilled it properly". America is a repeat of La India. America is actually a convergence of two veins: America and Guapinol (whereas La India is just one vein with a hanging wall structure) so this looks like a potential MC understatement. The Russians estimated 830K oz on Mestiza, which equates to 2.4M oz on Mestiza if we use the La India - Russian versus actually multiplier. Mestiza was always the most prospective of the La India vein sets, so this adds up.

[hellisreal] 28/10/2012 15:19

psol

I agree with your observations. IMHO we are sitting on a monster resource worth several times the currant share price in months and yrs to come..

[duncan doughnut] 28/10/2012 15:00

Thank you Sunjammer.

[psolomons] 28/10/2012 11:44

Very interesting presentation. At one point Mark Child nearly lets slip that they are certain to have discovered extensive resources across their concessions. In my view if that is reflected in the PEA expect a substantial rise. He also admits, during the talk, that the company is greatly undervalued in comparison to its peers.
Exciting times to come.

[rame4] 28/10/2012 08:34

One to two weeks for the PEA.

[buddyol2] 27/10/2012 19:24

Two interesting articles

[sunjammer] 27/10/2012 19:09

Courtesy of tester123: